Bank where you’re more than a number
Get the personalized financial support you deserve at Lake View.
Our Wealth Management specialists offer our members a wide range of investment products, including mutual funds!
*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.
For the purposes of opening an FHSA an individual will be considered a first-time home buyer if they did not, at any time in the current calendar year before the account was opened or at any time in the preceding four calendar years, live in a qualifying home as their principal residence, that:
Note, the Income Tax Act (ITA) makes reference to any principal residence regardless of location. If you are unsure of your eligibility due to home ownership in another country, consult with CRA before opening an FHSA.
For more information, visit the Government of Canada website.
With the RRSP Home Buyers' Plan, a planholder can withdraw up to $35,000 from their RRSP. The funds must be repaid to the RRSP over 15 years otherwise the withdrawal will be considered taxable income.
With the FHSA all funds can be withdrawn from the plan and do not have to be repaid if used for a first home purchase.
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