TORONTO, April 03, 2023 (GLOBE NEWSWIRE) — In its continued and evolving mission to help Canadians on their journey to financial independence by transforming financial, investing and mortgage services, Questrade Financial Group is announcing the launch on April 1st of a tax-free First Home Savings Account (FHSA). This enables Canadian first time home buyers to save up to $40,000 towards their first home, withdraw it tax-free and use for their home purchase – with no requirement to repay it. A new way to help Canadians afford a down payment for their home faster, the FHSA combines features of both an RRSP and a TFSA with key attributes including an annual contribution limit of $8,000. To open an FHSA, an individual must be a resident of Canada, at least 18 years of age and must be a first-time home buyer.
Turning dreams of home ownership into reality, faster
Designed to improve the home buying experience, the launch of Questrade’s FHSA follows the company’s introduction last year of QuestMortgage® — an easy-to-use, online mortgage service designed for those looking to buy a home or renew their mortgage.
“The launch of the Questrade FHSA is the next step in our journey of being an established provider for home needs and represents another milestone in our vision to revolutionize financial services,” said Edward Kholodenko, president and CEO, Questrade. “Together with our QuestMortgage offering, we are committed to helping Canadians achieve their dream of homeownership as a good investment in a challenging market, ultimately setting them on the path towards financial success and security.”
Questrade’s FHSA benefits: simple and speedy to save for a downpayment
Features include:
- Afford a downpayment faster: annual contribution limit is tax deductible, thereby lowering the taxes one pays
- Invest up to $40,000 completely tax free
- Two simple options to invest: invest by yourself, in a Questrade self-directed account (SDI) or let the experts invest for you with portfolios that fit your comfort level and are built to help you reach your goals faster via Questwealth Portfolios (QWP)
- Questrade’s award-winning customer service offers assistance with any questions and guidance throughout the process
- Easy to get started: open and fund the FHSA account in minutes
About QuestMortgage®
QuestMortgage is a service provided by Community Trust Company (“CTC”) offering direct-to-client mortgage solutions to help Canadians on their journey to homeownership. It features an online application process, dedicated mortgage advisors, as well as great low rates and prepayment privileges. All mortgage applications are subject to meeting QuestMortgage standard credit criteria, residential mortgage standards and maximum permitted loan amounts. Available in select markets only. CTC is a federally regulated Canadian trust company and forms part of the Questrade Financial Group (QFG). The trademark QuestMortgage® is licensed to CTC by Questrade, Inc. another QFG company and Canada’s fastest growing online brokerage.
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