FHSA, Explained - Everything You Need To Know About The NEW First Home Savings Account For Beginners

Рет қаралды 59,706

Күн бұрын

Let me guess - you’re Canadian, looking for ways to save and invest your money so you can buy your first home. If that sounds like you, then you’re in the right place because in this video we’re breaking down the newest registered investment account that’s offered in Canada, the First Home Savings Account or FHSA.
You might have heard of the TFSA, RRSP, RESP, or RDSP before - well, now there’s a new acronym to add to that list. The FHSA was introduced last year by the Canadian government, and just came into effect the other week in April 2023. Now, the main purpose of this account is to help Canadians with saving for their first home - and by the end of this video you’re going to know everything you need to know about the First Home Savings Account and how it works.
0:00 The ‘First Home Savings Account’ is here
0:40 What are the benefits of the FHSA?
3:03 Who can open an FHSA?
4:52 The FHSA has yearly and lifetime contribution limits
6:09 Here’s a few examples
7:46 How do you withdraw money from the FHSA?
9:30 Using your FHSA to invest and grow your money
11:38 How helpful is the FHSA compared to the FTHBP?
13:13 How CDIC protects your deposits
Check out the CDIC website for more information about deposit protection and FHSAs - www.cdic.ca/
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Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

Пікірлер: 294

@stephandden Жыл бұрын

Do you have any questions about CDIC protection of deposits held in an FHSA? Ask away below!

@foodbody2031 Жыл бұрын

Hi Steph and Den. Are people holding PR but of Indian Origin. Can they open this account?

@trueindianable Жыл бұрын

What if I and my partner maintain separate FHSA accounts and max it out every year. If we plan to buy separate condos after 5 years on each of our names using those FHSA accounts, will this FHSA arrangement work for us?

@FIRE_DrNinjaTurtle Жыл бұрын

Question: can you use it to buy a duplex if you live in one side? Or could you house hack by buying a four bedroom home and renting out three bedrooms?

@stephandden Жыл бұрын

From what we’ve seen, it’s as long as you’re a Canadian resident - so citizens and permanent residents would be good to go as long as you also meet the other criteria. 😊

@stephandden Жыл бұрын

Hey Darrell! There’s not a lot of info on this yet, just given how new the account is, but we would imagine that as long as it’s your primary residence and you plan to live there for at least a year, you should be okay. Definitely something for us to look further into as more details emerge! 😊

@shelbyborstmayer1639 6 ай бұрын

Thanks for being so good at explaining things, as always!

@breenguyen5692 6 ай бұрын

Hi Steph and Den ! Just want to say that I love your content ! I started my financial literacy journey not too long ago and found it very challenging as they don't teach you this in school. Your easy to understand and well articulated videos helped me a lot ! Especially when it comes to knowing the types of accounts that everyone should have and the various investment options ! Now I'm sharing your videos with friends and family in my social circle who also want to learn ! You got yourself a new subscriber ! I look forward to seeing what other videos you come out with !

@lilylovesbread 4 ай бұрын

thank you for the really clear explanation guys! definitely going to look into starting an fhsa account... had to subscribe as well because I am looking to improve my financial literacy moving forward :)

@IamDavidGauthier 7 ай бұрын

Very informative breakdown, thanks! The production quality and script are also super on point, nice work.

@stephandden 6 ай бұрын

Thanks so much! 😊

@ForWorkPurposesOnly 5 ай бұрын

Very well explained. Thank you! Looks like we will each be opening an FHSA.

@cryptojohnny7781 6 ай бұрын

Very good and informative vid thanks , sent this to my kids

@nokitch Жыл бұрын

Just found this channel. Love the Canadian specific lens. Subbed dudes ✌️

@stephandden Жыл бұрын

We're glad you're here! 😊

@TheMilkcracker Жыл бұрын

this video was very insightful thank you

@tylerhorst1719 4 ай бұрын

You two explain everything perfectly. Thanks!

@stephandden 4 ай бұрын

We love to hear that! 🙏🏿🙌🏻

@DanielaDiaz-fd9rq 4 ай бұрын

For once in my life I feel like I understood a financial video! Keep up the good work! You just gained a subscriber. More gen z needs this duo 💪🏽🔥

@stephandden 4 ай бұрын

We LOVE to hear that! Thank you so much 🙌🏿🙏🏻

@a-manpatel 6 ай бұрын

Thank you for providing an informative video on FHSA.

