The ability to transfer the funds in your FHSA to your RRSP is huge. Even if you don't plan to buy a home you are essentially getting 40K of extra RRSP room (assuming you max out your FHSA).
Great videos Steph and Den and/or Den and Steph. I opened FHSA with EQ & Wealthsimple. Didn't contribute in 2023 but will split up 16000 for 2024 between them. I never owned house or home and am 67 and have not much time left but who knows. I still work full-time and collect pensions, so it's never too late or too early for anyone, yes! Keep up the great videos learn so much from them.
Wow, super impressed with this video. I've just begun teaching these strategies to friends and family and your video is probably the most clear and well produced piece of learning content i've seen in a long time! You deserve a lot more than 122k subs!! Keep up the great work!
@@stephandden it only makes sense because of how expensive house prices are, 40k is simply not enough especially after 5 years when inflation will be higher
There’s lots of ways to help get that first down payment though. If you have a partner then you can also use their FHSA on a down payment, essentially doubling it;also 40k is just the contribution, if you have 40k invested for 5-10 years that could create thousands more. Using your RRSP, you can get RRSP contribution space back if it’s used on a home down payment and you pay it back within 15 years. Liquidating some TFSA investments, a few thousands dollars cash. All these small steps add up It be great if they expanded max contribution to 50k or more, but it’s just one more tool to help afford a home
@@petermozuraitis5219 I think the first time home buyers for rrsp is the stupidest thing the government can do for Canadians and since they’re borrowing their own money and have to pay it back on top of having to take care of the mortgage and property taxes now a new loan back to your own account🙄 making things more stressful , that’s why I want 100k for fhsa so we get the tax deductions and when it’s time to buy a house we don’t have to worry about having to pay back anything.
XEQT is my biggest holding, but Ive been using the FHSA more conservatively with the $CASH ETF, like a GIC but with more liquidity. If your time horizon to buy is 3 years or less it's probably unwise to invest it in equities. 5 years is a different story!
You should consider a house hack instead. Use FHSA as it’s a primary residence and then rent out the basement while living in it. Helps to get a larger mortgage, make payments and also use the FHSA all in one (also don’t need 20% down payment)
One thing to consider is the tax deduction you get..thats like getting a 20%+ return depending on your marginal tax rate. So anything on top of that, GIC with 4-5% is perfect for someone looking to buy in 2-3 years and having a partner contributing in their fhsa.
FHSA account is a great hybrid between a TFSA and RRSP. I do also agree on the sentiment that the limit should be increased. Hopefully one day it will be raised to 100K. Until then keep stacking and keep going! 🍊
Hypothetically if you were to buy a home using your FHSA contributions in 5 years (e.g. 2029), how close to 2029 would you start to diversify your investment? For example, in 2028 would you switch to XBAL, a GIC, or a HISA ETF? Psychologically, it could be a bit unnerving knowing your FHSA is 100% stocks 12 months or less before needing that money.
You can buy a duplex, Triplex and Four Plex though if you will live there. If you both willing to leave Toronto could probably afford a duplex in 2-5 years and live in one unit.
Agreed, it's great to having savings for different things (ie. an FHSA to save for a home, a HISA to keep your emergency fund, a HISA for other short term savings, etc) 😊
Great Video! Thank you for the valuable FHSA information. However it drives me crazy to see US$ images in your illustration when you are talking about Canadian Finance. You are not the only one though!
Great Video. Thank you very much for the valuable information. However it drives me crazy to see US$ images in your illustration when you are talking about Canadian finance. You are not the only one though!
Did you guys start your research on which area/city you want to look for buying the investment property ? As my own investment strategy is similar - where due to high cost of housing(extreme housing valuations under a slow growth economic future ) in GTA I don't want to get into the market right now for my primary home, but in a year or two I will enter market for an investment property. As that is not going to be primary home, hence I am planing to user HBP from RRSP for down payment while letting my FHSA grow.
