Everything You Need to Know About the First Home Savings Account (FHSA) with Stefan Scott

It's my pleasure to host Stefan Scott, a fee-for-service (flat-fee) Financial Planner. He is a valued voice on the Physician Financial Independence Facebook group & is exceptionally well versed on the First Home Savings Account (FHSA).Discussion points:- Stefan's background (6:42)- FHSA overview (9:10)- Eligibility, definition of first time home buyer (10:27) - How long can an account stay open for? (12:54)- Carrying forward contributions, over contribution penalties (13:36)- Tax deductions (15:26)- Transfers from FHSA to RRSP & vice versa (17:08) - Are home furnishings eligible? (19:25)- Spousal transfers (21:31)- the right way to make transfers (22:24)- FHSA types, eligible investments, investment strategies (23:40) - Foreign withholding tax exempt? (28:28)- Strategies if you don't buy a home (29:37) - FHSA vs RRSP Home Buyer's plan (33:19) - What happens to FHSA at death? (36:06)- Qualified withdrawals & withdrawal guidelines (37:44)- Closing thoughts on FHSA and beyond (42:40)Stefan Scott:[email protected]://www.youtube.com/watch?v=s_f78sa5vVk&t=15sYatin Chadha:https://www.linkedin.com/in/yatin-chadha-29074b109/[email protected]://www.youtube.com/watch?v=Rd90dJueAcgDEFINITIVE CRA WEBSITE on FHSA:https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html

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