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Closing your FHSA / Qualifying Withdrawal
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Long story short I opened up an FHSA earlier this year and closed on a condo before making a Qualifying Withdrawal. I just want to confirm that I understand this correctly.
- Opened FHSA in Jan 2024
- Made the max contribution for the year in Feb 2024
- Closed on a pre-con condo and had the title transferred to me in April
- I was in the process of closing my FHSA today/making the withdrawal only to find out I don't qualify for a withdrawal because of the following (refer to Fillable PDF (rc725-fill-23e.pdf):
- Did you own the qualifying home that you bought or built for more than 30 days before making this request?
- I should have made the withdrawal shortly after or before close.
- Did you own the qualifying home that you bought or built for more than 30 days before making this request?
What should I do to avoid an tax implications? Just transfer everything to my RRSP? Not sure what the best course of action is.
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- 4 months ago
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