Will you be a First Time Home Buyer in 2024 or beyond?
You have less than 2 weeks until the end of the year to open a First Home Savings Account. Your future self will Thank You for this!
The newly introduced First Home Savings Account (FHSA) was designed specifically for you with the following benefits:
- save thousands of $$ in income tax
- get to the desired downpayment amount quicker.
Feature #1:
Receive up to $8,000 of contribution room per year on a tax-deductible basis.
Feature #2:
Contribute funds in 2023 to receive income tax savings the following spring
AND/OR
Carry forward any unused contribution room to the next year. You do not have to put any funds into the account in 2023, but you have to open it before the year’s end!
Remember:
Your tax-deductible contributions to FHSA can result in thousands of dollars saved in income tax.
Real Life Scenario:
Husband and Wife both opened FHSA in 2023 and made eligible contributions into their accounts of $8,000.
In the following spring, each will get about $2,400 in additional income tax refund based on their $8,000 contribution into the FHSA in 2023. This totals about $4,800 in extra income tax refunds that they would not have received without the FHSA.
Take advantage of the FHSA benefits every year up to a lifetime contribution of $40,000 per person. The savings will add up quickly and the tax-free growth and tax-free withdrawals make this a must-use account for future First Time Home Buyers.
Do you have any questions?
Reach out directly for any inquiries and questions below:
Igor Morgun | Mortgage Broker
Email: igor@morgun.ca
Phone: 604-362-4467
Web: www.igormorgun.ca
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