@stephandden 6 ай бұрын

Thank you for watching! 😊

@ericteal 8 ай бұрын

Excellent video! Much appreciated, thank you!! 🙏

@stephandden 7 ай бұрын

Thank you so much 😊

@alyssalacoste1675 Жыл бұрын

Just want to say a BIG THANK YOU to you two and all of the work and energy you put into researching these topics so that someone like me can get trustworthy, well researched information! I'm looking to buy my first home as an Albertan (fingers crossed) in the next few years and this is super helpful! Love it!

@stephandden Жыл бұрын

Thank you so much! We really appreciate it 🙏🏿🙏🏻

@aartinegi9725 5 ай бұрын

Thank you for the information...highly appreciated 👍👍

@stephandden 5 ай бұрын

Thanks for watching! 😊

@stevemanninghomeinsight60 Жыл бұрын

Great stuff guys! Shared on my real estate page!

@stephandden Жыл бұрын

Thanks for sharing! 😊

@ramankapoor9208 Жыл бұрын

Very clearly explained, thanks 🙏🏻

@stephandden Жыл бұрын

Thank you! 🙌🏿🙌🏻

@sounikbanerjee9751 Жыл бұрын

Thank you so much for this video

@stephandden Жыл бұрын

Thanks for watching! 😊

@jeanmarchockeypro Жыл бұрын

Great video. Easy to understand.

@stephandden Жыл бұрын

Thank you! 🙌🏿🙌🏻

@joshualagatta6343 Ай бұрын

This was the better of 5 videos I watched nice job

@stephandden Ай бұрын

Thank you so much! We’re happy to hear that 😊

@juliantambwe8551 Жыл бұрын

Very informative, thanks

@stephandden Жыл бұрын

Thanks for watching! 😊

@girishwagle5153 Жыл бұрын

Thanks for the info.

@stephandden Жыл бұрын

Thanks for watching 😊

@StayingMindfulShaq 4 ай бұрын

Thanks, very knowlegable and helpful for myself as a 20 year old.

@stephandden 4 ай бұрын

So glad you found it helpful 😊

@Ardy-tl4rq 6 ай бұрын

Very helpful video. Could you guys make another video now that most banks have FHSA available?

@theawakenedwanderer9110 Жыл бұрын

Very very well presented, detailed video. Love the clarity and communication skills of you, guys. Thankyou!

@tarahaddad6776 11 ай бұрын

Super easy to listen to, and understand. I had this in the background while I did other stuff. Great work you guys

@stephandden 11 ай бұрын

Thank you! We’re happy to hear that 😊

@oasisprachi 6 ай бұрын

Great video! You guys are awesome. What if husband wife jointly want to buy a house and want to use the money from their respective FHSAs

@phaldaz Жыл бұрын

Thx for the vid, planning to be move $8K from my HISA into an ETX on the FHSA so I get both: 1) immediate reduction in my table income , 2) have the growth and funds in the FHSA more readily available to take out in years time then I ever would in an RRSP By the way: I'd recommend you make a 'chill and get to know the process' video one of these days going over just you Amazon sponsored affiliated links and how you use em to make your vids! It'll be a good break from what you do while pushing those passive income streams. Just my $0.02. Cheers

@stephandden Жыл бұрын

Thanks for watching + sharing! 🙌🏿🙌🏻

@windRunner128 7 ай бұрын

Thank you for this amazing explanation. I'm wondering, once i move in to my new place that I bought with the FHSA, how long do I have to live in my newly purchased property before selling or renting it?

@josemigueltorrestorres652 6 ай бұрын

Hi there, thank you for the really informative video. Is the purchasing of the property limited to Canadian borders, or it could be used to buy a house in another country (given that is your first house). Thank you :)

@kristineladioray8533 11 ай бұрын

I love all your videos. Updated and most recent are all helpful

@stephandden 11 ай бұрын

Thank you so much! 😊

@anands7248 Жыл бұрын

Thank you. Good information. But the withdrawal form is not RC275. It's RC725 - Request to Make a Qualifying Withdrawal from your FHSA. 8:33

@brianagibbons7404 Жыл бұрын

I had no idea about missing a couple years of contribution room and how you would have to wait another year essentially to top it off to the max! Thank you for that. Very helpful, I really wanted you two to make a video on this subject and I'm looking forward to the follow up on investment advice with this account. Keep being awesome 👌

@stephandden Жыл бұрын

Thanks so much! Yes, that video's coming soon too 😊🎉

@Asoka-eb8ru 9 ай бұрын

Can you contribute to FHSA while at same time having already contributed $6500 to your TFSA?

