Stumbled across your video while doing some poking into this topic - just have to say you do a great job explaining (verbally and visually)! Keep up the great content.
Great video, just a comment on the "FHSA error counter", although funny, I found the buzzer soundclip very distracting and quite jarring when trying to absorb all the content.
im still not understanding, if my employer deducts tax on paycheque my account will have the net deposit, how would i transfer the funds into fhsa if ive already been taxed by employe?
it would happen at tax time, your boss will take the normal deductions, you take your earnings and invest in the FHSA and claim the FHSA investment at tax time, resulting in a lower taxable income. The government will pay the difference of what you owe in taxes and what you already paid via your boss.
Motor homes are specifically mentioned as a qualifying home, but mobile homes are: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/withdrawals-transfers-out-your-fhsas.html#qualhome
For years I struggled with outstanding debts, bills and my children's school fees. I was at a point where I wanted to give up. I came across every RUclips channel about how to make and multiply income through passive income. Fortunately, I had saved some money and decided to start investing, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made.
I highly endorse Regina Louise Collaro, a US-based financial advisor and consultant. Partnering with an international organization, she has been instrumental in guiding my financial journey with unwavering support until my goals are met. Selecting the right financial consultant is as crucial as finding the right life partner, as both can significantly impact your life's trajectory. I'm grateful to have found the perfect financial consultant who has helped me achieve my financial objectives, from education to nearing retirement.
This is a shocker seeing Regina Louise Collaro is being mentioned here. I always had mixed feelings about hiring a Investment advisor. For the record, I started working with Regina in 2019, and she manages about 70% of my Investments, while I manage the other 30%. My philosophy is that I care more about my own money than anyone else, but she made me accept that they have wealth of information on current conditions and future trend
I've wanted to start investing for a while. Yet, I've always considered it to be late, and I believe I should quit putting things off. I'll absolutely contact Regina Louise Collaro to ask her for advice. Much thanks. This was quite helpful to me.
@@v2stanislausupon withdrawal, can inl take the money out for eligible home and then transfer it to my partners account and then they can withdraw? We both meet criteria and our name will be on the house.
Can you open FHSA if you have real estate outside of Canada? For example, I have a home in my country of origin and I moved to Canada in 2023 - can I still open an FHSA? Thanks
Once I hit the 15 year contribution deadline, am I given no choice but to sell the investments or can I leave the investments in there so they can grow beyond the 15 year deadline so I can eventually buy a more expensive home whenever I’m ready at any age?
Is a duplex eligible for a fhsa withdraw ? The CRA website has a vague definition or qualified homes and it could be interpreted both ways....Any hindsight ?
What if you open a FHSA, but purchase a home without it. Me and my partner have a down payment already, but are thinking of opening one for the tax savings
FHSA is for help with buying ur first home only. Since you guys already own a house you wont be able to use the money in the FHSA to buy a house. If you would like to open account for tax saving I would suggest a TFSA.
If you decide not to withdraw the money from FHSA. You can still get tax deduction on your contribution. You can either transfer the funds to RSP or you can keep the funds in FHSA for 15 years. If you decide to withdraw the amount, it would be taxable so better way is to withdraw it in the year when you predict less income.
or does my employer deduct the income tax, i receive the net deposit, but i dont have to claim the amount of net deposits that transferred to the fhsa on income tax for the year?
Stumbled across your video while doing some poking into this topic - just have to say you do a great job explaining (verbally and visually)! Keep up the great content.
Wow, thank you!
I see your Yankee Hotel Foxtrot record in the background... I chose the right channel
Great video, just a comment on the "FHSA error counter", although funny, I found the buzzer soundclip very distracting and quite jarring when trying to absorb all the content.
Most clearly explained, great !
Do you get a tax deductible for as long as you had the account open ?
Question do u have to pay taxes on dividends in this account
Super helpful but the error sounds were insanely annoying. Almost stopped watching.
Thank you for this.
What if you paid cash for your deposit - but need closing costs and builder fees - can we still benefit from this account?
