Account Basics
This account is designed to help individuals save for this major life purchase
What is a first home
The typical annual contribution limit is this amount.
What is $8,000?
Qualified withdrawals for a first home are taxed this way.
What is tax-free?
Earnings inside the FHSA grow this way.
What is tax-free?
You must be at least this age to open an FHSA.
What is 18 years old?
To qualify, you typically must not have owned one of these in the past few years.
What is a home
The lifetime contribution limit is this amount.
What is $40,000?
To use your FHSA to purchase a home, the home must be intended as this.
What is primary residence?
FHSA contributions reduce this.
What is taxable income?
You must be a resident of this country to open an FHSA.
What is Canada?
This type of account often combines features of an RRSP and a TFSA.
What is an FHSA
Unused contribution room can be carried forward up to this amount per year.
What is $8,000?
If you don’t buy a home, funds can be transferred tax-free to this account.
What is an RRSP?
Unlike RRSP withdrawals, qualified FHSA withdrawals do NOT affect these Canadian perks
What is government benefits
The written agreement to purchase a home is called this.
What is a purchase agreement?
Funds in this account can usually be invested in these types of products.
What are stocks, bonds, ETFs, or mutual funds?
Contributions to an FHSA are treated like this for tax purposes.
What is tax-deductible?
You generally must buy or build the home before this date after withdrawal.
What is October 1 of the following year?
You can combine the FHSA with this other homebuyer program.
What is the Home Buyers’ Plan (HBP)?
A person at Prosperity who helps arrange your mortgage is called this.
What is a Relationship Advisor?
This country introduced the FHSA in 2023.
What is Canada?
You can contribute to this account until the end of this many years after opening it.
What is 15 years?
If a withdrawal is not qualified, it is treated like this.
What is taxable income?
This is the biggest tax advantage of an FHSA compared to a TFSA for homebuyers.
What is tax deduction on contributions AND tax-free withdrawals?
A term at Prosperity can be broken in this circumstance.
What is a qualifying home purchase?