First Home Savings Accounts (2024 Edition)

CE CREDITS:

CFP^® and QAFP^® certificants: 3 hours in Financial Planning Category
CIRO/MFDA: 3 PD credits
Life Agents (provincial requirements): Eligible for 3.0 hours ON, AB, SK (subject to 5 hr limit on non-insurance topics in SK)
CLUs: Not Institute accredited, but will likely qualify for 3.0 Institute-approved Professional Development credits. See What's the difference?
CPAs: 3.0 verifiable CPD hours

FORMAT: Written course notes in PDF format (read them online or print them). You must complete an online Course Quiz to obtain CE credits.

COURSE DESCRIPTION:

Even though First Home Savings Accounts (FHSAs) only became available in April 2023, Canadians opened over 700,000 FHSA accounts in the first 9 months, and FHSA assets totaled over $2.8 billion by the end of the year. That is a strong testament to this powerful new savings tool, but like all government programs, FHSAs can actually be quite complicated.

Every financial advisor should have a good understanding of how FHSAs work, and how they can be tailored to meet client needs. Our significantly expanded 2024 edition can help!

After completing this course, you should have a better understanding of:

· who is eligible to open an FHSA,

· the annual and lifetime contribution limits,

· the deductibility of contributions,

· contribution strategies, including transfers from an RRSP and in-kind contributions,

· how to remedy overcontributions or excess amounts,

· how and when withdrawals can be made to buy a qualifying home,

· when an FHSA has to close and options for withdrawing the funds,

· what happens to an FHSA upon death,

· what happens to an FHSA upon marital breakdown, and

· strategies for making best use of an FHSA.

NOTE: You have 6 months from time of purchase to complete this course.