Great video. My question is, since de limit is 40k what if you use this money to invest and it generates you a profit of 15k resulting in a total of 55k. Is there any penalty?
What happens if I already to FHSA if my first home is investment property? I can’t use FHSA for investment property, can I continue contributing to FHSA since i bought my first house as investment but not primary residence?
Are you sure it's possible to buy a rental property while still building an FHSA? I heard that if I own a house, I'm no longer eligible to own or contribute to a FHSA. This was told to me on Reddit, so take it with a grain of salt. If you're able to confirm that the opposite is true (I am allowed to buy an investment house while maintaining a FHSA), that would be awesome! That was my thought as well.
Also, i heard you talk about this, but just to clarify, can I buy my first property as an income property not using my fhsa. but use my fhsa in let’s say 15 years from now to buy a residential property for me to live in. if so, would that be ideal? generally in your opinion. Thank you so much!!! i must say I’ve learned more from this channel about investment and finance than any financial advisor I’ve ever met. You guys are doing the Lord’s work. More power, and please don’t stop making these videos🩵
It's up to you and your personal goals! The FHSA is great given that you still get tax free growth and it also reduces your taxable income at the same time - and, if you don't end up using the money to buy a home, you can transfer it to your RRSP, instead. On the other hand, FHSA contribution room only carries forward for a limited amount of time, so if you open up an account, you ideally want to ensure that you'll be able to max it out each year. The other thing to consider is what you want to focus on investing for - I finished maxing out my TFSA first because 1) I was really close to hitting that goal, and wanted to check it off my list, and 2) my main priority is investing as much as possible for the long-term, so I wanted to 'finish' investing for that purpose first, before moving on to investing for a future home. I hope that helps 😊
Can you guys do a video comparing using RRSP vs TFSA for saving for a down payment? Obviously the FHSA would be the first choice. But once that is maxed out we're not sure which one to use. We love the flexibility of the TFSA, but the Tax benefits and HBP of the RRSP are really nice too!
Steph, do you know how long do you have to stay in a home you purchased with FHSA, until you can use it for income property/rent it out? I asked my banker, and they dont know 😅
My TFSA is maxed out right now, so I can't continue investing within it (until the yearly contribution room is added next January, which will be a capped amount). The FHSA also gives you the same benefits of the TFSA (tax free growth) AND it reduces your taxable income for the year - the benefits are even better from that perspective. If I decide note to purchase a house, the money within my FHSA can be transferred to my RRSP, instead. 😊 There's really no reason not to open up an FHSA and take advantage of the perks!
Hi steph and den, what form do you fill out on your income tax return when tax season comes around? Would anyone be able to let me know if they opened a FHSA through WS?
When does the FHSA contribution limit increase ? I opened one last month (March 2024) figuring I’d own a home within 15 years so just opening an FHSA and allowing contribution home to expand is a smarter than not
@@petermozuraitis5219 has to be the first since contribution room doesn't extend to the next year, its not like the rrsp whre you have till end of February 29 so its 16k room now
You gain new contribution room each year (after you open your account) on January 1st! Remember that you can only carry forward unused contribution room for one year. So, if you don't contribute the full $8,000 this year, you can still contribute it next year (on top of the new $8,000 contribution room added) - but, in 2026 (two years later), you would no longer be able to catch up on that initial $8,000 (or whatever amount of that you didn't max out). If you want a better explanation, check out our video called 'FHSA, Explained...' 😊
That's what my wife and I are doing. Putting $8000 each into an FHSA, and putting that money directly into a 1 year GIC. With the 5% interest rates you'd make about $400 per year. It's not amazing, but every bit helps. And who knows where the market will be in a couple years. If you're looking to buy in the short term (
The definition of a first-time home buyer for the FHSA specifically is if you haven’t lived in a home you owned for the past four years - so, if you never live in the non-primary residence, you’re still able to use the FHSA for a primary residence!
Yes, you can definitely move it. 😊 As long as your new FHSA is open already, then you can do a direct transfer between both accounts. Which company or bank did you open the new one with? You might be able to initiate the transfer from their end which would make things even easier.
