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.”
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.
Contributions to your FHSA are tax-deductible, reducing your taxable income.
Investment gains within the FHSA accrue tax-free, enhancing the growth of your savings.
Funds can be withdrawn tax-free when used to purchase your first home.
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.
The eligibility to open a First Home Savings Account (FHSA) typically depends on several key criteria:
Life care’s FHSA allows a range of investment options to suit your risk tolerance and financial goals:
Diversify your portfolio with professionally managed funds.
Guaranteed Investment Certificates (GICs)
Secure, fixed-return investments.
Traditional, low-risk saving options with steady interest.