The holder needs a written agreement to buy or build home to make a tax-free withdrawal
Even homeowners can open an FHSA in some cases
Other firms are rushing to set up back-office systems and internal procedures for the account
Firms are scrambling to set up back-office systems and internal procedures for the complex accounts
The account is set to be a planning powerhouse for advisors
First home savings account, anti-flipping rule are now law as Bill C-32 passes
Rules governing new tax-free home savings account to be effective April 1, 2023
Bill C-32 delays enhanced reporting requirements for trusts, but would implement a new tax credit, the surtax on banks and insurers, and more
Tax proposals such as the FHSA unlikely to address affordability issues, experts say
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