Besides Questrade, National Bank now offers FHSA...

@school77231

Жыл бұрын

RBC too

Lovely video Thomas! You explain very nicely. I love the way you present. Now, I have good understanding of the new FHSA account. Thank you!

@ThomasCChan

Жыл бұрын

Thank you Shishir, also i just email you this morning, please take a look!

Great info! Thanks Thomas 😊

For years I struggled with outstanding debts, bills and my children's school fees. I was at a point where I wanted to give up. I came across every KZread channel about how to make and multiply income through passive income. Fortunately, I had saved some money and decided to start investing, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made.

@tanishabeecher8392

2 ай бұрын

What kind of investment

Very informative video. Thank you. If I understand you correctly, are you saying I can invest in FHSA even if I have a home/ living in the home I bought?

@ThomasCChan

Жыл бұрын

HI Luna, as of this moment, yes. but maybe they could update the rules.. so best to double-check it again, when the account is available by the banks and financial institutions

Highly valuable content as always. Thank you so much Thomas for the great insight about FHSA. A quick question is there any time restrictions as to after how many months you can withdraw funds? For example if I deposit funds in FHSA today and next month I decide to buy a house, can I withdraw funds from FHSA next month? Thanks.

@ThomasCChan

Жыл бұрын

Hi Gul, no problem! so far, there is no time restriction so yes you can withdraw it right after.. i will update here if there is any changes

Excellent explanations

@ThomasCChan

4 ай бұрын

Thanks Michael

Good explanation.

@ThomasCChan

Жыл бұрын

,😀

Thanks for the explanation. My wife and I are going to National Bank Tuesday and opening FHSA accounts. We are planning on buying a home this summer, do you know if there are any holding limits (like the RRSP of 90 days) before we can withdraw and still take advantage of the tax benefits? Thanks!

@ThomasCChan

Жыл бұрын

Should be OK! But since it's this summer. For FHSa you can only put 16000 for both you and wife For rrsp hbp is 70000. So you can weight out the benefits!

@OvensGarage

Жыл бұрын

@Thomas C Chan - Financial Services we are able to use both the HBP and the FHSA for our down payment right?

@ThomasCChan

Жыл бұрын

@@OvensGarage yup!

Great job

@ThomasCChan

Жыл бұрын

Thank you!

RRSP Home buyers plan has been increased to 60,000$

@ThomasCChan

2 ай бұрын

Yeah, that's the proposals. Crazy increase. Also, reflect the crazy market out there.

Hey! what do you think about the FHSA! leave a comment below!

@cangetme

6 ай бұрын

Hi Thomas, tks for the video info. You seem to have alluded that even if you are not 1st time home buyer you can consider opening this account (2 mins into video) as well being the 3rd group of buyers (7:10 min into video). Did I understand it wrong? Thank you.

@ThomasCChan

6 ай бұрын

@cangetme hello. Because this video was 8 months ago. Back in April. So there are rules thst are not updated. To be clear. You cannot open one if you own a place within 4 years. Hope yhst make semse

@cangetme

6 ай бұрын

@@ThomasCChan thank you:)

Thank you Thomas, this is a great detail. I have a question, I have opened FHSA in December 2023 but haven't contributed before 31st. So, can I contribute 16K in April 2024 and withdraw before December 2024 to purchase a home and still claim for tax deduct on March 2025 tax filing ?

Great video

@ThomasCChan

11 ай бұрын

Thanks for watching icarus

Hi, Making a qualifying withdrawal "You must not have acquired the qualifying home more than 30 days before making the withdrawal" Must have to be on your down-payment? Can be withdrawal after your closing date?

Hello Thomas, What if i own 1% of my current home? for context i assisted my parents i getting their current property(which i live in as well) and they have 99% and I have 1% and I see on some places online that "If you own less than 10%, it doesn’t qualify as homeownership of a qualifying property." but CRA website doesnt mention anything about this.