@@stephandden Thank you! i opened it with wealthsimple.. once i transfer the money i'll be closing the one with cibc.. hope there wont be any issues with closing that one either..
@@con_rad_it_is May I ask you why you decided to close FHSA with CIBC? Cibc advisor just convinced me to open one with them like a week ago, so, I would really appreciate any feedback
Ah I know!! This account is new in Canada (it just launched last year!), but it is nice to have now. A HYSA is definitely an option in the US, or potentially a brokerage account if you won't be buying a home for a longer period of time!
I would personally feel uncomfortable leveraging myself so heavily with housing (buying an income property followed by your own house). Housing in other cities may seem "cheap" compared to Toronto; but they are not cheap compared to their historical averages. With the way that many Canadians are already struggling with housing I don't think you will be able to sustainably increase rent YoY (my rent is not increasing this year) and you are taking a lot of downside risk in case of a recession (price of your home) or a shitty tenant costing you thousands to evict. Just my two cents :) Good video!
Right! With the price of housing right now we'd be spending approx 50% of our take home pay on housing. We're currently spending about 15% while we rent. That means we'd have 35% less income to invest, less money for family vacations, less fun date nights. And of course the massive responsibility of home ownership. No thanks!
Hi.. i have a quick question.. i have an fhsa with 8k in it.. now when i invest that 8k it will earn some interest.. the interest earned will add to the 8k limit.. so now the amount is my fhsa is over 8k.. is that ok? or should it be 8k including interest?
Also, at year end assuming i have 8100 in fhsa (100 is the interest earned)...now for the new year do i get a fresh 8k limit or would it be 7900 (reducing the interest earned)? Thanks!
Similar to a TFSA, growth doesn't count towards your contribution room in a FHSA account. e.g. If your 8K grows to 9K that's okay. And you will get another 8K contribution room next year too. The growth is not deducted from next years contribution room.
Hey guys, just to confirm, I can open a FHSA thats still eligible even if i bought a rental already right? Because i didnt live in it and rented it out, it doesnt count as my first home (qualifying home)
Yes - for the FHSA, a 'first time home buyer' means that you haven't lived in a qualifying home as your principal place of residence at any time in the past four calendar years (you can't have lived in a home that your spouse or common-law partner owned during that time, either). 😊
Don't you actually have $16,000 contribution space in 2024, not $8,000, given your 2023 FHSA contribution was $0.00, and the FHSA account is retroactive and you were over 18 years old in 2023, when the FHSA account launched?
Last year, I invested my first 8K on a relatively safe Canadian bank dividend stock, which should return at least 7% annually with DRIP. The rest of my investments is going to growth stocks. I was thinking between VFV or XEQT, but decided VFV. I might reallocate later. So far, with the $8000 from the first year, I'm getting around $52 every month, with it slowly growing more and more as I reinvest in that same dividend stock. Each year I should get more than 600$ from that, so even if VFV drops 10%, the dividend stock helps me negate that. If I purchase a house, I think it'll be in 5 years at the earliest (although I am in no rush).
Thanks @stephandden. Please, do you think it is possible to move or pivot from a managed account to a self directed account that enables me to buy XEQT with wealthsimple, or can i open another another TFSA account for self-directed investing even if I have an existing TFSA account.
Hey! Yes, you can move your funds from your managed TFSA into a TFSA on Wealthsimple Trade. You should check out our video (‘Wealthsimple Invest Portfolio Results After 3 Years’) where Steph goes through the entire process. Hope that helps 😊
I'm so excited to have finally opened an FHSA 🥳 What account are you using to invest right now? Let us know!
