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For many first-time homebuyers, saving for a down payment is one of the most significant hurdles. Enter the First Home Savings Account (FHSA) — a groundbreaking tool designed to help Canadians save for their first home while enjoying substantial tax benefits. Let’s break down what the FHSA is, how it works, and why it might be the key to turning your homeownership dreams into reality.

What is the FHSA?

Introduced in 2023, the First Home Savings Account is a registered account that combines the benefits of both a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA). It allows eligible Canadians to save up to $40,000 tax-free toward the purchase of their first home.

How Does the FHSA Work?

1. Tax-Deductible Contributions: Similar to an RRSP, contributions to an FHSA are tax-deductible. For example, if you contribute $8,000 in a year, your taxable income for that year decreases by the same amount.

2. Tax-Free Withdrawals: Unlike an RRSP, withdrawals from an FHSA for a qualifying home purchase are completely tax-free. This means you won’t pay taxes on either the contributions or the investment growth.

3. Investment Growth: Contributions can be invested in various eligible options, including stocks, bonds, mutual funds, and ETFs, allowing your savings to grow tax-free.

Who Can Open an FHSA?

To open an FHSA, you must meet the following criteria:

• Be a Canadian resident.

• Be at least 18 years old.

• Be a first-time homebuyer. (You or your spouse/common-law partner cannot have owned a home in which you lived as a primary residence in the year the account is opened or during the previous four years.)

Contribution Limits

• Annual Contribution Limit: $8,000.

• Lifetime Contribution Limit: $40,000.

• Carry-Forward: Unused annual contribution room can be carried forward to future years, up to a maximum of $8,000.

What Happens if You Don’t Use the FHSA?

If you don’t end up using your FHSA for a qualifying home purchase, you can transfer the funds to your RRSP or RRIF without affecting your contribution room. However, withdrawals for non-qualifying purposes will be taxed as income.

How the FHSA Differs from the Home Buyers’ Plan (HBP)

While both the FHSA and the Home Buyers’ Plan help first-time buyers, they differ significantly:

• The HBP requires repayment of withdrawn funds, while the FHSA does not.

• The FHSA provides tax-free growth on investments, whereas HBP withdrawals are simply temporary loans from your RRSP.

Why the FHSA Matters for First-Time Buyers

With rising home prices, the FHSA offers first-time buyers a much-needed financial advantage. The combination of tax-deductible contributions, tax-free growth, and tax-free withdrawals makes it a powerful tool to accelerate your savings.

Frequently Asked Questions (FAQ)

1. Can I use the FHSA and the Home Buyers’ Plan together? Yes, you can combine both programs to maximize your savings, but you need to meet the eligibility requirements for each.

2. What happens if I exceed my contribution limit? Excess contributions are subject to a 1% monthly penalty until withdrawn.

3. Can I open multiple FHSAs? Yes, but your total contributions across all accounts cannot exceed the annual or lifetime limits.

4. Is the FHSA available at all financial institutions? Most major Canadian financial institutions offer the FHSA. Check with your bank or credit union for availability.

5. When does the FHSA expire? An FHSA must be closed after 15 years, when you turn 71, or at the end of the year following a qualifying home purchase, whichever comes first.

Final Thoughts

The First Home Savings Account is a game-changer for Canadians aiming to buy their first home. By leveraging the unique tax advantages and savings potential, you can take significant strides toward homeownership. If you’re ready to open an FHSA or want to explore your options, feel free to reach out for personalized guidance.

For more detailed information, visit the Canada Revenue Agency’s FHSA page or the Department of Finance’s FHSA design page.

If you’re a first-time buyer in Edmonton and want to learn how the FHSA can help you secure your dream home, don’t hesitate to reach out! Call or text me today at (780) 232-2064.

When it comes to Edmonton communities, few boast the rich history and unique charm of Calder. Nestled in northwest Edmonton, Calder is a neighborhood that seamlessly combines its storied past with a vibrant present. Whether you’re drawn to its early 1900s origins, its family-friendly vibe, or its proximity to amenities, Calder is a community that feels like home.

A Village Rooted in History

Calder’s development is closely tied to the arrival of the Grand Trunk Pacific Railway in 1909. The railway brought workers, families, and opportunity to the area, sparking the establishment of what was originally called the Village of West Edmonton. It didn’t take long for the village to be affectionately known as Calder, named after one of the railway officials, Hugh A. Calder. Officially incorporated as a village in 1910, Calder was a bustling railroad colony that provided homes for many railway workers.

The community remained independent until 1917, when Calder was annexed by the City of Edmonton. While the expansion of Edmonton shaped Calder’s future, the neighborhood has held onto its unique identity and historic significance.

