- five years if your first withdrawal was taken between January 1, 2022, and December 31, 2025 Is it the right time to cash out your RRSP (i.e., this depends on the investments and rate of return you are getting on your current investment)? Is it worth forgoing the future tax shel...
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. ...
Because the First Home Savings Account is designed to help home buyers, only withdrawals put toward a home purchase will qualify and receive tax-free treatment. To make a qualifying withdrawal, you must: Be a first-time home buyer and reside in Canada at the time of your withdrawal. ...
Under the HBP, any RRSP withdrawal used to buy or build a qualifying home must be returned to your RRSP within 15 years and repayment begins in the second year after the year when you first withdrew funds. If you fail to repay the required amount within the required time frame, that amou...
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 ...
The funds transferred to an RRSP or RRIF will be taxed upon withdrawal. 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 in...