Finance committee  That's right. In addition, the person will be able to transfer the funds they have in their RRSP to the FHSA. Both accounts are subject to annual and lifetime limits.

Finance committee  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.