HomeLife Silvercity Realty Inc.
Karan Sokhey
The Ultimate Down-Payment Hack
The First Home Savings Account (FHSA) is a “once-in-a-generation” tax gift. If you aren’t using this, you’re leaving thousands on the table.
Tax-Deductible
Instantly lower your tax bill. Every $8,000 contribution can trigger a massive tax refund check from the CRA.
Tax-Free Growth
Compound your down payment faster. All investment gains—interest, dividends, and profits—are 100% tax-exempt.
Tax-Free Exit
The “Double Win”: Get a tax deduction when you put money in, and pay ZERO tax when you take it out to buy.
The $120,000 “Power Couple” Strategy
Smart buyers in the GTA are stacking. By combining the FHSA with the RRSP Home Buyers’ Plan, a couple can unlock a massive tax-free down payment fund.
- Strict 15-Year Window: The moment you open the account, the clock starts. Even if you don’t have $8,000 today, opening with a small deposit secures your contribution room.
- No Repayment Burden: Unlike the RRSP Home Buyers’ Plan, you are never required to pay back what you withdraw for your home. It is yours to keep.
- Guaranteed Retirement Backup: If your plans change, move the entire balance into your RRSP tax-free—even if you have no RRSP room left.
- Immediate Tax Relief: Contributions made by Dec 31st can be used to offset your current year’s income.
Don’t Miss Out
I work with specialized mortgage brokers who can help you set up and optimize your FHSA strategy today.
*Consult with a tax professional for specific CRA eligibility.