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Canadians eagerly adopting new First Home Savings Account (FHSA) to save and invest for their down payment – “phenomenal early uptake,” says RBC

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Since April, tens of thousands of Canadians have opened a RBC FHSA to save and invest tax-free for their first home. The account offers ETFs, stocks, mutual funds and GICs as investment options and more than one-quarter of holders have already contributed the maximum annual amount of $8,000. Additionally, many are taking advantage of the tax deduction and regularly contributing to their FHSAs through Pre-Authorized Contributions (PACs).

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