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MAKE A NON-QUALIFYING FIRST HOME SAVINGS ACCOUNT (FHSA) WITHDRAWAL

If you decide to withdraw funds from your FHSA account, and your withdrawal does not meet the criteria to be a qualifying withdrawal, this withdrawal is taxable. The gross amount of the withdrawal will be reported as income in the tax year in which it is withdrawn, and a withholding tax will be withheld on the amount (similar to an RRSP).

If you meet the criteria for a qualifying withdrawal, refer to the Make a Qualifying FHSA Withdrawal page.

To withdraw taxable funds from an FHSA Savings Account or FHSA Fixed GIC

Important Notes:

  • Fixed GICs are not eligible for early redemption and must remain invested until the expiry of the selected term.
  • Partial withdrawals are subject to a $1000 minimum withdrawal amount and a minimum remaining balance of $1000.
  • Your request will be completed within one (1) business day of receipt. Log in to online banking to verify your withdrawal.
  • Within your online banking profile your FHSA will be “view only”. FHSA deposits and withdrawals cannot be made online. Please use the forms available at Manage my Investments to complete any transactions with your FHSA.

To request a withdrawal due to any of the reasons listed below, please contact an Outlook Financial Representative at 1.877.958.7333.

  • Refund of excess contributions
  • Marriage/relationship breakdown
  • FHSA annuitant deceased

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Rates effective
Jun 28, 2024

  • 3.45% Savings
  • 4.85% 1 Year Term
  • 4.25% 5 Year Term
View all rates