Why is the FHSA so beneficial?

Here’s an example to help demonstrate why the FHSA is an advantageous savings plan for homebuyers looking to purchase their first property.

Fictional example

Dwight is a single Quebec resident with no children earning a $50,000 annual salary. By contributing $8,000 annually to his FHSA starting in 2023, he’ll save a total of $2,122 in taxes for that same year.

In addition to allowing you to save up for a down payment while growing your funds by accumulating interest, the FHSA allows you to save on taxes every year you contribute.