If you’re a first-time homebuyer or know someone who is, here’s an important reminder: it’s never too early to open a First Home Savings Account (FHSA). Even if you don’t plan to contribute right away, setting up an account now allows you to take advantage of this year’s $8,000 annual contribution limit, with another $8,000 available next year and in the years ahead—up to a total of $40,000.

If you’re unfamiliar with the FHSA, you can find all the details here, and most financial institutions in Canada should be able to help you set one up. Since everyone’s financial situation is unique, be sure to consult your financial advisor or accountant to see how the FHSA can benefit you. It’s never too early to start saving!