Take advantage of new savings tools
December 19, 2023
There is still time to squeak in some savings for your first home. In April of this year, the federal government introduced the First Home Savings Account. This new savings tool is a registered plan allowing you, as a prospective first-time home buyer, to save for your first home tax-free (up to certain limits) and tax deductible.
How it works

The gist
$8,000 annual tax-deductible contribution limit. It is the maximum amount you can contribute each year or carry forward to the following year.
$40,000 lifetime tax-deductible contribution limit. This is the total maximum amount you can invest in tax-free savings for a first home purchase.
15 years of tax-free savings. A deposit can reside in your FHSA, tax-free, for a maximum of 15 years.
What to do now
You can open an account and deposit up to $8000 before Dec. 31, 2023, and deposit another $8,000 for 2024 and so on.Looking for more?
There's always something fun and exciting happening in Lynn Valley. Check out our Community Events Calendar or learn more about Local Activities, Mountain Biking or Hiking and Walking Trails.Looking for more?
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Community Calendar
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Oct 16:30 PM - 8:30 PMRoyal Canadian Legion Branch 114, 1630 Lynn Valley Rd, North Vancouver, BC V7J 2B4, Canada
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Oct 3
Meat Draw and 50/50
6:30 PM - 8:30 PMRoyal Canadian Legion Branch 114, 1630 Lynn Valley Rd, North Vancouver, BC V7J 2B4, Canada -
Oct 4
North Shore Art Crawl
11:00 AM - 5:00 PM -
Oct 4
Meat Bingo
2:00 PM - 4:00 PMRoyal Canadian Legion Branch 114, 1630 Lynn Valley Rd, North Vancouver, BC V7J 2B4, Canada