Make the most of your FHSA by contributing regularly and growing your savings. Here's an overview of the rules for contributing and withdrawing funds from your FHSA, as outlined by the Government of Canada.$8,000 annual contribution limit Your annual limit includes any transfers you make from ...
You must be a first-time homebuyer and a resident of Canada at the time of the withdrawal for the acquisition of your qualifying home. A "qualifying home" is defined as a housing unit located in Canada. It also includes a share of the capital stock of a cooperative housing corporation, ...
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 Act. 02 Generally, an FHSA can be opened by residents of most provinces at age 18. ...
you open an FHSA if, at any time in the calendar year before the account is opened or at any time in the preceding four calendar years, you did not live in a qualifying home — or what would be a qualifying home if located in Canada — as your principal place of residence that ...
Canadian residents aged 18 or older with a Social Insurance Number (SIN)Anyone who earned income and files an income tax return in Canada and who’s under the age of 71Canadian residents between the ages of 18-71, with a Social Insurance Number (SIN), who did...
Canadian residents aged 18 or older with a Social Insurance Number (SIN) Anyone who earned income and files an income tax return in Canada and who’s under the age of 71 Canadian residents between the ages of 18-71, with a Social Insurance Number (SIN), who didn’t live in a home th...