Mackenzie Investments Introduces First Home Savings Account: A Tax-Free Opportunity to Save for First Time Buyers

Mackenzie Investments Introduces First Home Savings Account: A Tax-Free Opportunity to Save for First Time Buyers

TORONTO, Nov. 21, 2023 /CNW/ - Mackenzie Investments ("Mackenzie") today announced it has introduced a First Home Saving Account (FHSA).  Available through financial advisors, the Mackenzie FHSA enhances the ability of Canadians to save for the purchase of their first home through a tax-sheltered savings and investment account.

Eligible first-time Canadian homebuyers can work with their financial advisors to establish and fund their FHSA. Contributions to the FHSA may be deducted from taxable income and qualifying withdrawals to purchase a home are not taxable.

"We're excited to help people be more invested in their financial future and reach one of life's major milestones - the purchase of a first home," said Luke Gould, President & CEO, Mackenzie Investments. "When integrated into a holistic financial plan, the FSHA is a tax-efficient vehicle that enables Canadians to save more of what their investments earn, enhancing the opportunity to achieve their home ownership goals sooner."

The Mackenzie FHSA includes the following features: 

• Lifetime contribution limit of $40,000.
• Annual contribution of up to $8,000, which can be carried forward from prior years for as long as the account is open.
• The option to invest in all Mackenzie mutual funds and series except for the Mackenzie Northleaf Private Infrastructure Fund, Mackenzie Northleaf Global Private Equity Fund and all USD funds.
• Mackenzie ETFs are not eligible to be held in Mackenzie-administered accounts (Client Name accounts).
• All property within the FHSA, including contributions, investment income and capital gains can be taken out tax-free when a qualifying withdrawal is made.
• Undeducted contributions can be carried forward indefinitely; these deductions are in addition to any Registered Retirement Savings Plan contributions made in a year.

To learn more, please contact your financial advisor or see the Mackenzie Investments FHSA.

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This article may contain forward-looking information which reflect our or third-party current expectations or forecasts of future events. Forward-looking information is inherently subject to, among other things, risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed herein. These risks, uncertainties and assumptions include, without limitation, general economic, political and market factors, interest and foreign exchange rates, the volatility of equity and capital markets, business competition, technological change, changes in government regulations, changes in tax laws, unexpected judicial or regulatory proceedings and catastrophic events. Please consider these and other factors carefully and not place undue reliance on forward-looking information. The forward-looking information contained herein is current only as of November 15, 2023. There should be no expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.

Mackenzie Investments is a leading investment management firm with $183.3 billion in assets under management as of October 31, 2023. Mackenzie provides investment solutions and related services to more than one million retail and institutional clients through multiple distribution channels. Founded in 1967, Mackenzie is a global asset manager with offices across Canada as well as in Boston, Dublin, London, Hong Kong and Beijing. Mackenzie is a member of IGM Financial Inc. (TSX: IGM), one of Canada's premier financial services companies with approximately $250 billion in total assets under management and advisement as of October 31, 2023. For more information, visit mackenzieinvestments.com.

SOURCE Mackenzie Investments