Mortgage Blog
Quality advice, quality service and the best mortgage rates
Nearly 1 Million Canadians Are Saving for Their First Home!
January 8, 2025 | Posted by: Angela Robinson
Homeownership is a dream many Canadians work hard to achieve, but rising down payment costs and a limited housing supply can make it feel out of reach—especially for younger generations. That’s where the Tax-Free First Home Savings Account (FHSA) comes in!
✨ What is the FHSA?
It’s a game-changing tool that helps Canadians save for their first home faster:
- - Contribute up to $8,000/year (lifetime limit: $40,000).
- - Contributions are tax-deductible, and withdrawals for your first home are tax-free!
✨ Why Does It Matter?
Nearly 1 million Canadians have already opened an FHSA, taking steps toward homeownership.
- Over 5 years, a couple saving the max ($8,000/year each) could benefit from:
- - $90,000 in savings (including investment returns).
- - Over $26,000 in tax relief (federal + provincial).
- Combined with new reforms—like 30-year amortizations and an increased insured mortgage cap of $1.5M—homeownership is becoming more accessible.
- ???? At Alberta Mortgage Professionals, we’re here to help you navigate the path to homeownership. Let’s unlock your dream together!
- ???? Contact us today at 780 701 3888 or marc@albertamortgagepros.ca to learn how we can help you make the most of the FHSA and other exciting programs.
#Homeownership #FirstHomeSavings #FHSA #MortgageAdvice #TaxFreeSavings
