Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Saturday, April 1st, 2023…
Today is April Fools Day, National Sourdough Bread Day (No foolin)
As of today, Canadians are supposed to be able to start contributing to a Tax-Free First Home Savings Account. Here is how that works:
Canadian Citizens who are at least 18 yrs old, and no older than 71, open up an FHSA and start contributing money into it.
The yearly limit is $8,000 with a lifetime limit of $40,000.
Just like an RRSP, contributions are deductible from your income tax, so this makes a great tax-avoidance option.
Unlike RRSP's, when you pull the money out to buy your first home, you do NOT have to replace that money into the account later.
Definition of first time home buyers are those who have not owned a home, in which they live, for the past 5 years.
Started this briefing by saying that Canadians are ‘supposed to be able to start using this vehicle' but it would appear that financial institutions are not yet ready for this. Check with your investment professional or financial institution now.
Add us to your Daily Routine on Alexa. Go here to add to Alexa in the Canadian Skill Store.
Are you interested in more in-depth real estate information? Check out our podcast, available on most podcast platforms.
Do you have an Android Phone? Add our Free Podcast App Here.
Do you have an I-Phone? Here is our iOS version of the podcast app.
Our Latest Web-Stories Never miss an episode of our real estate podcast. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube