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What happens if I have funds remaining in my FHSA after purchasing a property?
If you have funds left in your FHSA after purchasing a qualifying home, you can:
- Transfer the remaining funds to an RRSP or an RRIF on a tax-deferred basis: This transfer must be completed by December 31st of the following year after making the qualifying withdrawal.
- Withdraw the funds, which will be subject to withholding tax, and the withdrawal must be completed by December 31st of the year following the qualifying withdrawal.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.