The First Home Savings Account (FHSA) offers tax-deductible contributions and tax-free withdrawals for first-time homebuyers, with an $8,000 annual and $40,000 lifetime limit. Unused FHSA funds can transfer to an RRSP tax-deferred. The Tax-Free Savings Account (TFSA) provides greater long-term flexibility for tax-free growth. FHSA suits down payment savings, while TFSA supports ongoing financial goals.
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