Electronic trading major Interactive Brokers (NASDAQ:IBKR) has launched the First Home Savings Account (FHSA) for eligible Canadian residents.
The account offers a tax-efficient way to save and invest for a first home while giving clients access to a broad range of tradable instruments through Interactive Brokers Canada.
The First Home Savings Account (FHSA) is a government-registered account designed to help Canadians achieve the financial milestone of homeownership.
Key benefits include:
- Tax-Free Growth: Contributions are tax-deductible, and capital gains and interest income are not taxed.
- Investment Flexibility: Invest in US and Canadian stocks, options, and US bonds using Interactive Brokers’ advanced trading platforms.
- High Contribution Limits: Contribute up to CAD 8,000 per year, with a lifetime limit of CAD 40,000.
- Long-Term Flexibility: If funds are not used for a home purchase within 15 years, they can be transferred tax-free to a Registered Retirement Savings Plan (RRSP), allowing continued tax-deferred growth.
“Buying a home is one of the biggest financial milestones, and we’re pleased to offer a savings solution that helps Canadians reach this goal,” said Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers. “Our FHSA provides tax-free investment growth, low costs, and access to global markets, empowering Canadians to maximize their savings potential.”
First-time home buyers or individuals who have not owned a property in the last four years can open an FHSA with Interactive Brokers Canada in just a few steps. Clients benefit from powerful trading technology, low commissions, and no added platform fees, making it easy to invest efficiently while working toward homeownership.