@alexanderwiebe7836 8 ай бұрын

Most people couldn’t explain the rules of a TFSA to me and don’t use it effectively. Great video, but I suspect this extra layer of complexity will only ensure more people make costly mistakes in which accounts they choose. At best it will push prices of starter homes up. Truth is, now everyone has to use this account to stay competitive in the starter home market.

@stephandden 8 ай бұрын

Thank you! Agreed that sometimes more accounts can add more complexity and confusion - there's definitely more education needed on these accounts and how they work!

@FIRE_DrNinjaTurtle Жыл бұрын

I love the info, even though I am in the U.S. I have other Canadian KZfaqrs that I watch and I have some knowledge. Will the two of you use the Smith maneuver when you buy your first home?

@stephandden Жыл бұрын

Hey, Darrell! Thanks for watching, and we're glad that you enjoyed the video still 😊 we always find it interesting to learn about the American accounts and specifics, too! Re: the Smith maneuver - we've definitely looked into it before, and it's an interesting strategy for your primary residence. It's something we're actively planning to use right now, but we'll keep you posted in the future!

@melaniebaker9798 Жыл бұрын

I actually would love ot know more on CDIC! I had no zero idea!

@Dom.Perignon123 7 ай бұрын

First time watching your channel and am thoroughly impressed by knowledge, presentation (despite use of Benjamins vs Robert Bordens... lol) and ability to breakdown and explain complex investing into simpler terms. I do have a question: I had to move from a home I own a number of years ago to tend to ill family. I’ve been renting it out and claiming as such. Obviously, it is not my primary residence, however, I am the owner. Am I eligible to open this account? What happens to account and money after I move back to my home? Can I use this money to purchase home for another family member? If no, after purchasing in my name, can I sell to family member. If they also opened FHSA, can they pull money out and to purchase from me? thanks

@iatchiokou4410 3 ай бұрын

You missed one subject here. The money must be sit in the account for 90 days before one can withdraw it to purchase their home. The deadline to cut off the contribution is the end of dec of the year. It is a bit different from RRSP.

@BeckyCourage 5 ай бұрын

Can you use the FHSA to build a home and not purchase outright? Or other home related expenses such as legal fees or appliances? What if you have a partner who owned a home within 4 years previous? Would that affect you using the funds to purchase a home together?

@saadsyed7531 7 ай бұрын

Best FHSA deal expired on Oct 31st by TD.. they were handing out free $100 for opening FHSA with them and investing in a 14month GIC for 6% interest.. nothing current on the market comes even close

@cook2collect Жыл бұрын

Nice video. Well presented. Though I have a question, for married people if they both have FHSA account can they use those funds for buying their first home? Or should it be only one of them? Thanks

@chadashtongrenier4995 6 ай бұрын

I have a question, does a whole quadruplex / four-plex count as an eligible home if I move into it? Or is it considered an investment property non-eligible for FHSA withdrawals?

@chandandeepkaursamra7288 Ай бұрын

Can we do trading in FHSA like buy an etf and then sell it after 5 months and can we use the same to to buy new stock or etf again in FHSA

@user-pw3yg2ym3j 10 ай бұрын

Can an FSHA be used to pay for the remaining portion of the cost of a home that is an inheritance? e.g. inheritance of 1/2 home and FHSA is used to pay off the rest?

@sdmugabe 10 ай бұрын

Thank you, this is such as comprehensive guide to the FHSA

@stephandden 10 ай бұрын

So glad you liked it - thanks for watching! 😊

@nitinpuri4735 Жыл бұрын

Awesome flow of the video. One question - Can me & my spouse both contribute to our individual FHSAs and use them to buy a joint property?

@stephandden Жыл бұрын

Thank you! Yes, it looks like you could both open and contribute to your own individual FHSAs, and use them to buy the same qualifying property 😊

@lovedeepsingh3684 Ай бұрын

Hello, not sure if you will see this but awesome video. I wanted to ask few things Lets say if i am closing a house on Aug 2024 and have a written aggressive as of today, June 4. Can i put in request to withdraw money from FHSA today or do i have to wait closer to closing? OR what i understand, as long as house is closed before 1 October 2025, i should be good? Secondly, me and partner has to withdraw the money at same time or it can be different? Both of our names will be on the house agreement and we both have separate FHSA accounts and meet the criteria? Thank you so much

@andrewdemchyshyn6599 6 ай бұрын

13:12 why you think no a lot of people going to use it both rrsp and fhsa ? Only make sense in Toronto to have 75k on your account and another 75k on your spouse account and when combined can be used no?

