Did you know, if you qualify, a First Home Savings Account (FHSA) could help you build the minimum down payment for a million-dollar home?
The FHSA combines features of an RRSP and TFSA, including tax deductible contributions and tax-free withdrawals when used for a qualifying home purchase.
If you contribute the maximum $8,000 a year for five years and let those savings grow over the full 15 years, you could build nearly $75,605 assuming a 5% annual rate of return.
Looking for a tax efficient way to help your child save for a home? Find out how a TD advisor can help: https://www.moneytalkgo.com/how-to-help-your-kids-buy-their-first-home-and-protect-yourself/
