This is the ultimate guide to Canada's new First Home Savings Account (FHSA)!
These are the FAQs about FHSA withdrawals.
A FHSA Qualifying Withdrawal is a withdrawal amount out of your FHSA that meets ALL the following conditions:
a 'First-Time Home Buyer' for Making a Qualifying Withdrawal from a FHSA is a person who did not, at any time in the current calendar year before the withdrawals, except for the 30 days immediately before the withdrawal, or at any time in the preceding 4 calendar years, live in a qualifying home (or what would be a qualifying home if located in Canada) as your principal place of residence that you owned or jointly owned.
The current understanding is that if you have not used the funds in your FHSA for a home purchase by the time that you turn 72, the funds will convert back to normal RRSP savings.
It is not known how this will affect your remaining RRSP contribution limit amount if you have any at the time it gets converted over.
Disclaimer: The information on this website is for informational purposes only. Please get professional advice before opening any account or making any transactions.