That's right.
The annual limit would be $8,000. So each year, a person could take that amount from their RRSP and transfer it to the FHSA without any tax consequences. In the case of a potential first-time homebuyer, this will remain tax-free.
On November 21st, 2022. See this statement in context.
November 21st, 2022 / 4:05 p.m.
Director, Economic Development, Personal Income Tax Division, Department of Finance
That's right.
The annual limit would be $8,000. So each year, a person could take that amount from their RRSP and transfer it to the FHSA without any tax consequences. In the case of a potential first-time homebuyer, this will remain tax-free.
See context to find out what was said next.