On April 2023, the Canadian Armed Forces community at Gagetown launched access to a new, empowering financial tool: the First Home Savings Account (FHSA). Designed specifically for those aspiring to own their first home, this account offers unique benefits that align with our goals of intellectual fitness and financial literacy.
The FHSA allows eligible individuals – anyone over 18 (or 19 in certain provinces) who hasn’t owned a property in the last four years – to save for their first home in a tax-efficient manner. With this plan, you can contribute up to $8,000 annually, with a lifetime limit of $40,000, and enjoy tax-free growth on these savings. This means more of your hard-earned money goes directly towards achieving your dream of homeownership.
For more information on how to take advantage of the First Home Savings Account and start your journey to homeownership, visit the Gagetown SISIP Financial office at Building A41, next to the Canex mall, or call at 506-357-3666. You can also find more details online at the Canadian Forces Morale and Welfare Services Insurance & Finance website and the Financial Consumer Agency of Canada.
As part of our commitment to supporting our military community, we encourage you to explore this opportunity and take a significant step towards financial security and achieving your personal goals.