In this article:
Overview
When you take money out of your First Home Savings Account (FHSA), there are rules and processes that the Canada Revenue Agency (CRA) requires us to follow. Also, the reason you withdraw from your FHSA impacts how the CRA treats your withdrawal for income tax purposes.
This article covers qualifying withdrawals for purchasing a first home. You can also learn more about taxable (non-qualifying) withdrawals and resolving over-contributions to an FHSA.
Note: You can only make FHSA withdrawals to a linked bank account, no matter the reason for withdrawal.
Make a qualifying FHSA withdrawal
Follow these steps to make a qualified withdrawal:
- Log in to the Wealthsimple app on your mobile device
- Select an FHSA
- Tap Move money
- Tap Withdraw
- Select the FHSA to withdraw from
- Tap Next
- Select I'm purchasing my first home
- Tap Next
- Review the next steps, then tap Next
- Follow the prompts to ensure your eligibility and complete a qualified withdrawal
Note: At this time, you can only make qualifying withdrawals using the mobile app.
Withdrawal timelines
The time it takes to receive your withdrawn funds depends on:
- the settlement period for any new deposits (5 business days) and
- the withdrawal timeline for your specific account type (managed or self-directed). Learn more about withdrawal timelines.
Note: Qualified withdrawal timelines are the same as standard withdrawal timelines; we can't expedite them.
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