Just to add to make it clear, carry forward of unused contribution is maxed at $8k. So even if you have a FHSA account open for 10 years for example, you will only have $16k space to contribute.
@okayman2057Ай бұрын
Does this mean that once i get a house i need to withfraw the funds within 30 days? Or if its a new build within one year. I found that part confusing. 😊
@debbie8430Ай бұрын
Great video. You certainly covered my questions about this. Thank you for sharing!
@yuvrajbrar75708 күн бұрын
Hey Brandon, love your content. I follow you on Blossom and I was curious why you buy into VOO instead of VFV. I’m sort of torn between VFV or VOO in my TFSA and non-cash via WS. Thank you
@jaycabantog7350Ай бұрын
If I start to contribute in fhsa acount, when or how long should i wait to withdraw or use as down payment to my first home?
@KL-ug7cg8 күн бұрын
hi Beavis, do you happen to know if my 15 year term ends, and I still couldn't buy a house. Would I be able to open another FHSA after?
@g59490155Ай бұрын
Talking about a drop in the bucket, saving a few thousand dollars for a house priced at millions of dollars?
@itamarfilho393Ай бұрын
Can a husband and a wife both max their FHSA, then buy a house together taking the money from their FHSA? So like, instead of having $40,000 to make a down payment, they would have $80,000 after maxing the account in 5 years (excluding investment gains to make it easier)?
@pepto_Ай бұрын
Yes, as long as both are first time home buyers, they can open their own FHSAs and use the funds to contribute to their home
@itamarfilho393Ай бұрын
@@pepto_ thank you for the info!
@jassaxbhanguАй бұрын
@@pepto_ can both husband & wife open a joint account and have 16000 contribution room or each have to open separate account & have 8k each?
@2865285Ай бұрын
QQ: Is there any benefit if I open a FHSA today-fill it with 8K-withdraw in the same year?
@MaddkipzАй бұрын
really good information, thanks!
@Bevanbruh23 күн бұрын
So I turned my 8000$ I invested into 15,500 this year. Can I withdraw my 7500$ profit without getting taxed ? Also, does that 7500$ profit count as me investing $7500 into my contribution room ? Or can I invest another $8000
@NIRAJKUMAR-ji7ckАй бұрын
I have a question regarding FHSA contribution and withdrawal. Let's say I contribute for 2 years and then buy my first home. If I don't withdraw the FHSA at this time and I continue to contribute up to 40K.. can I withdraw later?
@JustAnInternetDudeАй бұрын
Hey Brandon, Thanks for the video! Does a a transfer to a RRSP take the ceilling contribution into account? By that I mean, if someone don't end up buying a house can they still transfer their FHSA account into an RRSP that has maxed contributions or would be maxed due to the transfer?
@beaviswealthАй бұрын
This would be “additional RRSP space”, allowing you to go over thee “Ceiling” of RRSP room alone
@JustAnInternetDudeАй бұрын
@@beaviswealth Thank you!
@EmanuelsWorkbench21 күн бұрын
Hypothetical scenario: Contribute $8k per year for years 1-5, transfer to RRSP, repeat again for years 6-10. For years 11-15, contribute the max and actually use the money to buy the house. Would this be allowed under the current FHSA rules?
@Bevanbruh23 күн бұрын
Can you withdraw profits without tax complications without using it for a home ? Example: $8000 turns into $10,000 I withdraw $2000 to buy a car. Do I pay taxes on that $2000 I withdrew ?
@AustinChapman-f3f27 күн бұрын
Daniel Branch
@Str8killax3Ай бұрын
Quick question Brandon, let's say you've already opened a FHSA with an investment firm and are not happy with the returns of the first two years with them. Could you open a second FHSA account on a different platform like WealthSimple and contribute the remaining funds into there without issue? I feel like picking my own stocks is going to yield higher returns in my opinion.
@beaviswealthАй бұрын
Yes I believe there would be no issue at all with that 👍🏼
@beaviswealthАй бұрын
Possibly looking at a low cost ETF would likely help with at least outperforming based on the fees alone
@LoiswomgawesomeАй бұрын
Is a FHSA better than a TFSA for first time home buyers? TFSA also have benefits for that right?
@IWatchAndLearnАй бұрын
Very useful 8nfo as always. I didn't know about tax deductions
@mrsono82Ай бұрын
Question What if I have FHSA with 16k. I decided to buy a house, but did not use FHSA money. Can I keep investing till I hit 40k then transfer to RRSP?
@exclusivepilot7155Ай бұрын
Yes
@rahuldatta1382Ай бұрын
hey Beavis, One question for you. Do the FHSA and RRSP share the same contribution limit?
@beaviswealthАй бұрын
No!
@veeli1106Ай бұрын
…wonders if one can actively trade stocks/options within the FHSA without the CRA penalizing you afterwards like they would in a TFSA…? 🤔
@sridharv3903Ай бұрын
I'd prefer to max out my TFSAs and RRSP account rather than opening another fancy account and doing back and forth. IMHO I'd stick to traditional accounts rather than follow the mandatory fancy idea of saving 8k X 5 years. In any case most home buyers know the 40k is hardly going to cover 30% down payment. So better to plan own finances as per your own investment and savings accounts rather than add8ng another fancy confusion.
@ScurvyDaveАй бұрын
I mean.... the FHSA just rolls into an RRSP if you don't use it. Huge tax benefit if you use it for a house, otherwise its the exact same as an RRSP. Absolutely nothing about this account is fancy or confusing. 40K in an FHSA would be a 12k tax return over 5 years for a very average marginal tax rate. Invested at a modest 5% return would look something like 60.5k after 5 years [46.5k FHSA, 14k other]. The tax efficiency and benefits of this account really should not be downplayed. But I guess you do you.
@sridharv3903Ай бұрын
@@ScurvyDave I agree with your points and surely it combines benefits of both but not significant enough. However if it's the exact same as RRSP then I' can contribute to RRSP itself and benefit tax-wise. Another option is to put in TFSA and have full flexibility so even if I don't buy a home I can leave investments As Is or 2ithdraw without any restrictions. With TFSA I don't have to roll it in to an RRSP on withdrawal, whereas FHSA forces one to roll in to RRSP or get taxes on withdrawal. I think I used the word fancy instead it's nothing new - if one can max out TFSA and RRSP every year for 5 years and consist3ntly saves and invests he or she can achieve down payment goal without the FHSA account.
@ScurvyDaveАй бұрын
@@sridharv3903 Yea but the RRSP is a tax deferral, and the TFSA is post-tax. FHSA is completely tax free if used for its indented purpose. It makes absolutely no sense to contribute to an RRSP outside of an employer match if you have FHSA room. Sure, you can save for a down payment in a TFSA, but a FHSA will go so much further. I have no idea how this is even a discussion. 40k of lifetime tax free investing room on top of regular tax sheltered accounts, PLUS 40k @ marginal rate tax return. This is absolutely significant. This would be like saying that 6 years of TFSA contribution room AND a tax refund on the amount contributed is "not significant enough". Not sure what else to say here. It would be completely irresponsible to not utilize this account, or to contribute to an RRSP over it.