The earlier you file your taxes, the sooner you’ll get your refund and any other cash you may be entitled to. The later you ...

However, there are some differences between an HBP RRSP withdrawal and an FHSA withdrawal that may give the FHSA a slight advantage when planning to buy a home. First, if you don’t use an FHSA ...

“If you don’t end up using the FHSA for a home purchase, it essentially converts into an RRSP, meaning you don’t lose the tax benefits had you focused on an RRSP instead,” Mr. Giovannetti ...

Building a sizeable retirement pool is important, but it is equally important to protect it from the CRA’s tax claws.

Similar to a Registered Retirement Savings Plan (RRSP), contributions to a FHSA are tax-deductible on your income tax return for the tax year you make them in. Additionally, account holders can ...

On April 1, 2023, Questrade became the first company to launch an FHSA in Canada. Since then, more than 20 other financial institutions, including all of Canada’s Big Six banks, have launched ...

Still, you need to delve into the details to understand when the FHSA works well compared to the main established tax-advantaged savings programs, the Registered Retirement Savings Plan (RRSP) and the ...

“One of the big differences — and part of it is because of the planning that we’re doing for clients — it’s not necessarily ‘let’s put everything into an RRSP.’” Hosein said. For younger clients who ...

Canadians have until March 3 to make any contributions in the registered retirement savings plan count towards deductions for the 2024 tax year.

How to use FHSA and RRSP withdrawals for a home down payment in Canada The federal government has made a last-minute change to its capital gains inclusion rate increase. However, other tax changes ...