28-March-2023 | News / Event
The Tax-Free First Home Savings Account (FHSA) was first proposed in Budget 2022. A backgrounder and draft legislation was released on August 9, 2022, which provided more details on the plan’s design. On November 4, 2022, the revised legislation was released as part of Bill C-32 (Fall Economic Statement Implementation Act, 2022) and included additional changes. Assuming the bill will be passed, the FHSA rules will enter into force on April 1, 2023. In this blog, we highlight the key elements of the FHSA proposals and answer some top questions you might have about this new plan. The federal government has released new details about a new type of registered savings plan aimed at helping Canadians save for their first home. Find out who qualifies and other key features of these plans.