The agency will also be releasing a consolidated T4 slip for FHSA account holders
The industry is still waiting for certain forms needed to administer the new plans
It’s not too early to consider the estate implications if someone dies while holding an FHSA
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