What happens to my FHSA if I don't use it to buy my first property within 15 years of opening it?
You’ll need to transfer your funds to an RRSP
or RRIF
without affecting your contribution room.
You may also withdraw your funds. If you decide to do so, the market
value of your FHSA will be added to your income at the time of
withdrawal. You’ll be responsible for the tax implications.
Related questions
FHSA, RRSP or TFSA, which one to choose?Your RRSP (HBP), TFSA and FHSA are attractive savings programs for first-time buyers. Discover their distinct advantages.