IMPORTANT INFO FOR FIRST TIME HOME BUYERS IN CANADA!  

The first home savings account (FHSA) is a new registered account to help individuals save up to $40,000 on a tax-free basis to purchase their first home. In this podcast episode, I'm sitting down with Kelly Cooper, a Financial Planner at RBC in Courtice, Ontario.  

CONTACT KELLY: 

[email protected] 

(905) 576-5173  

CHAPTERS: 

00:00 Introducing Kelly Cooper

01:10 What is the First Home Savings Account (FHSA)? 

01:50 Maximum Contribution Limit 

02:15 Expiry Date & What Happens if Time Runs Out 

03:10 When You Can Withdraw & How 

03:53 Can You Qualify if You've Owned a Home Before? 

04:30 How it Works When Married or Marrying 

04:49 Can You Withdraw Early? 

05:17 Can Money be Transferred (Spouses, RSP) 

06:12 What Happens in Case of Death 

08:12 What If You Over-contribute to the Plan? 

08:49 The Difference Between the First Time Home Buyers Plan and FHSA 

10:44 Qualifications & Kelly's Advice 

12:08 Recommended Book for Financial Advice