2025 Printable Template
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Form last updated: 03/2024. Please verify this is the current version before use.
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What is a RC720 used for?
Form RC720 is used for transferring funds from a Registered Retirement Savings Plan (RRSP) to a First Home Savings Account (FHSA) without incurring immediate tax liabilities. This form helps ensure that the transfer adheres to the unused participation limit of the FHSA, facilitating effective management of savings for first-time home purchases.
Who needs to fill out a RC720 form
Individuals with an RRSP who are eligible and wish to transfer funds to an FHSA.
How to fill out a RC720 online?
Follow these steps to complete your RC720 form online.
Frequently Asked Questions
Find quick answers to common questions about our PDF editor.
No, the transfer amount must not exceed your unused FHSA participation room.
Generally, there are no immediate tax consequences if the transfer is direct and within the participation room.
No, transfers must be made from an RRSP to an FHSA.
