Jane wants to contribute $5,000 to her First Home Savings Account (FHSA) during the first 60 days of 2024 and deduct it from her 2023 income. The problem is that FHSA doesn’t have a first 60-day contribution period like a Registered Retirement Savings Plan (RRSP). 

 

The good news is that Jane can contribute to her FHSA by contributing to her RRSP. The $5,000 goes into the RRSP during the first 60 days of 2024. This means her contribution goes towards her 2023 income. Once she’s done that, Jane can then transfer the $5,000 from her RRSP to her FHSA. 

 

To learn more, visit www.equitable.ca/first-home-savings-account

 

Those interested and eligible for a FHSA should contact their advisors. If you do not have a advisor and would like to speak to one, call us at 1.800.668.4095 and our customer service team would be pleased to have an advisor in your area contact you.