Rollout of FHSA remains inconsistent one month in
One month since the launch of the first home savings account, advisers say the product is still a work in progress and most major financial institutions have yet to offer it.
For example, Canada Revenue Agency’s website shows that forms are not yet available for people who want to transfer money between two different FHSA accounts, or for people who decide to move FHSA funds into an RRSP. The website listed the forms for designated withdrawals for a down payment as needing “more information” that would be available at a “later date.”
Some of Canada’s major financial institutions have said they’re aiming to offer the FHSA by summer or by the end of 2023. Mr. Chan said his firm has actively been warning clients about the risks associated with opening an FHSA to capitalize on the income tax deduction if they plan to purchase a home in the coming weeks or months, since people are yet to see how long a withdrawal of funds would take.
He said he’s even telling clients that may purchase much later in the year to put money into a TFSA for now to watch how the program goes, since they can still get a tax deduction if they transfer that money into a FHSA by the end of the year. Both Questrade and RBC have said they expect withdrawals to take up to five business days as long as forms are submitted properly.
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