What is FHSA (First Home Savings Account) in Canadian mortgages?
Tax-advantaged account for first-time homebuyers (launched 2023). Contributions are tax-deductible; withdrawals for a first home are tax-free. Combines RRSP and TFSA benefits.
What is the FHSA limit for Canadian mortgages?
$8,000/year contribution limit; $40,000 lifetime maximum
FHSA example
Worked example
Contribute $8,000/year for 5 years = $40,000 (plus growth). Withdraw tax-free for first home purchase.