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Unlock Up to $15,200 in Free Money for Your First Home

March 8, 2024 | Posted by: Matt Broom-Hall

Imagine receiving up to $15,200 in free money towards the down payment of your first home. Sounds too good to be true? It's not. As an expert mortgage broker, I specialize in uncovering and sharing insider strategies just like this one to help my clients save significant amounts of money. I bet your bank isn't sharing insider strategies to save your hard-earned money!

Our mission at Hello Mortgage is clear: to provide expert advice and secure the lowest rates, ensuring you achieve maximum savings on your journey to homeownership. Today, I'm excited to share a powerful strategy that could make your dream of owning a home in Alberta a delightful reality sooner than you think.

Insider Strategies for Maximum Savings

The secret to unlocking this incredible opportunity lies in a government initiative designed specifically for first-time homebuyers like you. Let's dive into this strategy and how it can transform your home-buying experience.

Introducing the First Home Savings Account (FHSA)

The First Home Savings Account (FHSA) is a powerful tool introduced by the Canadian government to support first-time homebuyers. Here's what you need to know:

  • Contribute up to $8,000 annually towards your down payment, tax-free.
  • Enjoy a lifetime contribution limit of $40,000, with significant tax advantages.
  • Reduce your taxable income for each year you contribute, potentially receiving a sizable income tax refund.

This account is not just a savings tool; it's a strategic pathway to accumulating free money towards your dream home.

The FHSA Strategy in Action

To illustrate the profound impact of the FHSA, let's examine how it translates into actual savings and free cash through income tax refunds:

Federal Tax Refund Estimates

Annual IncomePotential Tax Refund
$75,000 $2,440
$80,000 $2,440
$85,000 $2,440
$90,000 $2,440
$95,000 $2,440
$100,000 $2,440
$105,000 $2,880
$110,000 $2,880
$115,000 $2,880
$120,000 $2,880
$125,000 $2,880
$130,000 $2,880
$135,000 $3,040
$140,000 $3,040
$145,000 $3,040
$150,000 $3,040

This table demonstrates the potential tax refunds you could receive by leveraging the FHSA (with a $8,000 annual contribution) based on different income levels.

Your Path to $40,000: A Closer Look

By reinvesting your tax refunds back into the FHSA, you amplify your savings. This means that you only have to contribute the full annual amount of $8,000 the first year! The following year's, you'll only need to contribute at most $5,560 to get the full annual contribution. This works out to just $107 a week - bringing home ownership within reach!

Here's how your contributions break down:

IncomeOwn Funds NeededRefund ContributionTotal Goal Achieved
$75,000 $27,800 $12,200 $40,000
$80,000 $27,800 $12,200 $40,000
$85,000 $27,800 $12,200 $40,000
$90,000 $27,800 $12,200 $40,000
$95,000 $27,800 $12,200 $40,000
$100,000 $27,800 $12,200 $40,000
$105,000 $25,600 $14,400 $40,000
$110,000 $25,600 $14,400 $40,000
$115,000 $25,600 $14,400 $40,000
$120,000 $25,600 $14,400 $40,000
$125,000 $25,600 $14,400 $40,000
$130,000 $25,600 $14,400 $40,000
$135,000 $24,800 $15,200 $40,000
$140,000 $24,800 $15,200 $40,000
$145,000 $24,800 $15,200 $40,000
$150,000 $24,800 $15,200 $40,000

This strategy showcases a blend of your own funds and 'free money' from the government, propelling you towards your $40,000 goal.

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Join Our Free First-Time Home Buyer Program

Equipped with this strategy, you're one step closer to purchasing your first home. But why stop there? At Hello Mortgage, we have an arsenal of insider tips and strategies awaiting you.

Our Free First-Time Home Buyer Program is designed to empower you to buy your first home with confidence. By joining, you'll gain access to:

  • More insider strategies for saving money and navigating the home-buying process.
  • Expert advice tailored to your unique situation.
  • A community of like-minded individuals embarking on the same journey.

Let's Make Your Dream Home a Reality

Your path to homeownership is filled with opportunities for savings and smart decisions. With Hello Mortgage by your side, you're not just buying a house; you're making a wise investment in your future.

Sign up for our Free First-Time Home Buyer Program today and take the first step towards owning your dream home with confidence and clarity.

Remember, at Hello Mortgage, your dream of homeownership isn't just a possibility—it's a reality waiting to happen.

*Calculations made using current federal and provincial income tax rates. Individual results may vary depending on your personal financial situation.

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