When saving for Down payment, instead of opening an RRSP, open an FHSA first and use your $8,000 annual contribution room. Contributions are Tax-Deductible and withdrawals are Tax-free with no obligation to pay it back. If you still have more to contribute, then put that extra in RRSP and take advantage of Home Buyers Plan as you can combine the benefits of both programs. Additionally, you can contribute In FHSA and withdraw from it the same day as it doesn't have any hold off period. Whereas to
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Federal Hazardous Substances Act (FHSA) Requirements
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Sep 28, 2016
cpsc.gov
What is an FHSA? Our latest video demystifies the First Home Savings Account (FHSA) and how you can make your home ownership dream a reality, tax-free! Ready to start the journey? Learn more: http://spr.ly/6188VQK0e | BMO Financial Group
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FHSA Tax benefits: By depositing money in a FHSA, you’ll reduce your taxable income and save on taxes. FHSA earnings are tax-free. Use for: First-time home buyers: The FHSA is specifically designed to help you save for the purchase of your first home. While withdrawals are tax-free, they become taxable if you withdraw money for a purpose other than buying a home. #homebuying #firsttimehomebuyer | Canadian Financial Literacy | Facebook
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A deeper dive into the CRA's rules around using a tax-free FHSA to buy a home
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