Providing first home saver accounts

Redepositing funds to another first home saver account after a purchase fails to proceed

If an account holder purchases a home and the purchase fails to proceed, the account holder must redeposit the funds back into a FHSA within six months of closing the account.

If they decide to deposit the funds into a FHSA with a different provider, the transaction must be treated as a transfer and all relevant information from the old provider and previous FHSA must be passed on to the new provider.

Example

Candice is a FHSA holder. She closes her account and withdraws the funds to purchase a home but the purchase fails to proceed. Under these circumstances, Candice must redeposit the funds to a FHSA, which she chooses to do with a new provider. The new provider will need to arrange with the previous provider to transfer all of her account information.

Sections within Transferring funds to another first home saver account

• Your obligations
• Process for completing a transfer
• Approved form - transferring funds
• Redepositing funds to another first home saver account after a purchase fails to proceed