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

beyond MD with Dr. Yatin Chadha

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]
https://www.youtube.com/watch?v=s_f78sa5vVk&t=15s
Yatin Chadha:
https://www.linkedin.com/in/yatin-chadha-29074b109/
beyondmdpodcast.com
[email protected]
https://www.youtube.com/watch?v=Rd90dJueAcg
DEFINITIVE CRA WEBSITE on FHSA:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html