Knowledge centre
You can contribute, but the 89-day rule may restrict the deduction for RRSP contributions made shortly before an HBP withdrawal. A rushed deposit-and-withdrawal strategy can lose the expected tax benefit.
No. The current HBP limit is $60,000 per eligible participant, but the money comes from the participant’s RRSP and generally must be repaid over a 15-year period.
Yes. You may make a qualifying FHSA withdrawal and an eligible Home Buyers’ Plan withdrawal for the same home if you satisfy each program’s conditions at the time of each withdrawal.
An excess FHSA amount can generally attract a 1% tax per month on the highest excess amount for that month until the excess is eliminated.
The general FHSA limit is $8,000 of new participation room per year and $40,000 over a lifetime. Unused room can carry forward, but the carryforward is generally capped at $8,000.
No. FHSA participation room starts only when you open your first FHSA. Waiting does not quietly accumulate room in the background the way many buyers expect.
No. The home buyers’ amount is a non-refundable income-tax credit claimed on a tax return after an eligible purchase; it is not cash available for the deposit or closing day.
No. A sale does not automatically end a tenancy. Vacant possession depends on the agreement, the tenancy, a valid legal ground and completion of the required process.
Possibly, but the landlord must apply to the Landlord and Tenant Board and establish an eligible basis. Spending money on renovations does not automatically permit a larger rent increase.
Generally, at least 12 months must pass after the tenancy begins or the last lawful increase, and the landlord must give at least 90 days’ written notice using the proper form.