@sanketmacwan7034 6 ай бұрын

Thank you for sharing this information guys. It was really helpful. However, I just have a question which is, what about the gains we get from the money we invest in stocks from the FHSA account? Will that be added to the FHSA account limit? or can we withdraw the gains on the capital? let's say we put 5K in FHSA and invested that money into stocks now it increased to 6K. So what about that 1K gain?

@omarnahid9772 8 ай бұрын

Is there any condition how long i need to keep money in FHSA before withdraw any money for home buying and get the benefit of tax deduction, like rrsp home buying plan (90 days).

@hailey-lh2kd 3 ай бұрын

Is the lifetime limit and the anual limit fixed or will they reassess and adjust the limits depending on the economy and inflation

@raficfadel9352 Жыл бұрын

Thank you for doing the video. I have a question. Can I contribute to FHSA 8k the next year 2025 for example after using the money to buy the a condo in 2024.(the account should be closed in Dec 2025). then I can transfer the money to RRSP before closing the account? Thanks

@sumantgupta9419 Жыл бұрын

Is there any limit to hold this fund before withdrawing to use for down payment for our first home buying

@gilbertomorais1886 Жыл бұрын

Do you know if can use the FHSA for 2 buyers? Common law or spouse use together 40k each and use 80k for pay down the house?

@justinw2141 4 ай бұрын

You also can't combine FHSA's. If you and your spouse both have separate accounts you can only use 1 to buy a house. The other needs to be rolled into an RRSP. If you use an RRSP to help with your down payment you can't use your spouse's or your own FHSA to pay back your RRSP.

@Futuresoptions500 10 ай бұрын

Hi thanks for information, can we trade index and stock options in FHSA ?

@Thebignagro 5 ай бұрын

If your investment is approved to be in a rrsp or tfsa you are good

@retireabroad 9 ай бұрын

Do you need rsp contribution room to move this money to a rsp after 15 years?

@sayantanimondal9820 4 ай бұрын

For FHSA can I redeem my invested amount this year to book a pre construction and then reinvest next year and redeem again for closing of that house? Will I be able to take the benefit of FHSA if its redeemed earlier given the fact its for the first home and basically same home, but pre constructions usually require some payment at the time of booking and then again of course at closing

@arthurduncan3636 Жыл бұрын

About residency, let's say in 2023, you're a Canadian resident and opened an FHSA, then in 2025 you got an opportunity to work in the US (as such you became a non-resident Canadian), in 2030 you want to go back to Canada and re-establish residency, and want to buy a home so that once you land you're have place you can live on. Can you use the funds that accumulated in the FHSA for the purchase of that home?

@hunter7507 11 ай бұрын

This was very informative and thorough, but also simple enough for a troglodyte like myself to understand. Thank you for making this!

@stephandden 11 ай бұрын

We're happy to hear that! 😊

@anothercrappypianist 6 ай бұрын

1:09 this video makes the unfortunately very common mistake when explaining how RRSPs work. Tax deferral isn't the real benefit of the RRSP (it might not even work out that way for wealthy retirees), rather the real benefit is that your profits are tax free in exactly the same way as the TFSA. You just have to remember that RRSP is pre income tax while TFSA is post. If you think of the deferred tax portion of the RRSP as owned by the government and completely ignore it, assuming equivalent tax rate at deposit and withdrawal, the RRSP and TFSA are equivalent in net amount withdrawn. If your tax rate is lower at withdrawal, that's just an extra bonus for the RRSP.

@CreateTech 9 ай бұрын

How many years can you defer the contribution for your taxes??

@violetl8186 Жыл бұрын

What if I contribute it this year and withdraw to use it for down-payment? Will my contribution be still tax-deductible?

@KMiller-qu6xn Жыл бұрын

Any places besides Questrade have these accounts yet? I went with them because they were the only option that I saw as of April 1st.

@stephandden Жыл бұрын

Yes, I think Questrade is the only one! As of now the big banks said that they’ll be rolling it out later this year. 😊

@keunjoonlee8059 8 ай бұрын

Do i get a tax receipt from the bank after making a contribution? So that i can get tax deduction for upcoming tax season

@m7kk1 6 ай бұрын

This might be a silly question (sorry) but can you invest for example in more speculative assets such as bitcoin?

@anfany2464 2 ай бұрын

Can we use both husband and wife’s HBP and FHSA when only one name is on the home buying contract?

