Your FHSA timeline: What to invest in and when + MORE Nov 28th

The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
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It’s back! Best ever bonus of 55,000 points on the RBC Avion Visa Infinite Card + MORE Jan 22nd

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RWRDS Daily Update – January 16, 2024 + MORE Jan 16th

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RWRDS Daily Update – March 1, 2024 + MORE Mar 2nd

Air Canada raises checked bag fees, Higher Ed Points where you could use points to pay for tuition has shut down and Four new statement credit opportunities from Amex Offers. Check out today's points & miles updates here: The post RWRDS Daily Update – March 1, 2024 appeared first on Rewards C.... More »
Air Transat and Porter Airlines are forming a Joint Venture Alliance & New Amex Offers statement credit for Profile Wine Group. Check out today’s points and miles updates here:
The post RWRDS Daily Update – November 28, 2023 appeared first on Rewards Canada.

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Your FHSA timeline: What to invest in and whenBefore you make an offer to buy your first home, you’ll have to determine your budget and save up enough money for a down payment (typically about 20% of the home’s value). That’s probably going to be a good chunk of change—Canada’s housing market is expensive, and if you put down less than 20%, you’ll be obligated to buy mortgage default insurance.

Fortunately, there are a number of ways to save for a down payment on your first home, including the first home savings account (FHSA). This registered account was introduced in April 2023 to help first-time home buyers in Canada. And it can be used in conjunction with other government programs including the Home Buyers’ Plan, First Time Home Buyer Incentive and Home Buyers’ Tax Credit. The FHSA has an annual contribution limit of $8,000, up to a lifetime maximum of $40,000, and the account can stay open for 15 years. Cash and investments held inside an FHSA can grow tax-free, and there’s no tax on FHSA qualified withdrawals…

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