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What is the FHSA and how does it work?
The FHSA is a type of registered account. It allows you to grow your savings tax-free, regardless of your annual income, and save for your first home purchase.
Withdrawals for first-time homebuyers are not taxable (non-eligible withdrawals will be included in the individual's income).
Contributions are capped at $8,000 per year and unused contributions can be carried forward to future years. The lifetime contribution maximum is $40,000.
Withdrawals for the purchase of a home do not have to be repaid (unlike a Home Buyers' Plan in an RRSP).
If the money is not withdrawn within the time limit set by the government, it can be transferred to an RRSP or withdrawn, subject to withholding tax.
Visit the National Bank FHSA page to learn more.
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What is the FHSA and how does it work? Discover the First Home Savings Account (FHSA), a tax-free account for first-time homebuyers.
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