Tax-Free First Home Savings Account (FHSA)

Across Canada, increasing housing prices have made home ownership unaffordable for many.Today we’re talking about the recent announcement by the federal government to help more Canadians get into the housing market: the new Tax-Free First Home Savings Account (FHSA) set to be implemented in 2023.The FHSA is the latest in a long list of investment and savings accounts available to Canadians for saving towards home ownership and retirement goals. At its core, this plan attempts to supercharge a young person's ability to save for a down payment. In this episode, Marcelo and Keith review why the government is putting the FHSA in place, who can benefit from it, how it works, changes that the government might make before finalizing the FHSA, how it differs from the Home Buyers' Plan (HBP), and more!Thank you for listening!Key Topics:Introducing the FHSA (1:15)Why the FHSA was created (2:48)How the FHSA works (4:13)Tax implications of your FHSA (5:58)Details of the FHSA that are still under review (8:00)Key differences between the FHSA and the Home Buyers' Plan (HBP) (11:51)Who will benefit the most from the FHSA? (13:18)How young people should be thinking about saving for their future (14:38)The ongoing problem with the supply side of the housing market (17:03)Our takeaways on the impact of FHSA’s on the Canadian housing problem (19:27)Thanks for Listening!Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at [email protected] or 514-695-0096 ext.112Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!Follow The Empowered Investor on Facebook, LinkedIn, and Instagram