Every subscription is reviewed and approved by Drake Financial Ltd., a registered exempt market dealer — independently of Tawakkul. Why that matters
FHSA
First Home Savings Account, without interest.
The FHSA is the only account in the Canadian system that is deductible going in and tax-free coming out — provided the money goes toward a qualifying first home.
Why it matters here. For a Muslim family saving toward a first home, the account is unusually well suited: the whole point is a medium-term horizon, and the tax treatment is the best available.
How the FHSA works
Contribution roomAn annual limit with a lifetime cap, once you have opened the account
Tax treatmentDeductible like an RRSP, and tax-free on a qualifying withdrawal like a TFSA
Time limitThe account must be used within a set number of years of opening it
If you do not buyFunds can generally be transferred to an RRSP or RRIF without using RRSP room
Who it suits
Anyone who has not owned a home they lived in during the current year or the previous four calendar years.
What to be careful about
If your home purchase is within the next two or three years, an illiquid holding is the wrong instrument. Redemption here takes 30 to 60 days at best and carries a fee before five years.
Eligible for your FHSA. The Offering Memorandum confirms that, provided the Trust qualifies as a mutual fund trust under the Income Tax Act, Units are qualified investments for registered plans. How a registered subscription runs.
How a registered subscription actually runs
You send no money yourself
Your plan custodian transfers the funds once a transfer form is completed and the transfer from your existing institution settles. Nothing leaves your own bank account.
It takes weeks, not days
A custodian transfer is a multi-week process. Most registered subscriptions that fail do so because nobody said anything for a month — so we track yours and tell you where it has reached at each stage.
A holding limit applies
Units become a prohibited investment for a registered plan if your interest reaches 10% or more of the fair market value of all beneficiaries' interests. We warn you well before that point.
Your dealer still decides
Drake Financial Ltd., a registered exempt market dealer, reviews every file. This platform assembles it — it does not assess suitability and it never approves anything.
This call explains the Trust and helps with the paperwork. It is not advice — whether an investment suits you is assessed by Drake Financial Ltd., a registered exempt market dealer, independently of Tawakkul.
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