RRSPs are for retirement. RESPs are for education. And now FHSAs are for home buying. Launched in 2023, FHSAs help you accumulate a down payment with tax-free growth, tax-free withdrawals to buy your first home, and tax-deductible contributions.
To be a first-time home buyer and qualify to open an FHSA, you can’t have owned a home this year or in any of the previous four years. You must also be age 19 (in BC) to 71 and a Canadian resident with a valid social insurance number (SIN).
Save for the lifestyle you want in retirement, with tax advantages.
Build long-term financial security for a person with disabilities.
Start spending savings in retirement by turning your RRSP into a RRIF.