What can I hold in an FHSA? + MORE Jan 10th

How to use this tool: Simply scan the table below to view GIC interest rates offered by financial institutions across Canada. Click one of the tabs at the top of the table to focus on your choice of non-registered, registered, TFSA-eligible or U.S. GICs. Or, follow the prompts in the six fields at the top of the finder tool to input the amount you wish to invest in a GIC and your preferred investment term, along with other details, and the calculator will automatically display what your total return would be from each of the financial institutions listed. This allows you to compare the options side-by-side and decide which is the best for your money.

These are current rates offered by Ratehub partners. You can find information about additional product options below.

GIC rates in Canada 2023

If you’re looking to purchase a guaranteed investment certificate (GIC), you’ve come to the right place. We’ve rounded up the GICs with the best interest rates in Canada. Read on for additional information on GICs, including whether GICs are worth the investment, how to know if GIC rates are likely to go up (or down) and how to choose GICs that align with your goals…

Would Canadians have access to different account types such as GICs and self-directed investing when it comes to the new tax-free first home savings account, which is rumoured to be introduced this year?It seems this would only make sense as it’s the case with other tax-sheltered accounts (i.e. TFSA, RRSP and RESP accounts).—Rohan

FHSA in Canada: Qualified investments and limitations

Bill C-32, which included certain provisions of the 2022 federal budget, was passed into law on December 15, 2022. The bill included the introduction of the tax-free first home savings account (FHSA) effective April 1, 2023.

In theory, Rohan, savers should be able to open an FHSA in April 2023, but some financial institutions may roll the account out as the year progresses.

The registered disability savings plan (RDSP) is an example of how access to certain accounts can be limited. The RDSP was introduced in 2008, and only 17 banks, trust companies and wealth management firms offer the account currently…

The Tax-Free First Home Savings Account (FHSA) is a new savings account that will become available in Canada starting in 2023. This account is designed to help first-time homebuyers save for their first home purchase, and offers several benefits that can make it an attractive option for those looking to enter the housing market.
One of the main advantages of the FHSA is the tax benefits. Contributions to the FHSA are tax-deductible, similar to a Registered Retirement Savings Plan (RRSP). This means that you can lower your taxable income by making contributions to the FHSA, which can potentially save you money on taxes in the short-term. Additionally, any investment income earned within the FHSA is tax-free as long as it is used towards the purchase of a home. This is similar to the tax-free treatment of investment income within a Tax-Free Savings Account (TFSA).
Another advantage of the FHSA is the flexibility it offers in terms of contributions. You can contribute to the FHSA on an ongoing basis, or make one-time contributions as you are able…

Registered retirement savings plans (RRSPs) are often described as “tax-advantaged,” meaning they offer tax-efficient ways for savers and investors to build wealth for the future, usually for retirement. To maximize their potential, you must understand how RRSPs work compared to other registered accounts, like tax-free savings accounts (TFSAs) and registered education savings plans (RESPs). And you should know that not all RRSPs are built the same—some accounts offer higher-than-average interest rates, and some come with lower fees, for example. Here’s everything you need to know to set yourself up for RRSP success.

Contents
The best RRSP savings accountsThe best robo-advisors for RRSP investingThe best online brokers for RRSP investingWhat to know about RRSPs

The best RRSPs in Canada for 2023

Best RRSP savings accounts• EQ Bank RSP Savings Account*• Motive Financial RRSPBest robo-advisors for RRSP investing• Questwealth Portfolio*• Wealthsimple Invest*Best online brokers for RRSP investing• For passive investing: Wealthsimple Trade*• For active traders: Questrade*• For mutual funds: Qtrade*

Best RRSP savings account

EQ Bank RSP Savings Account*

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