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CI Global Asset Management Introduces First Home Savings Account

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CI Global Asset Management Introduces First Home Savings Account

CI Global Asset Management (CI GAM) has announced the launch of the First Home Savings Account (FHSA), a tax-free registered investment account designed to help Canadians save for a down payment on their first home. The FHSA allows prospective homebuyers to contribute up to $8,000 per year, with a lifetime maximum of $40,000. Contributions are tax-deductible, and both the principal and investment gains can be withdrawn tax-free when used for the purchase of a first home.

Key Features of the FHSA

The FHSA is available to Canadian residents aged 18 or older who are first-time homebuyers. The contribution limit is $8,000 per year, and any unused contribution room can be carried forward. Contributions are tax-deductible, and eligible investments include mutual funds, ETFs, publicly traded securities, and guaranteed investment certificates. Withdrawals from the FHSA are not taxed when used to buy a first home.

Guidance and Account Setup

Individuals interested in opening an FHSA should consult with their financial advisor, who can provide guidance on account setup and help select suitable investments. CI GAM's website offers additional information about the FHSA and its features. In conclusion, the introduction of the First Home Savings Account by CI Global Asset Management provides a valuable tool for Canadians looking to save for their first home. The tax advantages and flexibility of the FHSA make it an attractive option for prospective homebuyers, offering a pathway to achieving their homeownership goals.

Implications of CI Global Asset Management's First Home Savings Account for New Businesses

The introduction of the First Home Savings Account (FHSA) by CI Global Asset Management (CI GAM) could have a significant impact on new businesses, particularly those operating in the real estate and financial sectors. The FHSA, a tax-free registered investment account, is designed to assist Canadians in saving for a down payment on their first home.

Boost for Real Estate Businesses

For real estate businesses, the FHSA could potentially increase the pool of prospective homebuyers. With a structured savings plan in place, more Canadians may be motivated to save for their first home, leading to an increase in demand for real estate services.

Opportunities for Financial Advisors

The FHSA also presents opportunities for financial advisors and firms. As individuals seek guidance on account setup and suitable investments, financial advisors could see a surge in demand for their services.
Stimulating Economic Activity
In a broader sense, the FHSA could stimulate economic activity. As more Canadians save and invest towards homeownership, this could have a positive ripple effect on related industries such as construction, home furnishings, and insurance. In conclusion, the introduction of the FHSA by CI GAM could have far-reaching implications for new businesses, presenting opportunities for growth and expansion.
Story First Published at: https://financialpost.com/pmn/business-wire-news-releases-pmn/ci-global-asset-management-now-offering-first-home-savings-account
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