FHSA Guide: Opening An Account

Last post we discussed what exactly a First Home Savings Account (FHSA) is and who qualifies for one. The short of it is an account that helps first-time home buyers save money for when they want to start searching for houses for sale in Windsor. Be sure to give the full post a read here to learn more.

You can open an FHSA through an issuer. Common issuers are banks, credit unions, or even an insurance company. The issuer will let you know the type of FHSAs they can provide. There are three types of FHSAs that can be offered:

Depositary FHSA: an account with a financial institution that holds money, term deposits, or guaranteed investment certificates (GICs)
Trusteed FHSA: a trust that holds qualified investments such as money, term deposits, GICs like above, but also government and corporate bonds, mutual funds, and securities listed on a designated stock exchange
Insured FHSA: an annuity contract with a licensed annuity provider

You can also open and have more than one FHSA at any given time. However, in order to avoid tax consequences, the total amount you can contribute to all of your FHSAs in the calendar year cannot be more than your FHSA participation room for that year.

Here at Jump Realty our agents will give you honest advice on what course of action is best for you in their professional opinion and will always put taking care of your best interests first! With offices in Windsor, Tecumseh, Kingsville, LaSalle, Harrow, Chatham, and Leamington, no matter where you are, a Jump agent is ready to help. Please contact us for any housing needs and let us give you a better real estate experience!