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What happens to my FHSA after I buy my first home?
As soon as you use your FHSA to buy your first home, it must be closed before December 31 of the following year.
Good to know
If you don't use all of your funds to buy your property, you can make a tax-free transfer to an RRSP. Only withdrawals made in these accounts will be taxed.
If you decide not to transfer your remaining funds and withdraw them immediately, they will be taxed.
Related questions
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Can I use multiple savings plans for my down payment? You can combine your RRSP (HBP), TFSA and FHSA when purchasing a property. -
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How can an RRSP help me maximize my income tax refund? Find out how to pay less taxes with an RRSP. -
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