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First home savings account: Here’s how you can use it alongside your TFSA, RRSP
First Home Savings Account (FHSA), a registered savings vehicle introduced by the Liberal government to help Canadians struggling to enter the housing market save toward a downpayment, is now available at some financial institutions.Originally a pledge as part of the 2022 federal budget, the FHSA went live on April 1, but most banks told Global News they weren’t ready on day one.Institutions including RBC, National Bank and Questrade are among those who have since launched the offering this month. Others, including TD Bank and Desjardins, have targeted a summer launch for their FHSAs.So what is the FHSA, and how can you use it alongside other registered savings accounts to reduce your taxable income and save towards your first home?Here’s what you need to know.The FHSA allows individuals to save up to $8,000 per year in a tax-free account, with a maximum contribution room of $40,000.