If you contribute over $8,000 in a year, resulting in excess FHSA amounts, you can remove the excess amounts as designated withdrawals. These transactions will not be considered a form of income.

If the renovation will not be immediate, consider putting the excess into your TFSA if you have room so that any interest remains tax-free. Your plan to invest tax refunds from your FHSA and RRSP ...

“For anyone even considering home ownership, the FHSA should be the first place they look to,” Mr. Giovannetti says. “It’s the best tool for first-time buyers,” he adds. FHSAs offer the ...