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

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 - https://www.cdic.ca/

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