Contact Us
Our Office
The Greenbooks Consulting Inc.
100 - 3011 Viking Way, Richmond, BC
V6V 1W1
The The Greenbooks Consulting Inc. Team is your source for the latest Canadian tax news and updates on changing tax laws.
We are pleased to provide a variety of resources on accounting, bookkeeping taxation, and other related subjects that we hope will be helpful to both individuals and businesses.
If you have any questions, simply contact us by email or call 604-779-3064. We will be happy to meet with you for a free, no-obligation consultation.First Home Savings Accounts, or FHSAs combine the concept of Tax-Free Savings Accounts and Registered Retirement Savings Plans. For people aged 18 and older, like an RRSP, contributors receive a tax deduction on contributions and TFSA-like tax-free withdrawals when using the savings to buy a home. Further, any investment gains earned in the account are tax-sheltered.
Eligibility - you must be:
Contributions & Tax Deductions
Income
Qualifying investments
Like RRSPs and TFSAs, these can include:
Withdrawals
Your Spouse
Transfers
The transfer of funds from an FHSA to an RRSP does not reduce your available RRSP contribution room, so you can effectively create more RRSP room by starting to contribute to an FHSA.
An FSHA must eventually be closed. There are several conditions involved in either closing or transferring, so it would be best to consult our office if you find yourself in this situation.
When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.
The Greenbooks Consulting Inc.
100 - 3011 Viking Way, Richmond, BC
V6V 1W1
Comments