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  • Writer's pictureAnastasia Sitenko

Canada has now available a First Home Savings Account - What you need to know

As a potential homebuyer, knowing about the new First Home Savings Account (FHSA) in Canada is beneficial as it offers a unique opportunity to save up to $40,000 towards your first home purchase while enjoying tax-free interest and the ability to withdraw funds without penalty. This account is open to anyone, regardless of their income level, and contributions can be made by parents, grandparents, or anyone else who wants to help a young person get started in the housing market.

By working with a real estate agent, you can gain knowledge about the FHSA and understand how it fits into your overall financial plan. A real estate agent can help you determine whether the FHSA is a good fit for your needs and goals, and provide guidance on the best strategies for saving and investing towards a first home purchase.

Overall, the FHSA represents an exciting new opportunity for first-time homebuyers in Canada to make it easier to enter the market. As a potential homebuyer, it's essential to stay informed and educated on this and other developments that can impact the housing market, and a real estate agent can be a valuable resource in helping you achieve your homeownership goals.

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