Business
Mackenzie Investments Introduces First Home Savings Account: A Tax-Free Opportunity to Save for First Time Buyers
Mackenzie Investments Introduces First Home Savings Account: A Tax-Free Opportunity to Save for F...
About this update from Igm Financial Inc.
[{"type":"text","content":"\n \n \n \n Mackenzie Investments Introduces First Home Savings Account: A Tax-Free Opportunity to Save for First Time Buyers\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Nov. 21, 2023\n \n \n /CNW/ - Mackenzie Investments (\"Mackenzie\") today announced it has introduced a First Home Saving Account (FHSA).  Available through financial advisors, the Mackenzie FHSA enhances the ability of Canadians to save for the purchase of their first home through a tax-sheltered savings and investment account.\n \n \n \n \n \n \n \n \n \n Eligible first-time Canadian homebuyers can work with their financial advisors to establish and fund their FHSA. Contributions to the FHSA may be deducted from taxable income and qualifying withdrawals to purchase a home are not taxable.\n \n \n \"We're excited to help people be more invested in their financial future and reach one of life's major milestones - the purchase of a first home,\" said\n \n Luke Gould\n \n , President & CEO,\n \n Mackenzie Investments\n \n . \"When integrated into a holistic financial plan, the FSHA is a tax-efficient vehicle that enables Canadians to save more of what their investments earn, enhancing the opportunity to achieve their home ownership goals sooner.\"\n \n \n \n The Mackenzie FHSA includes the following features:\n \n \n \n \n Lifetime contribution limit of\n \n $40,000\n \n .\n \n \n Annual contribution of up to\n \n $8,000\n \n , which can be carried forward from prior years for as long as the account is open.\n \n \n The option to invest in all Mackenzie mutual funds and series except for the Mackenzie Northleaf Private Infrastructure Fund, Mackenzie Northleaf Global Private Equity Fund and all USD funds.\n \n \n Mackenzie ETFs are not eligible to be held in\n \n Mackenzie\n \n -administered accounts (Client Name accounts).\n \n \n All property within the FHSA, including contributions, investment income and capital gains can be taken out tax-free when a qualifying withdrawal is made.\n \n \n Undeducted contributions ...