The new tax-free first home savings account provides another option for parking tax refunds.
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“Especially this year, with everyone feeling the pinch of inflation and things costing so much, people have less wiggle room in their paycheques,” he says. “Those interest rates are great for money sitting in cash, available to take out at any time,” he says. “The average interest rate on a credit card can be anywhere from 20 per cent to more than 25 per cent, so when you have $4,000 of debt, and take three months to a year to pay it off, that interest is compounding,” Mr. Commisso says.
Make use of the new FHSA For clients who are considering entering the housing market, the new tax-free first home savings account could be an attractive place to park a tax return.
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