Learning Partner

First Home Savings Accounts (FHSAs)

CE CREDITS:

  • CFP® and QAFP® certificants: 1.5 hours in Financial Planning Category
  • MFDA: 1.5 PD credits
  • IIROC: 1.5 PD credits, Cycle 9 (2022 - 2023)
  • Life Agents (provincial requirements): Eligible for 1.5 hours ON, SK (subject to 5 hr limit on non-insurance topics in SK)
  • CLUs: Not Institute accredited, but will likely qualify for 1.5 Institute-approved Professional Development credits. See What's the difference?
  • CPAs: 1.5 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:

On November 22, 2022, Bill-C32 to implement the proposed First Home Saving Account (FHSA), passed second reading. The FHSA is a new tax-advantaged savings vehicle that is expected to be available as of April 1, 2023. This course covers the detailed rules of this proposed program, as well as potential strategies for making best use of the plan. (Note: This course reflects the proposals current as of second reading and will be updated as needed if the rules change before receiving Royal Assent).

As a financial advisor, you should have a good understanding of how this program is likely to work, to help clients tailor their savings approach accordingly.

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 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 or marital breakdown
  • strategies for making best use of an FHSA
    NOTE: You have one year from time of purchase to complete this course.
    AUTHOR: Roxanne Eszes, CFP®
    PUBLISHED: October 2022, updated to reflect latest proposals November 24, 2022
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