Mary is in her late 50s and is a long-time renter. She doesn’t know if she will be able to ever buy her first home but decides to open a First Home Savings Account (FHSA), just in case one day her situation changes.

 

Mary can open a FHSA and contribute $8,000 per year to a maximum of $40,000. If she doesn’t buy a home, she can transfer the entire balance to her Registered Retirement Savings Plan or Registered Retirement Income Fund before she turns 71. Bonus, she doesn’t need the contribution room to do it.

 

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.