“If someone does not buy a home within 15 years, they can transfer their FHSA funds into their RRSP, where they could then utilize the [Home Buyers’ Plan (HBP)],” Hector wrote. “That’s not a bad Plan ...

“Some FHSA holders will not understand the carryforward rules and end up putting themselves into an overcontribution position ... with their tax return if they open, contribute to, transfer to or ...

In addition, only the owner of the FHSA can claim the tax deduction for their own contributions. Can I transfer funds from a regular RRSP into a FHSA? Provided you have the FHSA room ($8,000 ...

the FHSA provides significant advantages for first-time homebuyers. Even for those who ultimately decide against purchasing a home, the ability to transfer unused funds into an RRSP or RRIF ...

This transfer is only tax-deferred if you have no excess amounts in the FHSA. On the other hand, you can remove the funds as you like—on a taxable basis. Canadians currently have two other ...

Further, if he doesn’t buy a home, he can transfer the FHSA assets to his RRSP later. But because he can only put $8,000 per year into his FHSA, he has another $2,000 available – which he ...

A 15 year window to save; if you choose not to buy a home in that timeframe, you can transfer your FHSA funds into an RRSP or RRIF, or withdraw the money as taxable income. Among Canadians who ...

What if you ultimately decide not to buy a home? You can transfer the contents of your FHSA directly into an RRSP or a RRIF (registered retirement income fund) without any immediate tax ...

If a successor holder is also a “qualifying individual” at the time of the FHSA holder’s death, they can effectively step into the deceased’s shoes ... take over the deceased’s FHSA and instead ...

Here’s what advisors are taking into account. Most advisors agree ... Clients who don’t purchase a home can transfer their unused FHSA contributions to their registered retirement savings ...

Savings vehicles like a first home savings account (FHSA) can make it easier for you to overcome one of the largest barriers to home ownership — squirreling away that sizable down payment.