The TaxFree First Home Savings Account (FHSA) is a new account for Canadian first time homebuyers. In addition to the RRSP Home Buyers Plan (HBP), both accounts can provide at least $75,000 of tax free room (and $150,000 for couples) to save for a downpayment! This video gives an overview of everything you need to know about the FHSA to start saving for your first home.

:
0:00 Intro
1:04 How does the FHSA work?
2:55 Opening & Investing in the FHSA
5:01 FHSA vs RRSP Home Buyers Plan (HBP)
6:07 Closing the FHSA

6:32 CLARIFICATION: FHSA funds transferred to RRSP doesn't use up the contribution limit. But if you don't transfer the funds over before Dec 31 of the year following your qualifying withdrawal then it would have to be withdrawn on a taxable basis.

:
1. Government of Canada FHSA Backgrounder: https://www.canada.ca/en/departmentf...
2. Bill C32 Tax Update to FHSA: https://www.investmentexecutive.com/n...

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