Fiscal Agents - Money Management Newsletter - August 2022

New First Home Savings Account: everything you want to know

[By Rudy Mezzetta, Advisor’s Edge] Department of Finance releases details today that outline the age limit and allow unused contribution room to be carried forward

The Department of Finance announced more details about the new Tax-Free First Home Savings Account (FHSA), including an age limit of 71 and the ability to carry forward up to $8,000 in unused contributions.

First proposed in the 2022 federal budget, the FHSA would allow first-time home buyers to save for a down payment on a tax-free basis. Like with an RRSP, contributions to an FHSA would be tax-deductible, and withdrawals to purchase a first home — including from investment income — would be non-taxable, like with a TFSA. There is an annual contribution limit of $8,000 and a lifetime contribution limit of $40,000.
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Updated GIC Rate Comparison - Fiscal Agents rates versus Canada’s top banks

With GIC rates continuing their climb, we want our clients to know their money is in good hands.To that end, we’ve done a full revision to our bank comparison table, so you can get a complete picture (with our current rates already plugged in) of just how much of a difference in interest income you can expect, when investing with Fiscal Agents over your local Big Bank.
Want to see the proof? Click the link below and we’ll show you just how much more return on GICs we can put in your hands.
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