Toronto-based Questrade Financial Group has debuted its tax-free First Home Savings Account (FHSA) designed to help Canadian first-time home buyers to save up to $40,000 towards their first home, withdraw it tax-free and use for their home purchase.
According to the company, the $8,000 per year contribution limit to the FHSA is tax deductible, thereby lowering the taxes one pays. Customers can either invest the funds themselves in a Questrade self-directed account or work with the company’s investment professionals to build a Questwealth Portfolio.
The launch of Questrade’s FHSA is the company’s latest housing initiative, following last year’s introduction of the QuestMortgage online mortgage service.
“The launch of the Questrade FHSA is the next step in our journey of being an established provider for home needs and represents another milestone in our vision to revolutionize financial services,” said Edward Kholodenko, president and CEO, Questrade. “Together with our QuestMortgage offering, we are committed to helping Canadians achieve their dream of homeownership as a good investment in a challenging market, ultimately setting them on the path towards financial success and security.”