CRA loses case against taxpayers’ Home Buyers’ Plan withdrawal

Launched in 2023, the FHSA is a new registered plan that gives prospective homebuyers the ability to save $8,000 per year, up to a $40,000 lifetime limit, on a tax-free basis toward the purchase of a first home in Canada. The FHSA combines the best feature of the RRSP, being a tax-deductible contribution, with the most attractive feature of the TFSA, the tax-free withdrawal of all contributions, investment income and growth earned in the account when used to buy a first home.