The Walton Financial Group has advice aboiut the Tax Free Savings Account for Home Buyers
A FHSA is a First Time Home Buyers Savings Account that can grow in value with advice from the Walton Financial Group In Barrie Ontario
Starting in 2023, first-time home buyers would be able to save up to $40,000 in a new account. As with a registered retirement savings plan (RRSP), contributions – in this case, up to a maximum of $8,000 a year – would be tax-deductible
As with a tax-free savings account (TFSA), withdrawals to purchase a new home would be tax-free. Investment growth inside the account would also be tax-free.
If the funds in the FHSA are not used within 15 years of first opening the account, the account will have to be closed and the unused savings must be shifted to an RRSP or RRIF, or withdrawn on a taxable basis.
So- if you are planning to be a First Time Home Buyer , call the financial advisers at the The Walton Financial Group In Barrie Ontario to discuss options that will provide you with the best way to grow your investment within a FHSA .
