THE 360 NEWSLETTER

Following the April 6, 2023 communication, please be advised that amendments have been made to the client article about the new First Home Savings Account (“FHSA”). As a reminder, the FHSA should be available in Univeris in June 2023 (for client-name accounts only).

Below is a summary of the key changes made:

• Joint use of the FHSA and HBP: At the time of the launch of the FHSA by the CRA a few months ago, the HBP and the FHSA could not be used jointly for the purchase of a first home. However, the rules have since been reviewed by the CRA and it is now possible for investors to combine these two products for the purchase of the same eligible home. The article has been amended to reflect this new rule.
• Unused annual contribution limit: The article has also been amended to reflect the fact that investors can carry forward their unused contributions to a subsequent year, up to a maximum of $8000 (subject to their lifetime contribution limit), and that catch-up contributions are limited to one contribution year at a time, i.e., $16,000 per year ($8,000 for the current year and $8,000 for catch-up contributions).

Please click on the link below to read the amended article, which is also available on the Advisor Centre under the Marketing / Client Articles section:

New Tax-Advantaged Account for First-Time Homebuyers

Feel free to share this investor article with your clients and prospects by email, upon an upcoming meeting or via your websites and social media sites. If you have any questions about this article, please send an email to investia.marketing@investia.ca.