A First Home Savings Account (FHSA) lets you save for a qualifying home with tax-free growth and tax-deductible contributions, making it a great option for potential first-time home buyers.

But, it’s important to make sure you don’t put too much into your FHSA. If you do, part of the tax-free growth you’re generating could end up going toward taxes anyway!

Here are some tips for how you can make the most of your FHSA and avoid any costly errors:

Did you open a First Home Savings Account (FHSA) in 2023?

If so, you need to be aware of this important information.