Best FHSAs in Canada: Where to get the new first home savings account Jun 5th

How to go about securing the best savings strategy in Canada.

Latest News

How much cash should you keep in your portfolio? + MORE Jun 24th

Cash is rarely going to remain steady within your accounts, but you may want to have a target for it, just the same as you would for stocks and bonds. How much depends on several factors and can be a percentage or a dollar amount. Accumulating If you are in the accumulation phase, new deposits.... More »

Can you put an inheritance into a joint account? + MORE Jul 1st

An inheritance can raise questions about taxes, family law, and how to manage the money. This article focuses on the income tax considerations for married and common-law couples who invest inherited funds. Taxation of an inheritance First off, the receipt of an inheritance is generally not tax.... More »

Should you max out your RRSP before converting it to a RRIF? Apr 30th

Ask MoneySense My husband and I retired last September. We have moved into a condo and are now travelling. Enjoying life but I’m concerned about his RRIF. My husband turns 71 in June 2025. So, I understand we can contribute to his RRSP for 2025 before he turns 71 and claim the contribution for the.... More »

The best high-interest savings accounts in Canada for 2025 + MORE Jul 16th

Savings comparison tool Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance. Advertisement Why trust us MoneySense is an.... More »

Summer energy savings: How to stay cool without cranking the AC Jul 23rd

When the mercury begins to rise, Jeffrey Siegel sinks into a routine. Windows facing the east are covered in the morning before those in the west are shrouded in the afternoon, his fan gets switched on, more of his cooking moves to the barbecue, and a clothesline is brought out whenever there is la.... More »

Best FHSAs in Canada: Where to get the new first home savings account

– moneysense.ca

First home savings account (FHSA) highlights
The FHSA is a type of registered account that allows you to contribute up to $8,000 annually, up to a lifetime limit of $40,000, to save for the purchase of your first home.FHSAs became available on April 1, 2023. However, availability is currently limited and will vary by financial institution. Many are expected to launch their FHSA later in 2023.

Canadians can now boost their savings for a down payment on a home with a new type of registered account. The first home savings account (FHSA), also referred to as the tax-free first home savings account, creates up to $40,000 in tax-free savings room for first-time home buyers. In this article, we’ll explain why the FHSA was created, how it works and how you can maximize its potential—even if you have no immediate plans to buy a home.

Frequently asked questions about FHSAs

{
“@context”: “https://schema.org”,
“@type”: “FAQPage”,
“mainEntity”: [
{
“@type”: “Question”,
“name”: “Where are FHSAs currently available?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “On April 1, Questrade became the first company to launch an FHSA in Canada…

Continue Reading On moneysense.ca »

Why not follow our RSS feed to keep in sync with the latest Canadian Savings news?

Share