I wanted to share a helpful blog you can pass along to your first time buyers. It explains why adding up to 8,000 dollars to a First Home Savings Account before December 31 can make a big difference for the 2025 tax season.
Here are the key points your clients will find useful:
• The FHSA is a special account that helps future buyers save for a down payment
• Contributions are tax deductible, and the money inside grows tax free
• To claim the tax write off on 2025 taxes, the deposit must be made before December 31
• Adding the full 8,000 dollars can create a solid tax refund
• Refunds can be added back into the FHSA to grow savings even more
• Funds can be used tax free for their first home
• They can also combine the FHSA with the RRSP Home Buyers Plan
This is a simple way for young buyers to plan ahead and make home ownership more reachable.
Blog: Why You Should Add Your 8,000 Dollars to Your First Home Savings Account Before December 31