FAQ

• How do I open a FHSA

  That’s easy! Book your appointment to meet with a highly qualified advisor today.

• What can I invest the money in?

  That depends on when you plan to buy your home, what your risk tolerance is, and more. But we provide access to savings accounts, GICs, and mutual funds* all within an FHSA.

• What if I don’t end up buying a home?

  No worries, you can transfer the funds from your FHSA into an RRSP without any tax implications.

  Otherwise, you can withdrawal the funds, and those funds would be added to your taxable income and subject to withholding taxes.

  Forced closure: An FHSA can be open for up to 15 years, or up to your 71st birthday and which point you’ll either transfer the funds to your RRSP or RRIF, or withdrawal the funds which would be added to your taxable income and subject to withholding taxes.

• What type of home qualifies?

  The home (or home under construction) must be located in Canada. You can’t open an FHSA to purchase empty land not currently developed into a qualifying home.

• What if my spouse / common-law partner owns our current home?

  You aren’t eligible to open an FHSA if you live in a home owned by your spouse or common-law partner. However, if you already have an FHSA open when you get married, the normal limits will apply.

  You’re unable to open an FHSA or make tax-free withdrawals if you or your spouse have lived in a home you’ve owned either this year or in any of the last 4 calendar years.
  

• Can I still use the RRSP Home Buyer’s Plan in addition to the FHSA?

  Yes! You can combine the funds from your RRSP using the Home Buyer’s Plan with your FHSA.

• What’s the maximum I can deposit in the FHSA?

  $8,000 per year, and $40,000 lifetime. The money can grow beyond the lifetime limit while invested and used towards the purchase of your home.

• How do I get an FHSA?

  Simply fill out the form on this page to book a meeting. Or you can even book a meeting online!