Thanks for your information I have a question, my husband has a job and opened an FHSA for 8k, does it make sense if I open FHSA too when I have no income? We have a plan to buy a first house next year.
Hey thanks for the question… the benefit will be less…. Cause you don’t get to save any tax as you don’t pay any tax… however the benefit would be that you won’t be paying any tax on capital gains… so it will be more life a tfsa account for you… so as long as you make good investments that earn good returns I would recommend you contribute to it..
Hello Bahroz, thank you for the detailed explanation! I am planning to open a FHSA account now in Nov 2024 , can i invest 16000CAD including previous year 2023? Do i get tax exemption for 16000CAD or 8000CAD ? Thank you!
Thanks for your information
I have a question, my husband has a job and opened an FHSA for 8k, does it make sense if I open FHSA too when I have no income? We have a plan to buy a first house next year.
Hey thanks for the question… the benefit will be less…. Cause you don’t get to save any tax as you don’t pay any tax… however the benefit would be that you won’t be paying any tax on capital gains… so it will be more life a tfsa account for you… so as long as you make good investments that earn good returns I would recommend you contribute to it..
What if I don't go with house purchase? When can I withdraw money in that case?
Any time you just need to pay tax on it when you withdraw
Hello Bahroz, thank you for the detailed explanation! I am planning to open a FHSA account now in Nov 2024 , can i invest 16000CAD including previous year 2023? Do i get tax exemption for 16000CAD or 8000CAD ?
Thank you!
Yes but only if you were also a tax resident of canada last year in 2023..
@@bahroz i moved to canada in 2022
Another question : Can my spouse also open a similar account & do the same ? thank you!
Yes exactly she can and she should this way you can save and invest more… yes if you were here in 2023 you can contribute for that year too