Saving for Your First Home: Home Buyers Plan (HBP) vs. First Home Savings Account (FHSA): Comparison

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0:00 - Intro
0:15 - Home Buyers Plan - Eligibility
1:04 - How does a Home Buyers Plan help me save for a home?
1:56- Do I have to repay the amounts I withdraw?
2:37 - How is an RRSP taxed?
2:56 - First Home Savings Account - Eligibility
3:15 - How does an FHSA help me save for a home?
4:22 - How are withdrawals from an FHSA taxed?
4:54 - Combining the Home Buyer's Plan and FHSA
5:29 - Conclusion

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If you're a Canadian looking to save for your first home, you'll definitely want to pay attention to this. In this video we’ll go into an indepth comparison between the Home Buyers Plan (HBP) and the First Home Savings Account (FHSA. Learn about eligibility criteria, benefits, and how each plan helps Canadians save for their first home.

🏡 Home Buyers Plan (HBP): Discover if you qualify for the HBP and how it allows tax-free withdrawals from your RRSP to fund your home purchase. Understand the repayment terms, the 15-year timeline, and the grace period. Learn about the tax implications and the smart strategies for utilizing the HBP effectively.

🌟 First Home Savings Account (FHSA): Uncover the eligibility requirements and the tax-deductible contributions to an FHSA. Explore case studies to understand how contributions, tax-free profits, and tax savings accumulate over time. Learn about tax-free withdrawals from an FHSA and the contribution limits.

🔄 Combining HBP and FHSA: Discover the power of combining both plans simultaneously. Whether you're an individual or a couple, learn how to maximize your savings potential. Witness real-life examples of potential savings and the added benefit of tax refunds.

💡 Conclusion: Understand the synergy of utilizing both the RRSP and FHSA to boost your home buying savings. Prioritize consultation with your accountant and financial adviser for informed investment decisions.

👍 Enjoy and Subscribe: If you found this video helpful, don't forget to like and subscribe for more insightful content. Your journey to homeownership begins with informed financial decisions. Stay tuned for future videos, and thank you for watching! 🎥🏠 #HomeBuyersPlan #FirstHomeSavings #financialfreedom

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👤 Who Am I: Allan Madan is a CPA and Tax expert with over 2 decades of experience in public accounting. Prior to founding Madan Chartered Accountant in Mississauga, he worked for Deloitte for six years, holding the position of International Tax Manager.
Allan has held numerous tax seminars, been involved in many complex tax reorganization transactions for Canadian companies, and specializes in Canadian corporate, personal, and International tax.

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Disclaimer: The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. All figures and dollar amounts are used for example purposes only. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.