FHSA vs RRSP Optimizer
Optimize your registered tax-free savings. Compare features and calculate estimated tax refunds for your contributions.
Double Tax Shelter (FHSA)
Get tax deductions on contributions and tax-free withdrawals for home purchases.
Maximize Refunds
Automatically simulates your estimated marginal income tax bracket refund.
Estimated Tax Refund
The best of both: tax-deductible contributions, and 100% tax-free withdrawals for home purchases with NO repayment required.
Tax-deductible. Withdraw up to $60,000 tax-free for home purchase (HBP), but must repay it to your RRSP over 15 years.
Frequently Asked Questions
Can I combine both the FHSA and RRSP HBP to buy a home?
Yes. You can combine tax-free withdrawals from both your FHSA and your RRSP Home Buyers' Plan (HBP) to purchase the same qualifying home.
What happens if I do not buy a home within 15 years of opening an FHSA?
If you do not buy a home, you can transfer your FHSA funds directly into your RRSP or RRIF tax-free, without requiring or affecting your available RRSP contribution room.
Common Savings Mistakes to Avoid
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Failing to repay the RRSP HBP withdrawal
Your RRSP HBP withdrawal must be repaid to your RRSP within 15 years. Missed annual payments are added to your taxable income and taxed.
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Overcontributing to the FHSA
The annual FHSA limit is $8,000 (lifetime maximum of $40,000). Excess contributions are subject to a 1% penalty tax per month.
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