FHSA: Ottawa throws lifeline to struggling first-time homebuyers
BNN Bloomberg
Canadians pinching their pennies to buy a first home are getting a break from the federal government.
It’s a small concession for a generation trying to get a foot in the door of an over-heated housing market that has shut them out, and a tiny window of opportunity for a lifetime of building equity and net worth.
HOW THE FHSA WORKS
First-time homebuyers can invest up to $40,000 total or up to $8,000 each year toward the purchase of a home with no tax on contributions or withdrawals.
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