RESP vs RRSP and TFSA: What’s the best option for education savings? + MORE Aug 28th

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. Account availability has improved in recent months but varies by financial institution. More accounts are expected to launch in 2023. 

Canadians can 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

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Whether your child eventually goes off to university, enrolls in a college program or is interested in another type of schooling, there’s no way around it: post-secondary education is pricey. In Canada, the average undergraduate tuition fee for the 2022–23 school year­ was $6,834. Over four years, this can bring your child’s education costs to a whopping $95,000 or more when factoring in living expenses, and by 2041, this price could rise to $114,024.

It’s a big goal, but with a registered education savings plan (RESP), you can slowly save up for the cost of your child’s future tuition fees, books and other schooling expenses over time—and get a little help along the way. Did you know that the Canadian government will match a percentage of your RESP contributions? Plus, there are federal and provincial grants available for lower-income families, and these can really add up. Here’s what you need to know.

What RESP grants are available?

When you contribute to your child’s RESP, the government will match a percentage of your contributions through the Canada Education Savings Grant, up to a lifetime maximum of $7,200—an amount that could make a big difference in bolstering your savings long-term…

In business, even the greatest legacies that have made their mark on the world and endured for generations had to start somewhere. Usually, they’re starting from scratch, as was the case in 1873 when Coors Original’s founders launched a 150-year legacy with their original beer recipe, which is still used today.

Legacies aren’t cheap or built overnight, and the cost of starting a Canadian-owned business in today’s competitive market is steeper and more complex. According to Shopify’s research, small business owners (SBOs) spend an average of $40,000 in their first year of business, with 66 per cent of funding coming from their personal savings.

It’s with these start-up costs and their own legacy in mind that Coors Original launched Legacy Lift—a $40,000 grant and one-on-one virtual mentorship session with David Coors himself—to help Canadian SBOs who are beginning their business journey turn their passion project into a reality.

Canadian SBOs of legal drinking age in their first year of business working to make a lasting impact on their communities are invited to apply for the Coors Original Legacy Lift by submitting a 150-second video about their business and how they plan to build a lasting legacy at coorsoriginal…

Welcome to Education Money, a new column that covers the questions and concerns parents and investors have about funding their child’s education. Andrew Lo, CEO of Embark, shares his thoughts and insights on how to make the most of RESPs. To kick off the column, he explains the different options Canadian parents have to save for their children’s education.

I know you’ve heard of an RESP before. The registered education savings plan (RESP) has been around for nearly 50 years, helping Canadian parents, grandparents and guardians save up for a child’s post-secondary education. Since the RESP’s 1974 launch, however, the government has created other accounts designed to help Canadians grow their savings, like the tax-free savings account (TFSA), and many banks have launched a high-interest savings account (HISA). With all of these options, you might be wondering if an RESP is still the best way to save for your child’s education.

It’s a great question that I often hear from parents, who are understandably worried about the growing costs of higher education…