(RRSP) to buy or build a home.It’s been around since 2019, but it just got an upgrade. Previously, first-time home buyers could withdraw up to $25,000 tax-free, but now the limit has been increased to $35,000. This plan allows people to save more for their down payments rather...
You can, however, transfer money from a First Home Savings Account to an RRSP orregistered retirement income fundwithout triggering taxes. Generally, these transfers won’t affect the limits for your lifetime FHSA contributions or RRSP contributions. ...
Like an RRSP, contributions will generally be tax-deductible, meaning they could potentially reduce the amount of tax you pay when it's time to file your income taxes. Similar to TFSA withdrawals, when a qualifying withdrawal is made from your FHSA to purchase a qualifying home, the amount w...