First Home Savings Account, RW Avail March 15, 2023

OVERVIEW

The new First Home Savings Account (FHSA) launches April 1^st, 2023.  Join us for a detailed look at the workings of this new registered plan, including a discussion of how best to make use of the FHSA as part of your client’s financial and tax planning.

DETAILS

TFSA, RRSP, RRIF, RESP, RDSP and now the FHSA. This latest registered plan has its own set of rules that borrow from several of the registered plans that came before it. In order to advise your clients on how best to integrate the First Home Savings Account (FHSA) into their financial plan (or that of their family members), you need to know the details! 

Join Maureen Vance CPA, CA for a comprehensive and practical discussion of the rules relating to the new FHSA, including a discussion of when to use TFSA vs FHSA and the Home Buyer’s Plan RRSP withdrawal.

TOPICS:

·       Background and history of the FHSA

·       Tax deductibility

·       Annual and lifetime limits

·       Eligible investors

·       Definition of “First-time Home Buyer”

·       Contribution carryforward

·       Overcontributions

·       Transferring from an RRSP

·       Qualifying withdrawals

·       Qualifying home

·       Qualifying investments

·       Maximum participation period

·       Rollover to an RRSP

·       Consequences of a marriage breakdown

·       Consequences of the death of the account holder

·       FHSA and the Home Buyer’s Plan

·       Financial and tax planning with the FHSA, TFSA and RRSP

LEARNING OBJECTIVES:

·       Learn the tax rules for the new FHSA

·       Understand how the FHSA interacts with the Home Buyer’s Plan

·       Be aware of options for contributing and withdrawing money from the FHSA and how to take advantage of them

·       Recognize when it will be beneficial for your clients to utilize the FHSA

TARGET AUDIENCE:

This webinar will be of most interest to accountants and financial planners advising their clients on financial and tax planning. 

PROFESSIONAL DEVELOPMENT CREDITS (CPE HOURS):

Wolters Kluwer professional development programs are designed to meet the continuing education requirements of a variety of professional associations. These requirements do vary by association and region. Please consult your provincial association to ensure this webinar meets the continuing professional development standards for your specific situation.

THIS RECORDED WEBINAR INCLUDES:

• Print version of the presentation slides

• PD Certificate for 1 hours

PRESENTER:

This webinar is being presented by: Maureen Vance B. Com., CA, CPA, a tax consultant at Wolters Kluwer Canada

Maureen obtained her CA with Peat Marwick Mitchell (a predecessor of KPMG) and joined Taxprep (now part of Wolters Kluwer) in 1985. She completed the CICA In-depth tax course in 1991, and since 2002, she has been a consultant to Wolters Kluwer on tax and compliance issues. Maureen researches and writes material on tax planning and compliance and presents seminars and webinars on various tax and software topics to accounting firms across Canada. She is a member of the CRA-CPA Canada Technology Working Group, a contributor to the CPA Canada Tax Risk Management Guide, a contributing author for the Wolters Kluwer publications Preparing Your Corporate Tax Returns and Preparing Your Partnership Returns and a frequent contributor to various other Wolters Kluwer Canada publications, including Tax Topics.