Are you a first-home buyer who is planning on leveraging the First Home Savings Account? The FHSA was officially introduced earlier this year to help first-time homebuyers, and yet many home purchasers aren’t aware of the new tax-deferred scheme or find it too onerous.

The FHSA was officially introduced earlier this year to help first-time homebuyers, and yet many home purchasers aren’t aware of the new tax-deferred scheme or find it too onerous. In fact, according to BMO’s 14th Annual Investment Survey, just over half of Canadians (52%) looking to buy a home for the first time say they are likely to leverage the FHSA to help save for their home purchase. It suggests that there’s still a long way to go in order to foster an understanding of their benefits.

Jason Heath is a fee-only financial planner with Objective Financial Partners. Today, he explains how FHSA works, the nuisances to be aware of, and whether you’re better off using another plan.

Website: www.objectivefinancialpartners.com

Twitter: @JasonHeathCFP

LinkedIn: https://www.linkedin.com/in/jasonheathfinancial/