CRA confirms that HBP withdrawals can be contributed to an FHSA

CRA confirmed that:

• an individual can use both amounts withdrawn from his registered retirement savings plan ("RRSP") pursuant to the home buyers' plan ("HBP") and from his first home savings account ("FHSA") for the acquisition of the same qualifying home
• an individual can withdraw an amount (e.g., $8,000) from his RRSP pursuant to the HBP and contribute the withdrawn amount to an FHSA, followed by a timely purchase of a qualifying home.

Neal Armstrong. Summary of 15 May 2023 External T.I. 2023-0965261E5 F under s. 146.6(2).