Transfers between FHSA specimens

The following sections describe two methods for transferring first home savings accounts (FHSAs) between two FHSA specimens.

On this page

• Transfer by specimen amendment
• Individual transfer
• T4FHSA annual information return

Transfer by specimen amendment

You can transfer FHSAs by specimen amendment only in these two situations:

1. You transfer all FHSAs under a specimen to another specimen
2. You transfer a portion of the FHSAs (identifiable as a group) under a specimen to another specimen. This situation is referred to as a specimen split. For example, you transfer all FHSAs for one particular employer in a group general specimen to another issuer’s specimen while you keep the remaining employers’ FHSAs under the original specimen

In these two situations, the holders do not have to:

• ask you to transfer their FHSAs from one specimen to another
• complete new holder application forms

The transfer of FHSAs can occur between specimens of the same issuer or between specimens of different issuers. The terms of the specimen must permit the transfer and, if it applies, a change of issuer. You can transfer the FHSAs to an existing specimen or to a new specimen the Directorate has reviewed and accepted. If the transfer of FHSAs is between specimens of different issuers, the original issuer must be willing to relinquish its authority over the FHSAs being transferred out of its specimen and the new issuer must take over the FHSAs being transferred into its specimen.

If you are an issuer opening a new specimen to receive the transferred FHSAs, you must first submit the proposed specimen to the Directorate for review and approval. You may have to amend the terms of the original specimen to permit the transfer and, if it applies, the change of issuer. The transfer can take place only after we accept the new specimen and any amendments the original specimen may require.

To process the transfer of FHSAs from one specimen to another specimen, we need the following information:

• the effective date of the transfer
• an outline of the situation explaining what changes you made and why
• the names of any other issuers involved
• the names and specimen numbers of all FHSA specimens involved
• the number of FHSAs you transferred
• in the case of a specimen split, an explanation of how you determined the transferred FHSAs were an identifiable group

Send the required information to the Directorate within 60 days of the effective date of the transfer so we can update our records.

The issuer(s) must keep the following documents or information on their files:

• if the issuer has changed, a letter of resignation from the original issuer and a letter of acceptance from the new one showing they both agreed to the change, the effective date and the reason for the change
• confirmation that the holders have been advised of the transfer of their FHSAs to another specimen—and the change in issuer, if it applies—and they will receive a copy of the new declaration of trust, policy, or terms and conditions of the arrangement
• if the issuer has changed, confirmation from the new issuer that it has an internal process in place to cross reference the holders’ old account numbers with their new ones

If you transfer all FHSAs under one specimen to another specimen, we will need confirmation from you that, after you complete the transfers, no existing FHSAs remain under the original specimen and you are no longer marketing that specimen. This will allow us to close the specimen.

Individual transfer

An individual transfer occurs when you transfer one or more FHSAs from one specimen to another and you cannot complete the transfer by specimen amendment. The transfer can occur between two of your specimens or between specimens of different issuers. Each holder must enter into a new FHSA and complete a new holder application form, whether the new FHSA is with you or a different issuer. You are not required to inform the Directorate of the transfer. The successor issuer must submit the new qualifying arrangements for registration using the regular process.

T4FHSA annual information return

As a reminder, issuers must file the T4FHSA annual information return by the last day of February following the calendar year to which the information return applies.