Canada Revenue Agency discloses FHSA account holders' investments

 

The Canada Revenue Agency has revealed how much Canadian citizens looking to buy their first home in Canada were able to deposit in the first year of offering the First Home Savings Account. FHSA allows account holders to deposit up to $8,000 per year up to a maximum of $40,000. As long as the house is bought, the deposit is exempt from tax when it comes to the account and when it is withdrawn.

At the end of last year, 625,000 Canadians were FHSA account holders, according to agency figures. CRA data shows that about 272,000 Canadians have FHSA account balances between $5,001 and $10,000. The data also shows that about 66,000 FHSA holders have balances between $1,001 and $5,000.