How retired parents can use the FHSA to help their adult children Mar 23rd

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How retired parents can use the FHSA to help their adult children

– moneysense.ca

If you’re a retiree or close to retiring, you probably have a paid-off principal residence, or should be close to having one.

However, many retirees—including me—have grown children struggling to get onto the first rung of the real estate ladder. Coming up with a down payment is still difficult. Home prices have fallen since interest rates started to rise in 2022, but mortgage affordability is still an issue for many young Canadians just starting out in their careers.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

All of which makes the new first home savings account (FHSA) timely: Scheduled to debut on April 1, 2023, the FHSA is a much-talked about financial product right now. See some excellent blogger commentary on the topic, notably this one from Dale Roberts’ cutthecrapinvesting…

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