The Equitable Life FHSA is coming!

We want to help clients save money for their first home.  We’re working on offering the Equitable Life^® First Home Savings Account!

A First Home Savings Account (FHSA) is a registered plan allowing prospective first-time home buyers to save for their first home tax-free (up to certain limits). 
 
Highlights:

• Must be a Canadian resident
• Minimum of 18 years of age
• Annual contribution limit of $8,000 with a lifetime limit of $40,000
• Contributions are tax deductible (like an RRSP)
• Qualifying withdrawals are tax-free (like a TFSA)
• Must be a first-time home buyer (has not owned a home in which they lived during the current or preceding four calendar years)
• Unused FHSA proceeds can be transferred on a tax-deferred basis to an RRSP or RRIF