How do I close my FHSA?

If you do not use the funds to buy a home and you have reached the maximum time that your FHSA can remain open, you can either:

  • Make a taxable withdrawal. The amount withdrawn will be added to your taxable income for the year. FHSA contribution room is not reinstated.
  • Transfer to an RRSP or RRIF tax-free. This does not impact any available RRSP contribution room.
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