Thank you for your videos and sharing this information, for new people in Canada is very helpful and friendly to understand. You have win a follower 😊. Thanks so much 👏🏻
It's good that you go over the information in detail, that's why we need, we don't need a glossed over version, there's no point to that in my opinion. Secondly, I was going to ask if you can make use of the First-Time Homeowners Program (HBP) AND the FHSA, but you answered the question at the very end of video, so thank you! I'm a single parent, planning on purchasing a home in the near future, so I would take advantage of the $35K in the HBP and the $40K plus gains from FHSA. I still to save another 100K which seems impossible with trying to keep up basic living costs and child expenses, etc. Thanks for the video, well explained!
Very helpful content. 1 question though. Maximum you can contribute to FHSA is $40k, but what if the money grows, say the $40k grows to $50k, Can you use all that $50k for buying a home?
Really liked the info. Timestamp would've been nice. I was only looking for details on carry over and withdrawal. It had animations and not just you talking in front of a camera for 19 mins which was not bad too!!! 👍
First of all i would like to thank you for such valuable lesson & to my question, can i and my wife open a FSHA? Which i mean a max of each 8000$ x 2 =16000? 2. Is there any restriction to wait - let us say if we want to buy a house next year, are we able to withdraw the money? Thanks
I’m not a financia advisor: but yes, on the canada.ca website it saya you can combine your FHASs to buy the same house as long as you are both first time home buyers. The restriction or limitation pertains to how mich of your contribution room you carry forward. Most people will need a few years to save in their FHSA before they withdraw it and buy a hone
Great video, thanks for sharing! Could you please explain more in detail about how much taxes you will have to pay if you withdraw money from FHSA for other purposes? And how to reduce the amount of taxes as much as possible😂
Thanks for your information I have a question, my husband has a job and opened an FHSA for 8k, does it make sense if I open FHSA too when i have no income? We have a plan to buy a first house next year.
Can I have TFSA and FHSA at the same time and can I contribute at both the accounts at the same time ? Can I also withdraw from these 2accounts at the same time when buying a home ?
I'm subscriber and I'm big fan of you. I really like your detailed explanation on video. sorry but I have long questions... Sorry for upload again same question, my account have problems... on video, you say if buy $1 million house(Toronto house average price? How much buy apartment or condo?), maximum amount you can put into FHSA account for lifetime is $40000(1 year $8000), so if buy $1 million house, only $40000 total maximum you can put into FHSA account without paying tax(including transfer from RRSP) and $40000 can be used paying for buy house without tax ? can you put money into FHSA from any bank account not salary? other money not on FHSA from $1 million you have to pay how much property tax if one time purchase house by cash not mortgage and have other payment? What are property tax and other payment every year for keeping house? what is RRSP? if you work then have this? what kind of benefits from this? Does FHSA, RRSP, pension plan are all tax free? Or how much tax pay and how to report every year? If outside Canada? If pay property for house, 1 time full house payment by cash(not mortgage), then not have tax? or how much property tax every year? I think mortgage have more interest and more Payment? usually total how many years for mortgage? if not living in Canada, only have property house there, have to pay how much property tax every year? have other payment? also have to report tax every year(with work or even without work)? how to report if living outside Canada? if not have credit history or work or anything first time arrive in Canada, which area me and my husband can find cheap rent in Toronto? where can I find same like your studio apartments before? what documents need? how much is open a small car(repair sale car) company or any kind of shop in Toronto? how much tax every year? What is process of open company and What documents and requirements need for open small company?(only 1 or 2 person) How much rent a small company or shop every month in Toronto? How much tax every year? If buy a small place for company/shop/factory how much? How much Tax every year? is it easy for my husband to find car work (repair or sale car) or do car auctions(any site? We want check online)in Toronto? how much salary? income tax how much? about Canada pension, from what age get?what are requirements(how many years living in Canada) and what documents need? how much get every month? (difference between with work and without work) even not work can get? are there facility for take care of old people? how much pay every month? about 15 years not living in Canada, I forget everything about login ID or password to government site, where I can ask for this information? also I not pay any tax during 15 years, is ok or not? how to pay tax in Canada? even not work have to pay tax every year? in Toronto, how many month wait hospital for checkup treatment for cancer specialist and gallbladder or any operation?