$200,000 Tax Free Down payment! (Canadians Only)

In Canada you could potentially put together a $200,000 tax free down payment down payment. For this to work you have to be married.

Step 1. Max out the FHSA (First time home buyer savings account)

Yes it can be halal. Each year you can put in $8000 for yourself and $8000 for your spouse. Up to $40,000 maximum for each person.

($40,000 is the max you can contribute if it earns profit on top of this it's fine)

Step 2. Put $60,000 in an RRSP and another $60,000 in a spousal RRSP.

Step 3. Combine FHSA and HBP withdrawals so that each person takes out $100,000 for a down payment.

The average family will probably save around $60,000-$80,000 in taxes by using this strategy for a down payment.

If you need help implementing these strategies feel free to message us.

Disclaimer: Educational Only. Advisory Services provided by Manzil Wealth. Portfolio Management services provided by OneVest Management Inc.