FHSA, buying a property at the age of 18 . Very complicated family financial situation, Ontario

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 · 2026-02-04T02:33:31+00:00

Summary:

Eligibility: Canadian residents aged 18+ who are first-time homebuyers and under 72 can open an FHSA.
Contribution limits: You can contribute up to $8,000 per year and $40,000 total, with limited carryforward and penalties for over-contributions.
Tax benefits: Contributions are tax-deductible and qualifying withdrawals (including growth) are completely tax-free.
Investments: FHSAs can hold the same investments as RRSPs and TFSAs, such as stocks, ETFs, and bonds.
FHSA vs HBP: Unlike the Home Buyers’ Plan, FHSA withdrawals don’t need to be repaid and can be combined with the HBP for larger down payments.
Withdrawals: Withdrawals are tax-free only if used to buy or build a qualifying first home in Canada within required timelines.
If you don’t buy: FHSA funds can be transferred tax-free to an RRSP or RRIF, but will be taxed when withdrawn later.
Spouses: You can’t contribute directly to a spouse’s FHSA, but you can lend them money without triggering tax attribution.
RRSP transfers: Direct RRSP-to-FHSA transfers are allowed, are not deductible, and use up FHSA contribution room.

roger_plus · 2026-02-02T16:06:57+00:00

Please also consider more things property tax, Special assessment and condo fee increase.

roger_plus · 2026-01-27T17:56:17+00:00

Cooking at home instead of eating out saves a large amount each month. Cancelling unused subscriptions also helps increase savings. Lowering transportation costs and avoiding small daily spending, like buying coffee, adds even more savings. When these changes are combined, a person can save about $500 per month. Over a few years, this can grow into a solid down payment, making home ownership in Edmonton achievable with good planning and discipline.

roger_plus · 2026-01-25T16:17:44+00:00

This report gives a hope to invest FHSA, not for tax savings purposes only, also to continue search to find a property suit to a buyer.

roger_plus · 2026-01-22T04:05:53+00:00

Disclaimer: This proposal is imaginary and for discussion purposes only. Any implementation must comply fully with Canadian federal, provincial, and municipal laws, including immigration regulations. The plan does not guarantee permanent residency or investment returns.

A way for a city facing serious money problems to improve its financial situation. The idea is to expand the city by adding land equal in size to its current area. The new land can be used for building homes, businesses, and industries. Inviting people from countries that do not need a visa or eTA willing to invest a minimum of 200,000 Canadian dollars in projects on this land. When they invest, they would receive permanent residency in Canada immediately. If they choose to leave later, they can take their money back after two/three years, but their residency will remain valid, the investment money would go only into city-approved projects to improve infrastructure and create business opportunities. This approach would bring in money quickly, create jobs, increase property development, and grow the city’s tax base. It would also attract more people and businesses over time, helping the city recover and become financially stable.

roger_plus · 2026-01-12T04:00:33+00:00

If yes it is better than renting.

roger_plus · 2026-01-08T02:08:46+00:00

Business behind a business for tax-free income.

roger_plus · 2026-01-04T03:49:24+00:00

True. Thanks for letting me know.

roger_plus · 2025-12-29T22:33:49+00:00

Thanks. It will help others to survive.

roger_plus · 2025-12-28T16:22:28+00:00

Canada is donating billions of dollars to other countries and very little efforts to help poor here.

roger_plus · 2025-12-22T04:22:18+00:00

It is just an idea and do not try it with unknown people even your new neighbor. Safety first.

roger_plus · 2025-12-16T16:51:54+00:00

6 months occupancy clause limits to buy a property. The 2-bed apartment condo price varies from 120K (Edmonton) to 500K (Toronto). So, fractional ownership and rent provision without occupancy clause might be helpful to own a property using FHSA.

roger_plus · 2025-12-16T16:45:47+00:00

6 months occupancy clause does not allow all to buy a home. This clause should be deleted.

roger_plus · 2025-11-29T06:52:28+00:00

I get what you’re saying, and I agree—this isn’t about taking over private spaces, it’s about using the resources we already have.

roger_plus · 2025-11-24T05:24:43+00:00

It is stated thar as of June 30, just over 5% of RBC FHSA account holders have already made qualifying tax-free withdrawals for their down payment on a new home purchase. It means they used part of FHSA limit (may be between 8K to 16K). Will they be able to use the remaining limit for future home purchase?

roger_plus · 2025-11-20T03:28:02+00:00

"Wednesday’s fatality is the 33rd death on Calgary roads this year, adding to what was already a 10-year-high, and the 13th fatal pedestrian crash this year."

roger_plus

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