WATERLOO, ON, Sept. 11, 2023 /CNW/ - Today, Equitable Life® announced the launch of the Equitable Life First Home Savings Account (FHSA) to help Canadians save for their first home.
The FHSA is a registered plan that provides first-time homebuyers the opportunity to invest up to $40,000 for the purchase of a first home on a tax-free basis. Like a Registered Retirement Savings Plan (RRSP), contributions are tax-deductible. Withdrawals to purchase a first home – including from investment income – are non-taxable, like a Tax-Free Savings Account (TFSA).
"We know it is challenging for many Canadians to buy their first home" says Cam Crosbie, Executive Vice President, Savings and Retirement. "As a company dedicated to helping people achieve their financial goals, we are proud and excited to launch the Equitable Life FHSA. We believe our FHSA is an important milestone in making the dream of homeownership a reality."
The Equitable Life FHSA is a registered plan allowing prospective first-time homebuyers to save for their first home tax-free:
- Available on Pivotal SelectTM Investment Class (75/75) and Pivotal Select Estate Class (75/100).
- Annual contribution limit of $8,000 with a lifetime limit of $40,000
- Contributions are tax deductible (like a RRSP)
- Qualifying withdrawals are tax-free (like a TFSA)
- Unused FHSA proceeds can be transferred on a tax-deferred basis to a RRSP or Registered Retirement Income Fund.
Clients who open a FHSA between September 11 and December 31, 2023, have a chance to win $8,000 towards their 2024 FHSA contribution. See full contest details.
Those interested and eligible for a FHSA should contact their advisors.
As a mutual we provide financial security differently by focusing only on our clients. We believe in the power of working together with you and independent advisor partners. Together we offer individual insurance, savings and retirement, and group benefits solutions. We help protect what matters today while preparing for tomorrow.
At Equitable Life, we are people with purpose. We are passionate to provide the right solutions for you through our partners. We have the knowledge, the experience, and the financial strength to ensure we meet our commitments to you now and in the future.
TOGETHER
Protecting Today – Preparing Tomorrow™
SOURCE Equitable Life of Canada
Media Contact: Patti McKague, Director, Corporate Communications and Philanthropy, [email protected] / 226-559-9802
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