Tag · Canada

first home

2 Loopholes 🇨🇦 Canada

Loopholes Tagged "first home"

Plain-English guides to Canadian legal rights and workarounds related to first home.

First Home Savings Account (FHSA)

The FHSA is the most powerful first-home savings tool ever created in Canada — combining the upfront tax deduction of an RRSP with the tax-free withdrawal of a TFSA — but many eligible Canadians have not yet opened one, and the contribution room you never open is contribution room you permanently lose.

FHSA From RRSP Transfer — Move Existing Retirement Money Into an FHSA Without Using Cash Flow

You can move money directly from an RRSP into an FHSA without immediate tax, but the transfer uses FHSA room and does not create a new deduction.