IMPORTANT INFO FOR FIRST TIME HOME BUYERS IN CANADA!
The first home savings account (FHSA) is a new registered account to help individuals save up to $40,000 on a tax-free basis to purchase their first home. In this podcast episode, I'm sitting down with Kelly Cooper, a Financial Planner at RBC in Courtice, Ontario.
00:00 Introducing Kelly Cooper
01:10 What is the First Home Savings Account (FHSA)?
01:50 Maximum Contribution Limit
02:15 Expiry Date & What Happens if Time Runs Out
03:10 When You Can Withdraw & How
03:53 Can You Qualify if You've Owned a Home Before?
04:30 How it Works When Married or Marrying
04:49 Can You Withdraw Early?
05:17 Can Money be Transferred (Spouses, RSP)
06:12 What Happens in Case of Death
08:12 What If You Over-contribute to the Plan?
08:49 The Difference Between the First Time Home Buyers Plan and FHSA
10:44 Qualifications & Kelly's Advice
12:08 Recommended Book for Financial Advice