The FHSA - The First Home Savings Account is an incentivised savings strategy for first time home buyers.
You must be a minimum of 18 years old (19 in some provinces to enter into a legally binding contract) up to the age of 71 years
For the purpose of opening an FHSA, you are considered to be a first-time home buyer if you did not, at any time in the current calendar year before the account is opened or at any time in the preceding four calendar years, live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that either:
- you owned or jointly owned
- your spouse or common-law partner (at the time the account is opened) owned or jointly owned
How much can you contribute or transfer from an RRSP?
The year you open your first FHSA, you can contribute $8000. The lifetime limit is $40,000.
Read on for more details...
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