There is a brand new type of account in Canada coming out in April 2023.
It’s called Your First Home Savings Account (FHSA) aka The “Renter’s RRSP”.
You may know about RRSPs & TFSAs, well this is the third one, and it’s worth knowing because for many people, this is going to be the best place to put your money.
It’s also the # 1 way to save for a home.
In my latest video, I give you the top 15 hacks to get the maximum benefit from this new account, so that you can save money not just for a home, but for other purposes as well.
Watch this video & you will be an FHSA expert. Find out:
- What is an FHSA?
- Why were FHSAs created?
- The #1 way to save your down payment.
- Why are FHSAs called the “Renters’ RRSP”?
- Why you should open one this year even if you are not yet saving for a home.
- What’s the difference between an FHSA and the RRSP Home Buyer’s Plan?
- Should you contribute to your FHSA, RRSP or TFSA?
- Should you claim or defer the deduction for your FHSA contribution?
- What’s the difference between an FHSA and a virgin? (1st FHSA joke) 😊
- Why FHSAs make a great gift for your spouse or kids.
- FHSA uses for self-employed business owners with a corporation.
- The FHSA hack for the GIS Strategy for retirees.
- FHSA uses for non-residents.
- How to contribute $2,500 more to your FHSA with “FHSA Top-up Strategy”.
- What to do if you have no extra cash flow to invest.
I hope you enjoy it!
Planning With Ed
Ed Rempel has helped thousands of Canadians become financially secure. He is a fee-for-service financial planner, tax accountant, expert in many tax & investment strategies, and a popular and passionate blogger.
Ed has a unique understanding of how to be successful financially based on extensive real-life experience, having written nearly 1,000 comprehensive personal financial plans.
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