If you're a Canadian looking to save for your first home, you'll definitely want to pay attention to this. Starting on April 1, 2023, the first home savings account will become available to eligible Canadians. In this video, we cover everything you need to know about the First Home Savings Account (FHSA), including its features, eligibility requirements, comparison to the Home Buyer’s Plan (HBP) and more.
UPDATE
I wanted to clarify that there has been revised legislation so you can now withdraw from both your FHSA and RRSP (originally the government said you couldn't): "You can withdraw amounts from your RRSP under the Home Buyers’ Plan (HBP) and make a qualifying withdrawal from your FHSA for the same qualifying home, as long as you meet all of the conditions at the time of each withdrawal." according to [ Ссылка ].
Sources for video:
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00:00 Intro
00:20 What is a FHSA
01:40 Eligibility
02:48 What does my money do in a FHSA
03:22 Contributions
04:22 Buying your First Home (Qualifying Withdrawals)
05:50 FHSA vs. HBP (Home Buyers’ Amount)
08:07 Transfers
Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for educational purposes only. Please do your own research as rules may be subject to change and to consult with your own financial advisor, accountant and/or tax advisor.
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HOW TO OPEN A FHSA? HERE ARE MY FAV PLATFORMS:
[WEALTHSIMPLE] Earn💰$25 Cash Reward when you sign up & fund a Wealthsimple Account: [ Ссылка ]
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FREE RESOURCES
➡️FREE BUDGETING TEMPLATE [ Ссылка ]
➡️FREE BOOKKEEPING TEMPLATE [ Ссылка ]
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WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, working with Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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