Canadians have been contributing to tax-free savings accounts (TFSA) since 2009, enjoying tax-free investment growth. Did you know that it’s possible to overcontribute and be subject to tax?

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:

The Canada Revenue Agency (CRA) is enhancing and changing its authorization service for individuals. Here is what you need to know.