Poll reveals gap between FHSA interest and knowledge

“Homeownership continues to be an important milestone for many Canadians and their families and using all available tax advantaged accounts like the FHSA makes that a little bit easier,” Nicole Ow, Head, Retail Investments at BMO said in a statement.

Read more: First Home Savings Account – hype or hope for aspiring homeowners?

The FHSA – which can hold different types of investment assets including cash, GICs, ETFs, and mutual funds – incorporates some of the benefits of an RRSP and a TFSA.

FHSA owners can deduct contributions from their taxes; up to $8,000 can be contributed each year, with a lifetime contribution limit of $40,000. Furthermore, earnings that accrue in the account are tax-sheltered.

“Housing affordability is a problem facing many Canadians, and the FHSA is one way Canadians can work toward saving for that down payment to buy their first home,” said Robert Kavcic, senior economist at BMO.

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