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Which of the following are true about FHSAs ( first home savings accounts ) ? Multi - select; choose all correct answers. A ) FHSAs
Which of the following are true about FHSAs first home savings accounts
Multiselect; choose all correct answers.
A FHSAs have the same tax consequences as RRSPs when depositing, withdrawing, or earning income within the accounts.
B Amounts in the FHSA grow tax free.
C FHSAs have the same tax consequences as TFSAs when depositing. withdrawing, or earning income within the accounts.
D Withdrawals from an FHSA used to buy a qualifying first home increase your taxable income in the year of withdrawal.
E Withdrawals from an FHSA used to buy a qualifying first home have no effect on your taxable income in the year of withdrawal.
F Contributions to an FHSA can be used to reduce your taxable income in the year of contribution.
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