First Home Savings Account (FHSA): All You Need to Know

Saving up for your first home? Check out this easy-to-understand breakdown on how the new tax-free First Home Savings Account (FHSA) works, including how it can work in tandem with the Home Buyer's Plan (HBP) to lead to HUGE tax savings and a MASSIVE down payment for you.

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Intro (0:00)
Key Facts (0:35)
Opening a FHSA (1:00)
Contribution Limits (1:10)
Transferring Money From Your RRSP (1:27)
Home Buyer's Plan vs FHSA (1:48)
Investment Options (3:17)
15-Year Time Limit (3:57)
Options If You Don't Buy a Home (4:17)

CRA FHSA page: https://www.canada.ca/en/revenue-agen...
MoneySense FHSA article: https://www.moneysense.ca/save/invest...

DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional.