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.
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About the PublisherBo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist. Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages. He can be reached easily By E-Mail or call/text him Call/Text Here
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