The FHSA assists Canadians in saving for their first home. Although contributions are not tax-deductible, the government
provides tax incentives. Over time, these incentives, combined with investment growth, can make homeownership more
attainable. Imagine a young couple who consistently contribute to their FHSA and earn a 5% annual return. Over 25
years, their savings can accumulate into a significant amount, helping them achieve their dream of homeownership. This
showcases the potential of compound interest in the context of home buying
***Disclaimer: The investment examples provided for TFSA, RRSP, RESP, and FHSA are for illustration and educational purposes only. The actual
returns on investments may differ due to market fluctuations and other factors. All investment products carry inherent risks, and past performance
is not indicative of future results. It’s advisable to consult with a financial advisor and carefully review the terms and conditions of each investment
account.
Including these disclaimers reinforces the understanding that individual results can vary based on a range of factors and that no guarantees of
specific outcomes are provided. This helps set realistic expectations for the readers while emphasizing the importance of consulting with financial
professionals for personalized advice.
