How is the FHSA (First Home Savings Account) taxed at death?

At Spire Advisors of Assante Capital Management Ltd. we take a holistic approach to your financial planning, which means that we plan ahead – past lifetimes, when necessary – to ensure that optimal decisions are made today, in support of the best possible outcomes tomorrow. With the introduction of the tax-free First Home Savings Account, we can consider new options for first-time homebuyers to take advantage of over the course of their lives; and (although sad to think about) we must also consider the options and implications of the FHSA after death.

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How does the FHSA (First Home Savings Account) Work? What are some technical highlights?

The FHSA is a type of account recently created by the government to encourage and assist Canadians to save for their first home. In a post last week, we discussed the factors that can determine whether or not you may be eligible to open a First Home Savings Account – and this week, we are exploring some technical highlights of the FHSA:

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How do I know if I am eligible for the FHSA (First Home Savings Account)?

The FHSA is a type of account that has been recently created by the government to encourage and assist Canadians to save for their first home.

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When opening a Registered Disability Savings Plan (RDSP) account, what is the difference between the “holder” and the “beneficiary?”

"The Registered Disability Savings Plan (RDSP) is a tax-deferred savings vehicle introduced by the Government of Canada to help Canadians with disabilities and their families save for their long-term financial security."

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What makes me, or my loved one, eligible for the RDSP (Registered Disability Savings Plan)?

"The Registered Disability Savings Plan (RDSP) is a tax-deferred savings vehicle introduced by the Government of Canada to help Canadians with disabilities and their families save for their long-term financial security."

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Have you named a trusted contact person?

"The Canadian Securities Administrators, an umbrella organization of provincial and territorial securities regulators, introduced a measure two years ago to help protect investors’ financial interests. Investors could give their advisor the name of a “trusted contact person..."

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Ways to save for a child’s education

"A Registered Education Savings Plan (RESP) is widely acknowledged as the number one way to save for a child’s education. However, many Canadians use an RESP as the foundation and complement the plan with another investment vehicle..."

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When you retire, financial literacy expands

"Wealth planning doesn’t retire when you do—it just changes. Now financial life is largely about making the most of the wealth you’ve accumulated. You’ll be learning about new rules, products and strategies that involve a broad range of financial considerations..."

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Transferring the family vacation property: now or later?

“Across the country, a vacation property may be known as a cottage, cabin, chalet or camp. One thing they all share is a looming tax liability…”

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What is the significance of investing?

“Typically, we earn our money through working at a job that gives us a wage. However, a second way to earn money is through investing...”

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