The Ruppert Team
The FHSA is an opportunity for prospective first-time home buyers to save up to $40,000 on a tax-free basis towards the purchase of a first home in Canada. Read more about the FHSA in this overview. In this tax column, Jamie Golombek explains why you should pay close attention to the qualifying rules, especially if you are considering moving in with a partner who may already own their own home.
The FHSA, RRSP Home Buyers’ Plan and TFSA can help you save for your first home. Which one is right for your family? While the FHSA, RRSP Home Buyers’ Plan, and TFSA offer various tax benefits, some key differences can help you choose what’s right for you. The good news is you don’t have to choose just one.
RRSP Home Buyer's Plan
For first-time home buyers only?
Yes, money withdrawn from your RRSP through the Home Buyer's Plan must be repaid to your RRSP in equal payments over the next 15 years
Want to learn more about the FHSA? Here's more information about this registered account that can help you/your adult child achieve home ownership goals.
Planning for a child's education RESP tip sheet
Check out these comprehensive guides on TFSAs. TFSA - What are you saving for? Reference summary Why You Should Contribute Every Penny Of Your Limit
The deadline to make a RRSP contribution for the 2023 tax year is February 29, 2024. You can claim a deduction on your 2023 income tax return for RRSP contributions up to 18% of your 2022 earned income, to a maximum of $30,780 less any Pension Adjustment, plus any unused contribution room from prior years and Pension Adjustment Reversal. To find your RRSP contribution limit for the current year, check your federal Notice of Assessment for the previous tax year or log on to CRA's My Account. The following are resources on RRSPs and RRIFs. If you have any questions, contact our office -- we have the expertise and desire to help protect your legacy. Creating retirement income RRSP maturity options RRSP summary guide Ten RRSP hacks Pension splitting Start planning for the retirement you want with an RRSP