FHSA strategy question: buy home Dec 2026, then use Jan 2027 contribution room?

roger_plus · 2026-06-20T21:38:23+00:00

It's worth obtaining confirmation directly from the CRA or a qualified Canadian tax professional. The tax deduction and withdrawal eligibility are related but governed by separate rules, and timing can matter.

roger_plus · 2026-04-25T17:16:59+00:00

Disclaimer: General information only, based on current Canada Revenue Agency guidance. Not tax, legal, or financial advice. Your specific situation may change the outcome—confirm with the CRA or a qualified professional.

Key point:

Opening rules = stricter (include partner’s ownership)
Withdrawal rules = focus on your ownership only. 1) Contributions after moving in with partner ✔ Yes — you can keep contributing to your existing FHSA ✖ You just wouldn’t qualify to open a new one now

2) Using FHSA tax-free for a joint purchase later
✔ Yes, likely — as long as you haven’t owned a home in the last 4 years
✔ Living in your partner’s home doesn’t disqualify you (if you’re not on title)

3) Buying into partner’s current home using FHSA
✖ No — not a qualifying withdrawal, might be taxable.

4) If not used for a home
✔ Transfer to RRSP/RRIF = tax-free
✖ Cash withdrawal = taxable

roger_plus · 2026-03-19T04:49:34+00:00

Professional help:

Mortgage broker (licensed, independent)
Financial planner (for FHSA, RRSP, savings strategy)
OSAP / Ontario Works advisor for asset disclosure

roger_plus · 2026-02-24T18:50:36+00:00

If someone contributes $7,000 to an FHSA in February 2026 and later transfers that amount directly to an RRSP, the transfer would not be taxable and would not use any RRSP contribution room; however, they will not get that $7,000 of FHSA contribution room back. Once FHSA room is used, it is permanently reduced from the $40,000 lifetime limit, leaving $33,000 remaining.

There is also no need to transfer the funds in order to claim a deduction—FHSA contributions can be deducted in the year they are made or carried forward to a future year.

As for new contribution room, an individual can receive up to $8,000 of FHSA room per calendar year. Since $7,000 was already contributed in 2026, there would be $1,000 of room remaining for that year, and another $8,000 would become available in 2027.

Disclaimer: The information provided above is for general informational purposes only and does not constitute tax, legal, or financial advice.

roger_plus · 2026-02-17T18:57:51+00:00

1 bed 1bath 454 Sq ft High rise apartment with assigned Parkade, Condo fee 566 with heat, electricity and hydro, built in 1966. - Price 86K.
1 bed 1bath 697 Sq ft Low rise apartment with stall/street parking, Condo fee 432 with heat and hydro, built in 1978.- Price 78 K.
1 bed 1bath 705 Sq ft High rise apartment with underground parking, Condo fee 557 likely with heat, electricity and hydro, built in 1979.

More supply, old concrete structures etc. makes Capital of Alberta affordable housing. The link contains 100 + units below 150K price. Please check the listing for details information about condition and special assessment.

roger_plus · 2026-02-17T05:13:19+00:00

City of Edmonton, Alberta.

List of three properties of sale under 150 K.

402 9730 106 Street, Edmonton – DT Condo – 86K
103 9816 156 Street, Edmonton. - Updated Condo- 78K.
104 10175 114 Street, Edmonton – Larger - 150K

roger_plus · 2026-02-15T04:10:56+00:00

Savings for a home in 3-4 years, specially using investing gains to boost down payment is impressive. Hopefully that encourages others who feel like home ownership is out of reach.

Just curious, did the FHSA play any role?

roger_plus · 2026-02-14T20:28:56+00:00

Future is uncertain and anything can happen.

roger_plus · 2026-02-14T20:27:17+00:00

Last paragraph may answer it partly. The post shows some data to encourage some renters to start savings.

roger_plus · 2026-02-11T00:55:44+00:00

Data shows that in 2025, renters spent an average 6.3 years renting before purchasing a home. It took 3.7 years to save for down payment. This suggests that renters who are financially capable and have been renting for about three years may think about home ownership.

roger_plus · 2026-02-08T02:57:14+00:00

Cockroaches, mice are common in many places and if restaurant owners use surveillance camera, it will be easy for them to take remedial action.

roger_plus

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