Canadian Tax-Free FHSA

May 16, 2022

The announced Tax-Free First Home Savings Account (FHSA) for Canadian residents is not available until 2023, but the tax benefit of deductible contributions of $8,000/year is only beneficial if new homeowners can afford the extra funds.  For US taxpayers, it may also be subject to foreign account reporting similar to a TFSA, but nothing is certain until the final rules are implemented.

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What is the Tax-Free First Home Savings Account? | Financial Post