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The FHSA is a type of registered account that allows you to contribute up to $8,000 annually, up to a lifetime limit of $40,000, to save for the purchase of your first home.FHSAs became available on April 1, 2023. However, availability is currently limited and will vary by financial institution. Many are expected to launch their FHSA later in 2023.
Canadians can now boost their savings for a down payment on a home with a new type of registered account. The first home savings account (FHSA), also referred to as the tax-free first home savings account, creates up to $40,000 in tax-free savings room for first-time home buyers. In this article, we’ll explain why the FHSA was created, how it works and how you can maximize its potential—even if you have no immediate plans to buy a home.
Frequently asked questions about FHSAs
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1. Investing in the health care sector
The health care sector has many attractive qualities, especially for Canadian investors looking to protect their wealth during periods of market volatility while achieving growth over the longer term. The reason? The developed world’s aging population, a demographic force sometimes referred to as the “grey tsunami.”
“Health care is one of the very few areas of the market that’s really well positioned for the aging population dynamic,” says Paul MacDonald, chief investment officer at Harvest ETFs. “The macro-backdrop is very strong.”
This picture includes projections from the United Nations that roughly one-third of the populations of North America and Europe will be over age 60 by 2050…
