This time of year we are thinking about tax deductions and people often come back to the RRSP. However, if you do not own a home there is a better plan for both getting a deduction and saving on your taxes.

In April of 2023 a wonderful plan was announced. It is called the TFHSA. The Tax Free Home Savings Account. When you put money in this plan you get a tax deduction and when you take the money out to buy a home, you do not pay tax on this income. If you do not buy a house after 15 years you can transfer the balance to an RRSP.

In order to get a tax deduction for 2023 you had to have put the contribution into the plan before the end of December 2023. The money you contribute to your TFHSA now will be a deduction in 2024.

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