Summary of the First Home Savings Account Learn the basics of the FHSA including rules around contributions, transfers, withdrawals and more. First Home Savings Account: An overview (PDF, 140 KB) Opens in a new window. How the FHSA helps first-time homebuyers Explore some of the benefits of...
Alternatively, the balance in your FHSA not used to purchase a qualifying home could be transferred to an RRSP or RRIF (Registered Retirement Income Fund) on a non-taxable transfer basis, subject to applicable rules4. Transfers from your FHSA to your RRSP or RRIF do not impact your available...
To open a First Home Savings Account, you must be: A resident of Canada. At least 18 years old. A first-time home buyer. Younger than 71 in the year you open the account. You’re a first-time home buyer if you: Have not lived in a home you owned in the calendar year before op...
A first home savings account (FHSA) is a registered account for Canadian tax purposes. The features, benefits, contribution limits, rules, and applicable taxes for registered accounts are determined by the Government of Canada. Assets in a FHSA must be eligible contributions under the Income Tax ...
While all three investment accounts offer tax benefits, there are some key differences to be aware of. From each plan’s tax considerations to rules about contributions and withdrawals, here’s everything you need to know about TFSAs, RRSPs and FHSAs. ...
From each plan’s tax considerations to rules about contributions and withdrawals, here’s everything you need to know about TFSAs, RRSPs and FHSAs. FeatureTFSARRSPFHSA What is it? A Tax-Free Savings Account is a powerful registered investment account that allows you to save for any big...