Anna Le
Articles
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What are promissory notes?
Promissory notes are non-qualified investments that are not eligible to be held in registered accounts. An investment could potentially offer promissory notes or any other debt instruments as a res...
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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.
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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 The amount withdrawn will be added to your taxable income for the year.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.
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Can Olympia provide me updates on my investment(s)?
To request investment updates, you are required to contact the investment company or mortgage broker, who introduced you to the investment, directly. Olympia will provide you with price and other u...
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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...
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Can Olympia provide my investment money back to me?
Cash can be withdrawn or transferred subject to rules of the account type. Olympia has no control over the cash invested once it has been purchased from your account. Private capital and mortgage s...
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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 The amount withdrawn will be added to you...
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Can I sell / redeem my investment?
To sell or redeem your investment, you are required to contact the investment company or mortgage broker directly to discuss potential options. Olympia has no control over the cash invested once it...
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How can I update the beneficiary(ies) or successor on my account(s)?
To update your beneficiary or successor holder, you will have to complete the Beneficiary Change form. This form can be found on the Client Portal under Forms and Resources - Olympia Forms. TFSA a...
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When will I receive my FHSA tax documents?
For your FHSA, a T4FHSA is issued in February each year to report all contributions, withdrawals, transfers from an RRSP, and designated transfers to an RRSP or RRIF.