The Basics
This is the annual contribution limit per individual
What is $8,000?
You must be a "What" in order to open a FHSA?
What is a First Time Home Buyer?
You can carry forward this many years of contribution room
What is 1 year?
This is the maximum withdrawal from RRSP under Home Buyers Plan
What is $35,000 per individual?
You must close a FHSA this many years after opening the account
What is 15 years?
This is the lifetime contribution limit per individual
What is $40,000?
A first home buyer is someone who has not owned Real Estate in the last how many years
What is 5 years?
Similar to an RRSP, contributions to the FHSA are what
What is Tax Deductible?
This investment product can be use in conjunction with the FHSA
What is Home Buyers Plan under RRSP?
You must close a FHSA account after you've completed what purchase
What is, the purchase of your first home?
You must be a resident of what country, in order to open a FHSA?
What is a Canadian resident?
FHSA Contribution room starts at this moment in time
What is, when FHSA account is opened?
Similar to a TFSA, growth inside the FHSA is this
What is Tax Free?
Unused funds in the FHSA can be transferred to this account
What is an RRSP?
Withdrawals from FHSA not for a first home purchase is this
What is Taxable?
This is the minimum age requirement to open a FHSA
What is age 18?
This is the maximum age limit to open a FHSA
What is age 71?
Withdrawals from the FHSA for a first home purchase is this
What is Tax Free?
Unused funds in the FHSA, when transferred to this account, have this impact on contribution room
What is, 'no impact' on RRSP contribution room?
Between FHSA and Home Buyers Plan, if maxed out both, equates to this total amount per individual
What is $75,000 total?
($40,000 FHSA + $35,000 Home Buyers Plan RRSP)