How To Save For A House Down Payment In Canada This Year l FHSA Beginners Guide

#downpayment #fhsa

This is a simple explanation of how to save for a house down payment in Canada this year. I also explain what the "First Home Savings Account" (FHSA) is and present a beginners guide of the FHSA

So the question is....do you want to purchase a home in Canada but are unsure of where to begin with saving for the down payment? We've got you!

I walk you through the process of saving for a down payment in this video, and I simplify everything for you, so there's no more room for uncertainty. This video is ideal for anyone trying to increase their savings strategy for saving for a house down payment in Canada

What the video talked about:
00:00 Introduction
01:41 First Home Savings Account (For a house down payment)
02:00 Contribution limits
02:41 How to qualify for the first home savings account
03:12 How does the FHSA work?
03:58 An example about the FHSA contribution room
06:05 Withdrawing from the first home savings account
07:35 Struggling with making the house down payment
07:56 What happens if I don't use my FHSA to purchase a home
08:30 The Home buyers plan
09:26 FHSA Vs RRSP
11:36 Can I open multiple FHSA
13:23 What is a qualifying withdrawal from a FHSA

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Disclaimer : This video was created with the aim to educate and inspire its audience. It is not financial or investment advice.