However, once you start receiving payments from your RRIF or annuity, you must claim them as income on your tax return. According to the CRA, you can generally transfer some investment products (like GICs) held in an RRSP to a First Home Savings Account without immediate tax penalties. Suc...
year. Unlike RRSPs, contributions that you make to your FHSAs during the first 60 days of the year are not deductible on your previous year’s income tax and benefit return. You also cannot claim a tax deduction for any FHSA contributions that you make after your first qualifying withdrawal...