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First Home Saving Account

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What is FHSA?

First Home Savings Account (FHSA) The First Home Savings Account (FHSA) is a specially designed savings account that provides Canadian citizens a tax-efficient method to accumulate funds for their first home’s down payment. This account is open to Canadians aged 18 or older who have not owned a home, nor lived in a home owned by their spouse or common-law partner, during the current year and the preceding four years. Qualified Canadians have the flexibility to make tax-free withdrawals from the FHSA to fund a purchase of a single property at any time.”

FHSA Now Available at Lifecare

Lifecare is proud to introduce the FHSA, a dynamic solution for aspiring homeowners. Our FHSA service is tailored to facilitate and expedite the journey towards owning your first home, providing an advantageous financial tool that aligns with your home-buying goals.

Why Invest in FHSA?

Tax Deductions

 Contributions to your FHSA are tax-deductible, reducing your taxable income.

Tax-Free Growth

Investment gains within the FHSA accrue tax-free, enhancing the growth of your savings.

Tax-Free Withdrawals

Funds can be withdrawn tax-free when used to purchase your first home.

Flexibility

FHSA provides flexibility in terms of investment choices and contribution schedules.

First-Time Buyer Focus

Specifically designed for first-time homebuyers, making it an ideal saving strategy.

Who Can Open FHSA?

The eligibility to open a First Home Savings Account (FHSA) typically depends on several key criteria:

Investments You Can Hold in Your FHSA Account

Life care’s FHSA allows a range of investment options to suit your risk tolerance and financial goals:

Mutual Funds

Diversify your portfolio with professionally managed funds.

Guaranteed Investment Certificates (GICs)

Secure, fixed-return investments.

Savings Accounts

Traditional, low-risk saving options with steady interest.

Types of FHSAs

  • Cash or Savings FHSA:
    • Similar to a regular savings account, but with the tax advantages of an FHSA.
    • Best for those who prefer low-risk, easily accessible funds.
  • Investment FHSA:
    • Involves various investment options like mutual funds, stocks, bonds, or ETFs.
    • Suitable for individuals looking for potentially higher returns and willing to accept higher risk.
  • Fixed Income FHSA:
    • Focuses on investments in fixed income securities like bonds or GICs.
    • Appeals to those seeking stable returns and lower risk compared to stock investments.
  • Balanced FHSA:
    • A mix of both equities (like stocks) and fixed income investments.
    • Ideal for those seeking a balance between risk and potential return.

How Life care will Help?

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