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What happens to my FHSA after I buy my first home?
As soon as you use your FHSA to buy your first home, it must be closed before December 31 of the following year.
Good to know
If you don't use all of your funds to buy your property, you can make a tax-free transfer to an RRSP. Only withdrawals made in these accounts will be taxed.
If you decide not to transfer your remaining funds and withdraw them immediately, they will be taxed.
Related questions
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How to withdraw money from my TFSA? Here’s how to withdraw money from your TFSA. You should receive the funds in your National Bank account instantly. -
FHSA, RRSP or TFSA, which one to choose? Your RRSP (HBP), TFSA and FHSA are attractive savings programs for first-time buyers. Discover their distinct advantages. -
When will I receive my tax slips? Find out when your tax slips are due for the tax season. -
What is the minimum age for contributing to an RRSP? Find out at which age you can open an RRSP. -
Can I use multiple savings plans for my down payment? You can combine your RRSP (HBP), TFSA and FHSA when purchasing a property.
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