You need to open a Tax-Free First Home Savings Account (FHSA). This will help you save towards your first home by allowing account holders to contribute up to $40,000.
To be eligible, you must be a Canadian resident, 18 years or older and a 1st time home buyer.
It's the same thing as a TFSA. All your contributions would be tax-deductible & withdrawals for purchasing a home would be non-taxable. The best part is that the funds do not need to be paid back.
This is a great opportunity for Canadian residents that are looking to be 1st time home buyers. If you are a 1st time homebuyer whose looking to get started, please give us a call and we'd be happy to get you the information.
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PJ @ 604-725-1258 | Razaik @ 604-537-8447 | info@cheemagroup.ca
Cheema Real Estate Group
Ready to SELL your home? Ready to BUY your new home? Ready to INVEST in a property? If you’re thinking of making a move anywhere in Surrey, Cloverdale, Langley, please feel free to reach out!