@lyg Жыл бұрын

So it could make sense to contribute to the FHSA room and then transfer it to your RRSP if it's not used to buy a home vs placing it in a non-registered instead (assuming registered ones are full)?

@stephandden Жыл бұрын

Good question! From what we've seen, it does state that you can transfer funds into your FHSA that weren't used to buy a home on a tax-free basis to an RRSP without impacting your RRSP room. Based on that information, you could contribute to your FHSA prior to moving onto using a non-registered account instead, but I would check with your accountant first to ensure there's no additional issues with doing that.

@NovaGamerNet Жыл бұрын

I bought a mobile home 10 years ago but my partner and I are trying to save for a larger home. She has not moved in yet. Can she open one of these accounts and then we use it towards buying our house in the next couple years? Also, would she be able to use her RRSP contributions as a first time home buyer?

@barrysampath7704 11 ай бұрын

So do you get penalized if your annual 8k goes over the limit with an interest rate?

@jefinsiby6494 4 ай бұрын

Do i need to actually open an FHSA account to start receiving the contribution room?

@NeilTheBoss12 6 ай бұрын

7:40 does this refer to the current years limit plus last year's unused limit?

@Thebignagro 5 ай бұрын

@FoxBatinaHat 2 ай бұрын

If I combine my (lifetime)40k FTSA and my max 38k pension withdrawel FTHB. Combined together (78k). I still cant afford GET approval by a bank with a 30$/hr job on a 350k condo. Welcome to Canada.

@dana082197 10 ай бұрын

If you have owned a home in last 4 years but you didn't live in it, are you eligable for opening the account or no?

@BCFlows Жыл бұрын

Hey Steph & Den, thanks for the very educational video! One thing I haven't heard covered in most videos about the FHSA so far is WHERE I can open one? I would love to open my account to start accumulating contribution room, but what banks are offering them? I have my TFSA and RRSP with TD, but they don't seem to have an FHSA available yet. Thanks!

@JeffWillProfess 4 ай бұрын

I love your videos. I'm a college prof and have been using your videos to help direct students to the right education. How can I get in touch with you?

@lewismak266 11 ай бұрын

What if you open a FHSA, but purchase a home without it. Me and my partner have a down payment already, but are thinking of opening one for the tax savings.

@Kevin-jl1rx 6 ай бұрын

but what's the difference between a TFSA? I use it to technically save for a house as well.

@YasinBakhtyar 8 ай бұрын

Thank you for this information. If you use FHSA money to buy your first house. Are we able to sell the house after one year or 2 years staying in the house.? Or we are not able to sell the house at all ?

@666rollen666 Жыл бұрын

question.I have 8k I will contribute at their which mean i will use those 8k to buy a house and after that i will need to pay 8k back total is 16k.I don't get where is benefit or i missing something?

@anfany2464 2 ай бұрын

Can I continue to contribute to previously opened FHSA after I make a home purchase?

@igor-Light111 5 ай бұрын

Hi , can you use both accounts rrsp and first home saving accounts to buy a first home?

@stephandden 4 ай бұрын

Yes, you can! 😊

@jitenderchahal6346 7 ай бұрын

Government wants to keep our money interest free. Is that what it means. ??😅

@rps1689 Жыл бұрын

It seems to be an option for those that have maxed out their TFSAs? I'm thinking of using a FHSA in order to cash it in later, but not for a home, but for a year that I anticipate will be a year with low income.

@Thebignagro 5 ай бұрын

That's a good idea! 👍 it's pretty much a mid life rrsp

@vineeshn.k5815 11 ай бұрын

Can RRSP AND FHSA GO HAND IN HAND FIR FIRST HIME BUYING?

@Pokerbummer 3 ай бұрын

Great vid, can you please help clarify one point I’ve been struggling to understand. Issue - RC725 form requires details of the home to make an eligible withdrawal which takes 3-5 business days to process. Meanwhile earnest money deposit has to be done within a day or 2 at max of finalizing the agreement. Which means you won’t be able to pay EMD using FHSA funds. So how can someone circumnavigate this issue. Possible solution- Can I pay EMD using cash in my chequing account and later add that same amount to FHSA account and withdraw when I close this giving me enough time to make an eligible withdrawal? In this case would I be eligible for tax deduction on the entire amount in my FHSA? Question 2- Do I have to prove later to CRA where I used the funds from FHSA, like submit all receipts be it down payment, closing costs, renovations etc? Thank you so much whoever takes the time to understand and respond to this. ❤ it’s an issue all of us will face when withdrawing

@alouiciouswrex7141 11 ай бұрын

$40,000 lifetime maximum, what an absolute joke of a country we're living in when 700sqft apartments can cost up to half a mill.

