The You First Blog

Here is the updated set of essential tax numbers for 2024. Working-Aged Individuals RRSP Maximum Contribution: The maximum new RRSP space generated is $31,560; for 2025 it will be $32,490 TFSA Space: $7,000 of new space. Unused space from prior years carries over FHSA Space: $8,000 of new space. Unused space from prior years carries… Read More

By now, you’ve probably read about the new FHSA program, introduced by the Federal government to help save for a first home purchase. Many people have thought of the immediate benefits; that is, utilizing the FHSA to help fund their own down payment. This makes sense of course. The FHSA, if used to fund a… Read More

The new First Home Savings Account (FHSA) was proposed in the 2022 Federal Budget as the first truly tax-free investing account in Canada. The FHSA rules will come into force on April 1, 2023. Once in force, every prospective first-time homebuyer meeting the program’s criteria will want to open one. A truly revolutionary new account… Read More