RBC and National Bank say demand for the new tax\u002Dfree First Home Savings Account saving vehicle has exceeded expectations. Find out more.
to save for their first home tax-free, with a common contribution limit of $8,000 annually and a lifetime total of $40,000.
Ali Fares, vice-president of investment strategies at National Bank of Canada, which was the first Canadian bank to launch an FHSA on April 17, said the number of clients that first opened an account with them was above the bank’s expectations.The majority of National Bank’s FHSA clients are funding their accounts to the maximum allocated $8,000 as well, Fares said, which was also “above expectations.
According to their websites, the Bank of Nova Scotia will start offering FHSAs in late August, while it will be available at Toronto-Dominion Bank “in summer 2023.” Canadian Imperial Bank of Commerce said the FHSA is coming to the bank in November, while Bank of Montreal has no date specified.
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