Buying Your First Home? The $8,000 FHSA Deduction Most Renters Miss

An eligible renter can contribute up to $8,000 annually to a First Home Savings Account (FHSA), saving up to $2,400 in taxes at a 30% rate. The tax deduction boosts home savings but requires meeting residency, age, and first-time buyer criteria. Investments in stable assets like cash or GICs are advised for near-term home purchases to protect the down payment, rather than relying on dividend-paying stocks that risk market declines.