@ThomasCChan

Жыл бұрын

Hi J. Cra said if you own anything within 4 years. It considers you not a home buyer. Feel free to double check with an real estate professional

What if my spouse and I plan to buy a property in 4-5 years time to tear down and build our home? We won’t be moving in right away. Can the funds (80k combined) from the FHA be used for this purpose?

@ThomasCChan

Жыл бұрын

But then you have this property with in 4 years. So it's your first home. So you cannot take out from thr fha tax free

Can we open FHBA after purchasing a house about a month ago? We did not own any houses in the past

@ThomasCChan

7 ай бұрын

i don't think so.. because now you have a place already?

@tintinlol7881

7 ай бұрын

@@ThomasCChan yes, a month ago

Do you know if your first home has to be purchased in Canada? Can't find this in the rules anywhere. I would only be interested in this if I was able to purchase a home abroad. I would also only be interested in purchasing this as an investment property. Is that allowed or does the home have to be your primary address?

@ThomasCChan

9 ай бұрын

I can only say this is for Canadian buy first place in Canada. Therefore probably not a good idea for you yet

Hi Thomas Can both husband and wife enroll at the same time for both plans thanks

@ThomasCChan

Жыл бұрын

Yup absolutely! They can each open one!

@ShishirKumar07

Жыл бұрын

Awesome! And both of them can purchase the same house? Right?

@ThomasCChan

Жыл бұрын

@@ShishirKumar07 yup!

If I just opened my FHSA in January 2024, do I still get the carry over amount of $8000 from 2023? Thanks

@ThomasCChan

6 ай бұрын

Negative.

so if i open one and end uop not buying house in 4 years? and i want to take the money out and put in bank what is the fee? or i cant? it has to go into rrsp?

@ThomasCChan

6 ай бұрын

You cam but you need to subject income tax. So best put it in rrsp to achieve a tax later purpose

Is RRSP AND FHBA both cobine tax saving or individual tax saving For example: i contribute 8000 in RRSP AND 8000 in FHSA in same year so 16000 reduce from my total income and rest income taxable . Or just 8000 i can reduce from income

@ThomasCChan

Жыл бұрын

16000

@parkerbohnn

Жыл бұрын

You always max out your TFSA before doing anything else. Home prices in Canada can only implode so if you're not say age 65 or older max out your TFSA before ever putting money into a FHSA. If you9've used all your RRSP and are age 56 or older take out a FHSA and then convert it to a RRIF at age 71.

Hi Thomas. I understand there's a max of $40k total contribution, but based on your video you can contribute a MAX of $16k (05:23) on any one year if you did not contribute anything the year before - correct?

@ThomasCChan

7 ай бұрын

Correct. Say you open an account in 2023. Didn't put any money. . You can contribute 16k in in 2024.

@AhhhSukeSuke

5 ай бұрын

What if I haven't opened an account yet, can I still contribute $16000?

hi I have a question I invested 40k and it reaches to 60k after investing, I can withdraw 60k tax free and can only use that money for my downpayment correct?

@ThomasCChan

6 ай бұрын

Correct. 60k tax free And related to be first home buying. So does have to be down-payment

FHSA: Im confused. If the deadline is dec 31 2023, can i contribute $8000 for 2023 and contribute $8000 now for 2024?

@ThomasCChan

5 ай бұрын

If you never have open an account in 2023. Then your contribution will be 8000 still for 2024

Can parents deposit the money on behalf of their child and get the tax benefit?

@ThomasCChan

Жыл бұрын

Hello. Negative. But you bank the tax deduction until the kid is working.

Which bank offers FHSA as of now I saw questrade

@ThomasCChan

Жыл бұрын

As of this moment. Questrade is the only one now.

@school77231

Жыл бұрын

@@ThomasCChan RBC NBC as well now

@ThomasCChan

Жыл бұрын

@@school77231 awesome!

Can I withdraw money from FHSA before 15 years?

@ThomasCChan

7 ай бұрын

You can withdraw anytime. Just tax on the portion you withdrawl if it's not for home buying purpose

@gs9831

7 ай бұрын

@@ThomasCChan thankyou sir