Bifalgorithm post

This is the only account in Canada that the government lets you double dip on tax breaks. And you should open one even if you never plan on buying a home. It's called the first home savings account. Now you can only open one if you don't currently own a home or you haven't in the last four years. You can put an $8,000 a year up to $40,000 total and every dollar you contribute is tax deductible just like an RSP. But here's where it beats every other account. When you take the money out to buy a house, you pay zero tax, not on the contributions and not on the growth belts in the account like a TFSA. Think of it like the best of an RRSP and the TFSA put together. Here's the part that almost nobody knows. You get 15 years from the day you open it to buy a house. But if you decide to not buy a home in that timeframe, you don't lose anything. The full amount rolls into your RRSP tax-free. It doesn't even use your RRSP contribution room. I wish more people knew about this. Not enough people are taking advantage of it. Send this to someone that doesn't know about the first home savings account. count.

This is the only account in Canada that the government lets you double dip on tax breaks. And you should open one even if you never plan on buying a home. It's…