Yes
im still not understanding, if my employer deducts tax on paycheque my account will have the net deposit, how would i transfer the funds into fhsa if ive already been taxed by employe?
it would happen at tax time, your boss will take the normal deductions, you take your earnings and invest in the FHSA and claim the FHSA investment at tax time, resulting in a lower taxable income. The government will pay the difference of what you owe in taxes and what you already paid via your boss.
Can the money be used to buy a motor home or does it have to be a regular home?
Motor homes are specifically mentioned as a qualifying home, but mobile homes are: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account/withdrawals-transfers-out-your-fhsas.html#qualhome
For years I struggled with outstanding debts, bills and my children's school fees. I was at a point where I wanted to give up. I came across every RUclips channel about how to make and multiply income through passive income. Fortunately, I had saved some money and decided to start investing, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made.
I highly endorse Regina Louise Collaro, a US-based financial advisor and consultant. Partnering with an international organization, she has been instrumental in guiding my financial journey with unwavering support until my goals are met. Selecting the right financial consultant is as crucial as finding the right life partner, as both can significantly impact your life's trajectory. I'm grateful to have found the perfect financial consultant who has helped me achieve my financial objectives, from education to nearing retirement.
Alright, you can easily find her information by doing a quick 🔎 search. Feel free to reach out to her directly with any questions you may have.
This is a shocker seeing Regina Louise Collaro is being mentioned here. I always had mixed feelings about hiring a Investment advisor. For the record, I started working with Regina in 2019, and she manages about 70% of my Investments, while I manage the other 30%. My philosophy is that I care more about my own money than anyone else, but she made me accept that they have wealth of information on current conditions and future trend
I've wanted to start investing for a while. Yet, I've always considered it to be late, and I believe I should quit putting things off. I'll absolutely contact Regina Louise Collaro to ask her for advice. Much thanks. This was quite helpful to me.
Very informative video! I just wanted to clear one doubt. For married couples we can open 2 FHSA accounts individually or it has to be one combined
Couples open separately...not allowed to be a joint account
@@v2stanislausupon withdrawal, can inl take the money out for eligible home and then transfer it to my partners account and then they can withdraw?
We both meet criteria and our name will be on the house.
Awesome summary
Amazing, thanks
Can you open FHSA if you have real estate outside of Canada? For example, I have a home in my country of origin and I moved to Canada in 2023 - can I still open an FHSA?
Thanks
If I live with my spouse, can we both open a FHSA each and have double the allowable limits?
Great vid! Thanks :)
Great video, really well put together!
What if i move money from my tfsa to my fhsa is that possible.
You will have to withdraw your TFSA and then contribute to your FHSA.
Once I hit the 15 year contribution deadline, am I given no choice but to sell the investments or can I leave the investments in there so they can grow beyond the 15 year deadline so I can eventually buy a more expensive home whenever I’m ready at any age?
it mentions it rolling into an RRSP. So I think you'd be good there. But probably would wanna ask a financial advisor.
Thank you for this video!!!
TLDR - Basically this just a TFSA with 40k limit/15 years and can only be used to purchase a house for the first time.
No... a tfsa isn't tax deductible
Great video. Maybe skip the error counter it’s kinda annoying
Is a duplex eligible for a fhsa withdraw ? The CRA website has a vague definition or qualified homes and it could be interpreted both ways....Any hindsight ?
FHSA is indeed a tongue twisting acronym :D haha - thanks for the video
What if you open a FHSA, but purchase a home without it. Me and my partner have a down payment already, but are thinking of opening one for the tax savings
FHSA is for help with buying ur first home only. Since you guys already own a house you wont be able to use the money in the FHSA to buy a house. If you would like to open account for tax saving I would suggest a TFSA.
If you decide not to withdraw the money from FHSA. You can still get tax deduction on your contribution. You can either transfer the funds to RSP or you can keep the funds in FHSA for 15 years. If you decide to withdraw the amount, it would be taxable so better way is to withdraw it in the year when you predict less income.
I came to Canada on August 2022 as permanent resident. Am I eligible for FHSA or is there any waiting period before I can create the account.
or does my employer deduct the income tax, i receive the net deposit, but i dont have to claim the amount of net deposits that transferred to the fhsa on income tax for the year?