While we wait for the new registered FHSA accounts to become available, Oshawa Community Credit Union is offering future first-time homebuyers an innovative savings option: the First Home Savings Commitment Account. This account is simply your commitment that when the FHSA becomes accessible, the funds will be transferred into the registered plan. This is NOT an official FHSA, meaning your interest earned is not tax sheltered, and your contribution is not tax deductible, however when the rollover occurs, these benefits will be applicable.
This account will yield an interest rate of 6.00%, paid annually, or when moved to your FHSA, whichever is sooner. The interest earned during this period can either be used toward your contribution or taken in cash if you have deposited the maximum annual limit of $8,000. These funds will be locked in until the FHSA is available, and the transfer can be completed.
Our goal is that this limited time special account will help first time home buyers make their dreams of becoming a homeowner a reality.