Winnipeg's Best Marketplace

Winnipeg's Best Marketplace Here to promote the for sale auction group
Winnipeg's Best Market Place

NEW LISTING >>Great area
11/09/2024

NEW LISTING >>Great area

NEW LISTING >>Affordable housing
10/28/2024

NEW LISTING >>Affordable housing

Happy Thanksgiving everyoneI am thankful for being able to help my clients full fill their dreams of being home owners ...
10/14/2024

Happy Thanksgiving everyone

I am thankful for being able to help my clients full fill their dreams of being home owners




NEW LISTING >>Bungalow
09/17/2024

NEW LISTING >>Bungalow

Are you renting?? Why rent when you can own your own home and build your equity and borrowing power. Message me to find ...
09/12/2024

Are you renting?? Why rent when you can own your own home and build your equity and borrowing power.
Message me to find out if you pre-qualify.

What is the FHSA- First Home Savings Account?Under the program terms, any resident of Canada who is at least 18 years of...
07/10/2024

What is the FHSA- First Home Savings Account?

Under the program terms, any resident of Canada who is at least 18 years of age (but under the age of 71 at the end of the current year) and who has not lived in a home which he or she owns in any of the current or four previous calendar years can open an FHSA and contribute to that plan annually. Planholders can contribute up to $8,000 per year to their plan, regardless of their income. The $8,000 per year contribution must be made by the end of the calendar year, but planholders will be permitted to carry forward unused portions of their annual contribution limit, to a maximum of $8,000. For example, an individual who contributes $6,000 to an FHSA in 2023 would be allowed to contribute $10,000 in 2024 (representing $8,000 in contributions for 2024 plus $2,000 in remaining contributions from 2023). Regardless of the schedule on which contributions are made, there is a lifetime limit of $40,000 in contributions for each individual.

The real benefit of the FHSA program lies in the tax treatment of contributions and income earned by those contributions. Individuals who contribute any amount in a year can deduct that amount from income, in the same manner as a registered retirement savings plan (RRSP) contribution. And while funds are held within the FHSA, they can be held in cash, or can be invested in a broad range of investment vehicles. Specifically, such funds can be invested in mutual funds, publicly traded securities, government and corporate bonds, and guaranteed investment certificates (GICs). Regardless of the investment vehicle chosen, interest, dividends, or any other type of investment income earned by those funds grows on a tax-free basis – that is, such investment income is not taxed as it is earned.

Most significantly, when the planholder withdraws funds from the FHSA to purchase a first home, those withdrawal amounts – representing both original contributions and investment income earned by those contributions – are not taxed.

In sum, contributions made to an FHSA are deductible from income, investment income earned on those funds is not taxed as it is earned, and, where either original contributions made or investment income earned is withdrawn from an FHSA to purchase a first home, no tax is payable on such withdrawn amounts. For the taxpayer, it’s a win-win-win.

Message or text me to find out how close you are to owning your own home.
Harold Brazil 204-995-5533

HOT NEWS SHARE PLEASEBank of Canada decreases interest rates to 4.75%Nows the time to sell or purchase a homeCall or mes...
06/06/2024

HOT NEWS SHARE PLEASE
Bank of Canada decreases interest rates to 4.75%
Nows the time to sell or purchase a home
Call or message me
Harold 204-995-5533

🎉 JUST SOLD 🎉Congrats to the buyer Thinking of selling Now is time to call and get you house sold!!!For more information...
06/02/2024

🎉 JUST SOLD 🎉
Congrats to the buyer
Thinking of selling Now is time to call and get you house sold!!!

For more information reach out:
👔 Harold Brazil
📱 204-995-5533

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Winnipeg, MB

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