The Grand Trunk Pacific Railway and CN Takeover

The Grand Trunk Pacific Railway played a pivotal role in connecting Western Canada but struggled financially after World War I. By 1920, the Grand Trunk was facing bankruptcy, and the Canadian government intervened. The railway operations were absorbed into Canadian National Railway (CN), which took control of Calder’s rail yard and operations. Under CN, the yard became a central hub for rail traffic in Edmonton, reinforcing Calder’s significance as a railroad community. Today, CN continues to operate within the area, serving as a reminder of Calder’s deep ties to Canada’s railway history.

Architecture and Development

Walking through Calder, you can see its extended timeline of development reflected in its homes and buildings. Some of the oldest structures in the community date back to the early 1900s, with architectural features that tell the story of the neighborhood’s evolution. Many homes from the post-World War II era still stand, particularly in the southern portion of Calder near the former railway yards. These character homes offer charm and nostalgia that new builds simply can’t replicate.

Newer developments, meanwhile, are more common in Calder’s northern sections, where the neighborhood continues to grow and modernize. This mix of old and new makes Calder one of Edmonton’s most architecturally diverse communities—ideal for those looking for character homes or opportunities for renovation.

The Calder Cenotaph

One of the neighborhood’s most notable landmarks is the Calder Cenotaph, dedicated in 1949 to honor local residents who served in World War I and World War II. This site serves as a poignant reminder of Calder’s close-knit roots and its contributions to Canadian history and the Canadian Armed Forces. The cenotaph is a proud focal point of the community, and its presence speaks to the resilience and pride of Calder’s residents. You can view the Cenotaph at 12721 - 120 Street.

Parks and Local Attractions

Calder is home to several parks and outdoor spaces that cater to families, fitness enthusiasts, and nature lovers alike:

• Calder Community Park: A popular hub for residents, featuring playgrounds, picnic areas, and sports fields. It’s the perfect place for families to gather for a sunny afternoon or for children to enjoy the playground. In addition, the park regularly hosts local community events that bring neighbors together.

• Athlone Park: Offers additional green space, with walking paths, sports courts, and open areas ideal for recreation and relaxation.

• Coronation Park: Located just minutes away, it offers amenities like the Peter Hemingway Fitness and Leisure Centre, beautiful walking trails, and the Edmonton Space and Science Centre (TELUS World of Science), a beloved local attraction for families and science enthusiasts.

These parks and local attractions provide a variety of options for residents to stay active, unwind, and connect with the community.

Community Borders

The community of Calder is located in northwest Edmonton. It is bordered by 127th Avenue to the south, 132nd Avenue to the north, 113A Street to the east, and 124th Street to the west. These well-defined borders make Calder an accessible and distinct neighborhood within the city.

Schools in Calder

Calder is well-served by a variety of schools that meet the needs of families at all stages.

• Elementary Schools:

  • Calder School: Programming for Kindergarten through Grade 6, located in the heart of Calder.

  • Athlone School: A nearby elementary school offering specialized programs.

• Junior High Schools:

  • Rosslyn School: Serves Grades 7-9 and offers academic and extracurricular opportunities.

• High Schools:

  • Queen Elizabeth High School: Offers Grades 10-12, including International Baccalaureate (IB) programs.

  • Archbishop O’Leary High School: A Catholic high school serving Grades 10-12.

Families in Calder have access to both public and Catholic schools, making it easy to find the right fit for their children’s education.

Local Businesses and Shopping

Shopping and dining options in Calder are plentiful, with nearby Skyview Power Centre located at 137 Avenue NW and 127 Street NW. This bustling shopping hub features major retailers like Walmart Supercentre, Best Buy, Home Depot, and Marshalls, alongside smaller businesses and dining options.

For a local touch:

• Boxcar Coffee (12958 127 Street NW): Known for its artisanal coffee and cozy atmosphere, it’s the perfect spot to relax or catch up with friends.

• Mokha Cafe (12632 137 Avenue NW): Offers delicious Ethiopian coffee and authentic dishes, making it a must-visit for food enthusiasts.

Living in Calder Today

Modern-day Calder is a welcoming, family-friendly neighborhood. With a mix of single-family homes, duplexes, and townhouses, Calder is an affordable choice for first-time home buyers and growing families.

The community is well-served by schools, parks, and recreational amenities. Calder features ample green spaces, playgrounds, and quiet streets that make it an ideal place to raise a family or enjoy a slower pace of life within city limits.

Why Choose Calder?

If you’re searching for a community that balances history, affordability, and family-oriented living, Calder is one of Edmonton’s top neighborhoods in the northwest. From its railroad village beginnings to its thriving present, Calder offers heritage homes, modern conveniences, and a welcoming spirit.

Ready to explore homes in Calder? Visit PabianRealty.ca to learn more or schedule a tour today! Let’s find the perfect home for you in Calder, Edmonton.

