TFSA vs RRSP vs FHSA - Where Should You Invest Money To Buy A House?

We're currently saving our money so that we can buy a house - ideally, a rental property in the short-term, and then a primary residence one day in the future.

In Canada, there are a lot of different ways to save up for a house - you could use a high interest savings account, you could use a TFSA (Tax Free Savings Account), an RRSP (Registered Retirement Savings Plan) via the First Time Home Buyers Plan, or you could use an FHSA (First Home Savings Account).

But... how do you know which one of those options you should use? That's what we're covering in this video! We'll cover how each option works, and the pros and cons for each account specifically relating to buying a house.

Check out the CDIC website for more information - https://www.cdic.ca/

*Correction (timestamp 14:42) - An amount that is transferred directly from your FHSA to an RRSP (or RRIF) will not impact your unused RRSP deduction room (meaning you wouldn't have to take the money out as taxable income).

0:00 Where should you save money to buy a house?
0:53 High Interest Saving Accounts (HISA)
4:23 Tax Free Savings Account (TFSA)
7:54 Registered Retirement Savings Plan (RRSP)
11:51 First Home Savings Account (FHSA)
15:09 How is your money protected when saving to buy a house?

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