Make the most of your FHSA by contributing regularly and growing your savings. Here's an overview of the rules for contributing and withdrawing funds from your FHSA, as outlined by theGovernment of Canada. $8,000 annual contribution limit ...
In addition to the $8,000 yearly and $40,000 total contribution limits, keep these rules in mind when funding your FHSA. Unlike with RRSPs, your annual FHSA contribution limit applies to a calendar year, and doesn’t include the first 60 days of the following year. After December 31, ...
You must be a first-time homebuyer and a resident of Canada at the time of the withdrawal for the acquisition of your qualifying home. A "qualifying home" is defined as a housing unit located in Canada. It also includes a share of the capital stock of a cooperative housing corporation, ...
Non-residents of Canada are not eligible to open an FHSA account but may still be able to make contributions to an existing account. However, withdrawals can only be made by a Canadian resident to purchase a qualifying home located within Canada. If withdrawals are made by a non-resident, ...