In our May letter, in an article about the new First Home Savings Account (FHSA), we wrote:
One key point to note about this program is that it is not the RRSP home buyer’s plan. Both plans cannot be used simultaneously.
Correction: this was true when the FHSA was first announced. However, under the legislation as it was actually enacted and is now in force, the FHSA and the Home Buyer’s Plan can be used together in respect of the same qualifying home purchase.
This letter summarizes recent tax developments and tax planning opportunities from a third-party affiliate; however, we recommend that you consult with an expert before embarking on any of the suggestions contained in this blog post, which are appropriate to your own specific requirements. Please feel free to get in touch with Lee & Sharpe to discuss anything detailed above, we would be pleased to help.