Nestled in the northeastern part of Edmonton, Abbottsfield is a community that beautifully blends historical significance with modern-day convenience. Bounded by the North Saskatchewan River to the south, 118 Avenue to the north, Victoria Trail to the west, and the Beverly Heights neighborhood to the east, Abbottsfield offers both natural beauty and urban accessibility. Typical walking time to theRiver Valley Trail System is approximately 10-15 minutes, while a short 5-minute drive connects residents to Rundle Park, Ada Boulevard, and the neighboring Gold Bar community, providing unparalleled access to some of Edmonton’s most scenic and relaxing recreational areas. As a licensed Realtor with Re/Max Excellence in Edmonton and a passionate lover of the great outdoors, I’m thrilled to spotlight this vibrant neighborhood for prospective residents who are looking for a welcoming and affordable place to call home. Let’s delve into the rich history of Abbottsfield before exploring why this community is a fantastic choice for families, young professionals, and retirees alike.

The History Behind the Name

Abbottsfield derives its name from Abraham Abbott, a prominent figure in Edmonton’s early history. Abbott was a resident of the area when it was part of the former Town of Beverly, which was officially annexed by the City of Edmonton on December 30, 1961. The community’s roots stretch back to the late 19th century when the land was owned by E.F. Carey, co-founder of the merchandising firm Norris and Carey. Carey’s contributions to Edmonton’s development make this area an integral part of the city’s historical fabric.

Before this annexation, Abbottsfield was a vast rural expanse. It wasn't until the 1961 annexation that its transformation began, if ever slowly. Residential development didn’t take off in earnest until the late 1960s and early 1970s. One key catalyst for this growth was the redevelopment of the Beverly landfill site into Rundle Park—a sprawling green space offering a variety of recreational opportunities overlooking the North Saskatchewan River and featuring a rather challenging golf course. By the 1970s, Abbottsfield had rapidly evolved into a residential hub, characterized by row housing and walk-up complexes that remain a unique feature of the community to this day.

Abbottsfield Today: A Community with Heart

Fast forward to today, and Abbottsfield has become a thriving, family-oriented neighborhood. Its central layout—designed around schools, parks, and community spaces—encourages connectivity and a sense of belonging among its residents. Here’s what makes Abbottsfield stand out:

1. Accessibility and Convenience

Abbottsfield’s location near major traffic routes makes commuting a breeze. Whether you’re headed to downtown Edmonton or to Sherwood Park, Fort Saskatchewan, Clareview, NAIT or beyond, you’ll appreciate the seamless access to public transit and arterial roadways.

2. Affordable Housing Options

For first-time homebuyers or those looking to downsize, Abbottsfield provides an array of affordable housing options. The predominance of row housing and walk-up apartments means you can find comfortable, budget-friendly homes without sacrificing quality or convenience.

3. Proximity to Nature and Recreation

As mentioned above, living in Abbottsfield means being just minutes away from Rundle Park, a jewel in Edmonton’s park system. This expansive green space offers walking trails, picnic spots, sports facilities, a rather large indoor pool, paddle boating, mini golf and even outdoor skating in the winter. The nearby Abbottsfield Park and Recreation Centre also provide excellent venues for community programs, fitness activities, and family-friendly events.

4. Community Spirit

Abbottsfield’s inward-oriented design creates a peaceful and close-knit atmosphere. Residents often gather at the local recreation centre or participate in neighborhood initiatives, fostering a strong sense of community pride.

Why Choose Abbottsfield?

Abbottsfield is more than just a place to live—it’s a community with a story. Its historical roots, combined with modern amenities and a welcoming atmosphere, make it an ideal neighborhood for those seeking an affordable, family-friendly environment in Edmonton. Whether you’re drawn to its historical charm, recreational opportunities, or convenient location, Abbottsfield has something for everyone.

FAQs About Abbottsfield

1. What types of housing are available in Abbottsfield? Abbottsfield primarily features row housing and walk-up apartment complexes, offering affordable options for families, first-time buyers, and individuals looking to downsize.

2. What recreational facilities are available in Abbottsfield? Residents can enjoy Rundle Park, which includes walking trails, picnic areas, sports facilities, and a golf course. The Abbottsfield Recreation Centre provides additional amenities for fitness and community activities.

3. Is Abbottsfield a family-friendly neighborhood? Absolutely! Abbottsfield’s layout centers around schools, parks, and community spaces, making it a great choice for families.

4. How accessible is Abbottsfield to other parts of Edmonton? The neighborhood’s proximity to major traffic routes and public transit ensures easy access to downtown Edmonton and other parts of the city.

5. What shopping options are available in Abbottsfield? The Abbottsfield Mall offers a variety of shops and services to meet residents’ daily needs.

Get in Touch

If you’re considering making a move to this unique community, I’d be delighted to help you explore your options. As someone who specializes in Edmonton’s neighborhoods, I’m here to guide you every step of the way. Feel free to reach out through my website, www.pabianrealty.ca, or connect with me on Instagram at @pabianrealty. Let’s find your perfect home in Abbottsfield!