Description

In this episode of Homeowner AF, I sit down with Scott McEachern, a Certified Financial Planner based in Barrie, Ontario. Scott specializes in helping families make smart financial decisions, from securing the right life insurance to planning for their biggest financial goals like becoming debt-free, saving for their kids’ education, or buying their first home. 

Together, we dive into the First Home Savings Account (FHSA) — a game-changing tool for first-time homebuyers in Canada.

What You’ll Learn in This Episode:

What is the FHSA?

• Scott breaks down how the FHSA compares to other popular savings options like RRSPs and TFSAs, explaining why it’s a must-know for first-time homebuyers.

Eligibility Criteria for the FHSA:

• We cover who qualifies as a "first-time homebuyer" and the steps to open this account.

Where to Open an FHSA:

• Scott shares tips on where Canadians can access the FHSA — whether it’s through the big five banks or alternative financial institutions.

Contribution Limits and Carry-Forward Rules:

• Learn about the annual and lifetime contribution limits for the FHSA and how unused room can be carried forward.

Tax Advantages of the FHSA:

• Scott explains how FHSA contributions impact your taxable income and how they can be used as tax deductions.

Strategies for First-Time Homebuyers:

• Discover actionable tips to maximize your FHSA and reach your savings goals faster.

Risks and Limitations:

• We discuss potential risks or limitations of investing within the FHSA compared to other accounts.

What Happens If You Don’t Buy a Home?

• Find out how unused FHSA funds can be transferred or repurposed without penalties.

Connect with Scott McEachern:

• Instagram: @scmceachern
• Website: https://www.mceachernfinancial.ca/
  
  

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