(from appointment to treatment) how many month get health card and how to apply?(I have old health card from BC province, just not use? I lived in BC province long time ago, not living in Canada for 15 years, if start living in new province, just start everything new? I forget everything I don't know what to do?!) almost free for hospital?(even cancer, operation, medicine are free? What are not free?) Same health card can use forever? Need renew?(how to renew outside canada) change address for Canada passport can be done easily in Canada? Outside of Canada?where should I go for change? (Canada passport can renew in other country right?! But i dont know what documents need? No need birth certificate or parents documents?) Where we can register our marriage and Register address in Ontario? City hall or where? my legs not good for walk, I'm not sure disability or not. is there register disability or not in Canada? have many levels? can apply government money? if not use car, what transportation can use to go anywhere in Toronto? if use car, how much every month for pay car insurance and gasoline? Driver license can renew online and shipping outside of Canada? if Toronto is expensive, which city in Ontario is more cheap for living? Toronto Every month for living for rent electricity gas water grocery other about how much? how much money can take into Canada from other country by airplane(also if bank transfer or western union)? what paper write on airplane? where register fingerprint in airport? need vaccine or not for corona for enter Canada?(I take vaccine in other country) My husband need to take IELTS test for English level score 4, how long do you think it takes to get to level 4? He speaks some English, but not very well. Also how to cancel any bank account in Canada? What documents usually need? Ontario not have house gecko lizard or snake? I'm scared of them. When snow what transportation you use? On time? How much? sorry for long questions, please tell me all the questions in detail, thank you. (By the way I'm Canada citizen currently in other country planning to go back Canada, still waiting my husband visa, we are planning to live in Ontario, maybe Toronto?!)
Hi there, I appreciate that you enjoy my videos! Yes, those are a ton of questions, so I can't answer all of them. But thank you anyway, as these will give me ideas for my next videos. For some questions, you can check out my other videos, as I've covered some of the topics you've asked about. Let me answer 1 question related to this FHSA video here: The average condo price is around $700k+ in the GTA (not a detached house). Detached houses are very expensive, priced at $1.5 million and more. You're correct, the maximum amount you can save in the FHSA is only $40k, but you can combine it with the money from your RRSP through the HBP (Home buyers plan) which I'll soon make a video on. There is a limit too though for how much you can withdraw from your RRSP to purchase a home. If your DP is more than those sums combined, you will need to pay for it without enjoying the tax benefits. Hope this helps! And no, I have not seen any gecko, lizards, or snakes around here🦎😂
1:42 So if you put money into the FHSA and use it to buy a house, you don't have to pay taxes. Isn't it the same when you use your checking or savings account? The money you have in your checking or savings account has already been taxed. I don't understand this.
You're right about the checking or savings account, the money that goes into that is after-tax money, it is net and has already been taxed. But if you put money into your FHSA (yes technically at the point in time you put the money in it has already been taxed), but when you report your taxes, the amount that you put into your FHSA (or RRSP) will not be subject to taxes, and you will get the money refunded. I will soon make another video about RRSP that will demonstrate how it works a bit better. Thanks for the question!
Yes, the income that you made in 2023 will be FULLY taxed, unless you move $8000 into your FHSA. for example:: you made $80000 taxable income in 2023- if you'd moved $8000 of it into your FHSA, you'd only declare taxable income of $72000 for this year
Hi, it was an excellent video. My scenario. I have contributed 13,000 and still have 3000 contributions room left in 2024. I have signed a purchase agreement in July 2024 to buy a house with possession date February 2025. Can I still contribute 3000 this year and 8000 in January 2025?
