You can open up a First Home Savings Account FHSA without depositing money into it, as many financial institutions will allow you to set up an account without a contribution.
This ensures your account is open and ready to save, & the annual unused contribution
room of up to 8,000 can carry forward to the following year, up to a maximum of 16,000
at any time. It is good idea to open an FHSA as soon as you're eligible, if you plan to to use it for purchasing your first home in the future. However you must make qualifying contributions to benefit from tax deductions.
If you don't buy a home you can transfer the funds to an RRSP or RRIF without impacting the RRSP contribution room.
The time limit is 15 years to use the account from the date it is opened,
or until you turn 71.
You can combine the FHSA with the existing Home Buyers Plan, which allows you to withdraw up to 60,000 from your RRSP tax-free for a home purchase,
,(repayable within 15 years.) Together these programs can allow you up to 100,000 in tax-advantaged savings.
For more personalized advice consult Carol at Carol On Call Business Services Ltd
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