Jamie Golombek of CIBC Private Wealth talks about the pros and cons of investing through the FHSA and why he considers it a ‘no-lose proposition’
The new tax-free First Home Savings Account could be one of the most popular tax-advantaged investment vehicles available to Canadians, combining the benefits of a registered retirement savings plan and a tax-free savings account ., Globe Advisor reporter Brenda Bouw spoke with Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth in Toronto, about how advisors can help their clients take advantage of the FSHA.
I think it will be the go-to plan for anyone who doesn’t currently own a home and who meets the definition of a first-time homebuyer. You can contribute $8,000 a year for five years, or $40,000 in total, and the contributions are tax-deductible. What’s more [is] the income, growth, and withdrawals to buy a home are tax-free, just like the TFSA.
I sometimes call this the ‘full-time renters’ program.’ If you’re a lifelong renter, why wouldn’t you do this plan? This is a real opportunity for Canadians aged 18 and over to save and invest.No. If one person owns a home and their spouse – married or common-law – doesn’t but lives with them in that home, they’re both disqualified from opening an FHSA. Also, if you’re separated , you still don’t meet the definition of a first-time homebuyer.No.
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