Anna Le
Articles
-
When will Olympia send me a statement?
Each year, Olympia will send you a statement of your account(s) by the end of January. Your statement will be uploaded to your Client Portal and you will be notified via email that it is available ...
-
What is the Annual Administration Fee for a FHSA?
For the remainder of 2023, there is no cost to open an FHSA account with Olympia. Starting January 1, 2024, the Annual Administration Fee is $100 plus tax.
-
How does an FHSA work?
Annual tax-deductible contribution limit is $8,000, up to a lifetime maximum of $40,000. After the FHSA has been opened, unused contribution room can be carried forward to the following year, up t...
-
Can I use the FHSA and Home Buyers’ Plan at the same time?
Yes. If all requirements are met, you can use funds from both an FHSA and the Home Buyers’ Plan through your RRSP at the same time.
-
Do I have to repay withdrawn amounts to my FHSA?
No, withdrawn amounts do not have to be repaid to the FHSA.
-
What is a qualifying withdrawal?
A qualifying withdrawal is made to purchase a home. The withdrawal can be made in a single lump sum or in a series of withdrawals. No taxes will be deducted. To qualify, you must: Be a first-time ...
-
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 The amount withdrawn will be added to you...
-
How long can my FHSA stay open?
To avoid potential tax consequences, your FHSA must be closed by December 31 of the year in which one of the following events occur: Your first FHSA reaches its 15th anniversary. You turn 71 years...
-
Can I withdraw funds if I’m not purchasing a home?
Yes, you can withdraw from your FHSA at any time, subject to withholding tax. The amount withdrawn will be added to your taxable income for the year. FHSA contribution room is not reinstated.
-
Who can open an FHSA?
To open an FHSA, you must be: 18 years or older and no less than the age of majority in the province you reside. A Canadian resident. A first-time home buyer. In the current or past four years, yo...