Page 12 - Jan 2024 News On 7

JAELEN'S JOURNEY TO HOME OWNERSHIP
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.
Submitted by Scott Foster, Financial Advisor, Edward Jones
317 DECLAIR ROAD, MADOC, ON K0K 2K0
As the year draws to a close, so do opportunities for new home buyers in Canada to get some much-needed help to see their
dream of homeownership become a reality in 2024. Meet Jaelen who has rented for years and wants to buy a house. Jaelen
has been saving but could still use some help and is eager to qualify for Canada's first-time home buyer's account called First
Home Savings Account (FHSA). Jaelen has reviewed the qualification criteria and meets the age requirement of being 18-71.

The FHSA is a great way for Jaelen to start saving for that first home by making tax-deductible contributions into an account
and later making withdrawals that are tax-free if that money is used toward the purchase of qualifying primary residence in
Canada. More on that a little later.

How will Jaelen do it?
Let's first look at allowable contributions.
• Up to $8K per calendar year with the ability to carry up to $8,000 forward if an account is opened (meaning a potential
$16,000 limit in one year),
• Up to a lifetime maximum of $40K over a 15-year period.

Withdrawals
Along with being tax-free, withdrawals can be combined with funds from a Tax-Free Savings Account or RRSP Home Buyer's
Plan.
They can also be combined with another person's FHSA when purchasing a home together.
Once Jaelen is ready, there are some important options to consider and follow when deciding to close the FHSA.
• It must be closed in the year following the purchase of a qualifying home, or
• Within15 years of the account opening date, or
• By December 31st of the year the buyer turns 71.
• Funds can be transferred to an RRSP or RRIF tax-free prior to the FHSA closure.

The FHSA could be a pivotal step toward making Jalen’s dream of home ownership a reality.
The FHSA does have some more stringent criteria than other registered plans, but for the right person, like Jaelen - and
many other Canadians, this account combined with the right advice could make home ownership a reality.

HASTINGS COUNTY HIKERS MEET UP
Hastings County Hikers is a group for those who wish to do all
styles of hiking from easy walks to longer trail hikes. If you want
to meet like-minded hikers please consider joining our group.

This is a newly forming group that collaborates to offer all kinds
of summer and winter activities such as urban and rural walks,
trail hikes, and other nature loving activities.

For each event posted, click “Attend” to indicate you will be
going to that event. Events with very low attendance may be
canceled.

This group encourages people to suggest trails! Also, members
are encouraged to become co-organizers to help lead hikes.

Let’s all enjoy the great outdoors together! Click Here to Learn
more.