@boyman9787 6 ай бұрын

So just so I understand if I open a FHSA in 2023 but don’t put Anything this year next year in 2024 I can put $16000.00.? But if I open FHSA in 2024 then I can only put 8000? Correct?

@sanjeevmittal2008 Жыл бұрын

Hi, thank you for this video. I have a question. Do we have to keep the money for minimum 30 days in FHSA account before withdrawal the money to get the tax rebate ? For example - Today is 2nd May and our home closing date in 29th May. If we put the money today in FHSA account. Are we eligible for tax rebate at the end of year on the money we put in FHSA? Thank You

@syedmAshar 7 ай бұрын

There is no minimum days requirement for your money to stay in FHSA, you can even take it out on the same day but you to fill the required form and show the bank home sale agreement in order to avoid taxes

@Pinku-th6bx Жыл бұрын

Can i open and withdraw from FHSA if I own home in my home country? I am a permanent resident in Canada from last one year

@addisugebremichael3496 10 күн бұрын

Is there any interest rate regarding FHSA?

@deepshah9507 4 ай бұрын

Can I put money in fhsa today and withdraw tomorrow for buying a house¿

@loonietree Жыл бұрын

Love how this was presented! Very easy to understand. The $8k annual limit is kind of small tho

@stephandden Жыл бұрын

Thanks - glad you enjoyed the video! 😊 Also the $8k yearly limit seems okay compared to other registered accounts, but that total $40k limit seems small considering how expensive housing is nowadays.

@stevemanninghomeinsight60 Жыл бұрын

@@stephandden Using average price of $1,000,000 a 20% dep is $200,000, so you only need another $160,000 LOL. And this is if you can carry an $800,000 mortgage. Yep. Consequently the fleeing of many Torontonians to other provinces like NS or Alberta.

@p0llenp0ny Жыл бұрын

@@stevemanninghomeinsight60 Should build a wall around Toronto.

@somewhatideal Жыл бұрын

@Steve Manning Home Insight why would you get a home that costs 1M?

@Thermopylae2007 10 ай бұрын

If this can be used to purchase a property outside of Canada (I.e. for retirement) it would be really helpful to many Canadians who can't afford a home in Canada and might not be able to afford current rental prices on their pension.

@mohammadaatif7924 6 ай бұрын

What's the benefits of FHSA account if I don't plan to buy a house ?

@cindyxc. 5 ай бұрын

how come in example number 2, i would lose the extra 8k that i didn't invest form previous years so its only 18k instead of 24k? vs TFSA the room rolls over

@stephandden 5 ай бұрын

It’s how the government designed the account. Unlike the TFSA where your contribution room grows every year, with this account you will lose contribution room if you’re not able to keep up with making contributions that ultimately max out the room each year. They give you some breathing room in case you can’t max it out one year, but the expectation is for you to keep up. Hope that helps 😊

@mr.vwalangjowa6659 6 ай бұрын

Can i use FHSA to buy stocks?

@Diego-pc4rc Жыл бұрын

Does the home need to be bought in canada? Or could you save to buy a house outside the county.

@stephandden Жыл бұрын

Hey Diego! This account was created with intention of helping tackle unaffordable housing here in Canada and with that, the home does need to be purchased in Canada. 😊

@jeanmarchockeypro 11 ай бұрын

Once I hit the 15 year contribution deadline, am I given no choice but to sell the investments or can I leave the investments in there so they can grow beyond the 15 year deadline so I can eventually buy a more expensive home whenever I’m ready at any age?

@Thebignagro 5 ай бұрын

I'm pretty sure you need to spend or transfer at the 15year max

@dvgolamco 7 ай бұрын

What happens if I (a first time home buyer) will get a place along with my partner who has owned a place and has sold it within less than 5 yrs. Will this forfeit my FHSA? I really want to open this account. House prices in BC are expensive and I can't even afford to get a place with a single income.

@livyivy Жыл бұрын

Already looking forward to your next video on how to invest your FHSA 'cause I just notice that EFTs aren't covered by CDIC, so... Is the only "safe" (protected) option a GIC? Great video!🤩

@stephandden Жыл бұрын

Thanks so much! Yes, that video will be coming in a few weeks 😊 and we'll make sure to note which investments are covered and why/why not!