Under the federal government's Home Buyers' Plan, first-time home buyers can use a portion of your RRSP savings to help finance a home down payment.
Start saving for your first home, tax-free. Whether you’re looking for support or you’d prefer self-directed investing, we have options for you. How the FHSA helps first-time homebuyers Explore some of the benefits of the FHSA and how it compares to the RRSP Home Buyers’ Plan. ...
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...
Home Buyers’ Plan and giving your home buying budget even more juice. But because of the FHSA’s annual contribution limits, it’ll take time to grow your account’s balance. That may not be helpful if your RRSP is already well funded and you’d like to buy a home sooner than later...
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2Withdrawals from the FHSA to purchase a qualifying home must be made using a prescribed form. To withdraw funds on a non-taxable basis, the holder must: Be a first-time homebuyer at the time of withdrawal; An individual counts as a first-time homebuyer for this purpose where, during th...
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