As part of the 2022 federal budget, the Canadian government wants to provide initiatives designed to make homeownership more affordable. One way they plan to accomplish this is with the new First Home Savings Account (FHSA).

Aimed at first time home buyers, this new program will give prospective homeowners some tax relief as well as make it easier for them to achieve their homeownership goals. The FHSA does not replace the RRSP Home Buyer's Plan that already exists, however, it’s important to note that the two programs cannot be used in tandem. While the RRSP Home Buyer's Plan requires withdrawals from the account to be repaid, the FHSA does not.

Learn More About First Home Savings Accounts

First Home Savings Accounts are expected to be available in 2023. There will be eligibility requirements, as well as rules and conditions, so it’s best to consult with a mortgage broker or financial institution to determine if and how you can make this new option work for you.

In the meantime, here are some top things to know about this new savings option:

• You’ll be able to contribute up to $8,000 annually, up to a lifetime maximum of $40,000.
• Contributions made to an FHSA are tax deductible.
• Funds can be withdrawn from an FHSA tax-free, as long as the funds will be used for a first-time home purchase.
• It is likely that funds in an FHSA will be able to be invested to support growth in limited ways such as stocks, bonds, mutual funds, but these specifics have not been confirmed by the government.
• Any income made from investing FHSA funds will also be tax free. 
• Transfers can be made from an RRSP to an FHSA but are subject to the FHSA annual contribution limit.
• Transfers can be made from an FHSA to an RRSP or RRIF if no home is purchased and this will not affect RRSP contribution room. This provides great flexibility for first time buyers who may end up buying a home with someone else who also has an FHSA.

All in all, there is no downside to the new FHSA as a savings vehicle and this very well could be a big step in the right direction when it comes to making buying a first home easier.

Let Sue Heddle Homes Help You Purchase Your First Home

Buying your first home is a very exciting time, but it can also be overwhelming. With an experienced Oakville realtor like Sue Heddle, you’ll get local expertise, excellent negotiation skills and more than a decade of proven success helping clients find a home they love. If you have any questions about the current real estate market or about the home buying process, contact us. We’d love to help you find your first home.

The last two years have changed the way people view and use their homes. As such, it should come as no surprise that the trends unfolding for 2022 in the landscaping space focus on pampering ourselves at home. The second dominate trend is bolstered by our increasing interest to preserve our planet by making simple changes on our own properties to support the environment.

Regardless of what your own backyard goals are for 2022, it’s fun to learn about the trends that are shaping decisions, and think about possibly incorporating them into your own space. While some are more unique and aesthetic, you may also get ideas on how to add convenience and practicality to your backyard too. 

4 Trends to Consider Adding to Your Backyard Space

From improving the plants and flowers you have in your backyard to incorporating additional living space for your family to enjoy, read more about the trends influencing backyards in 2022.

1. Edible gardens.

With the rising cost of food and a growing interest in farm-to-table eating, growing your own food is bigger than ever. In addition to getting fresh fruits and veggies, you get a chance to 

teach your kids about sustainability, make less trips to the grocery store, and customize your garden to grow the produce you like best. Plants in raised beds are the top choice for incorporating this trend into your outdoor space.

2. Flowers and plants that offer rich colours and jewel tones.

This is the year to choose bold, vibrant colours in jewel tones to add positive energy to your backyard landscaping. Red, orange, magenta, lime, and deep purple are expected to be big in 2022. Ask your local nursery about crocosmia, salvia, allium, freesias, and cannas – all great options for adding bold colour.

3. Dahlias.

Colours are key but if you’re looking for the top option in 2022, dahlias are it. With more than 100 varieties, these flowers are robust and easy to care for. They look good in planters as well as in your backyard garden. They also bloom for a long time and make great cut flowers, allowing you to enjoy them throughout your home.

4. Creating an outside room.

Since most of us have spent more time at home in the last two years than anywhere else, homeowners will continue to improve their outdoor space in 2022. Adding an outdoor kitchen, fireplace, or pergola helps create the feeling of an additional room. Strategically planted shrubs and plants can add privacy, and strings of lights add the ambiance. Outdoor rooms designed for gathering promote the connection and socialization we’ve all missed so much.

Sue Heddle Homes Can Find the Space You Crave

So many of the 2022 landscape and backyard trends revolve around continuing to make your space feel as comfortable and relaxing as possible. If you’re looking to find a home that will help you enjoy time together with family and friends, Sue Heddle Homes can help. With more than a decade of experience, Sue has expert industry knowledge coupled with local market insight that can help you find what you’re looking for. Let us support all your real estate needs and find a home that works for your family. Contact Sue today!