The ability to transfer the funds in your FHSA to your RRSP is huge. Even if you don't plan to buy a home you are essentially getting 40K of extra RRSP room (assuming you max out your FHSA).
yep, and you can also transfer rrsp to fhsa aswell
It is huge! Definitely a benefit 😊
Great video!! my husband and I opened 2 FHSAs in our separate names to benefit our money to grow to $80,000 CAD rather than just the $40,000 limit
Great videos Steph and Den and/or Den and Steph. I opened FHSA with EQ & Wealthsimple. Didn't contribute in 2023 but will split up 16000 for 2024 between them. I never owned house or home and am 67 and have not much time left but who knows. I still work full-time and collect pensions, so it's never too late or too early for anyone, yes! Keep up the great videos learn so much from them.
Thank you so much for this comment! We love hearing this - it's so true that it's never too late or too early for anyone! 😊
Wow, super impressed with this video. I've just begun teaching these strategies to friends and family and your video is probably the most clear and well produced piece of learning content i've seen in a long time! You deserve a lot more than 122k subs!! Keep up the great work!
We appreciate that! Thank you so much 😊
I love your content Steph and Den! Learning so much from you guy's platform:)
they should increase the limit to 100k
That would be great! 👀
@@stephandden it only makes sense because of how expensive house prices are, 40k is simply not enough especially after 5 years when inflation will be higher
There’s lots of ways to help get that first down payment though. If you have a partner then you can also use their FHSA on a down payment, essentially doubling it;also 40k is just the contribution, if you have 40k invested for 5-10 years that could create thousands more. Using your RRSP, you can get RRSP contribution space back if it’s used on a home down payment and you pay it back within 15 years. Liquidating some TFSA investments, a few thousands dollars cash. All these small steps add up
It be great if they expanded max contribution to 50k or more, but it’s just one more tool to help afford a home
a 40k limit in this country in actually hilarious
@@petermozuraitis5219 I think the first time home buyers for rrsp is the stupidest thing the government can do for Canadians and since they’re borrowing their own money and have to pay it back on top of having to take care of the mortgage and property taxes now a new loan back to your own account🙄 making things more stressful , that’s why I want 100k for fhsa so we get the tax deductions and when it’s time to buy a house we don’t have to worry about having to pay back anything.
XEQT is my biggest holding, but Ive been using the FHSA more conservatively with the $CASH ETF, like a GIC but with more liquidity. If your time horizon to buy is 3 years or less it's probably unwise to invest it in equities. 5 years is a different story!
Thank you for sharing! 😊
Love this! Would love updates on this too and how you plan on switching up your investments after the 4 months
Thank you! Good suggestion - I'll definitely share updates + do a video when I switch up my investments later this year! 😊
You should consider a house hack instead. Use FHSA as it’s a primary residence and then rent out the basement while living in it. Helps to get a larger mortgage, make payments and also use the FHSA all in one (also don’t need 20% down payment)
Thank you for sharing 😊
One thing to consider is the tax deduction you get..thats like getting a 20%+ return depending on your marginal tax rate. So anything on top of that, GIC with 4-5% is perfect for someone looking to buy in 2-3 years and having a partner contributing in their fhsa.
The tax deduction really is an amazing perk! Thank you for sharing this 😊
I have an FHSA with TD they gave about 8% in four month so I'm possitive about them. Howevrr, I do manage my own TFSA.
Love that you’ve opened one! 😊
FHSA account is a great hybrid between a TFSA and RRSP. I do also agree on the sentiment that the limit should be increased. Hopefully one day it will be raised to 100K. Until then keep stacking and keep going! 🍊
Agreed, it is a great hybrid - it would be amazing to see a higher limit. 😊
Hypothetically if you were to buy a home using your FHSA contributions in 5 years (e.g. 2029), how close to 2029 would you start to diversify your investment? For example, in 2028 would you switch to XBAL, a GIC, or a HISA ETF? Psychologically, it could be a bit unnerving knowing your FHSA is 100% stocks 12 months or less before needing that money.
What platform you use?
Can you do a video of when you bought the ETF?
You can buy a duplex, Triplex and Four Plex though if you will live there. If you both willing to leave Toronto could probably afford a duplex in 2-5 years and live in one unit.
I think it’s great idea to have one savings account just for things you want in the future like the FHSA and another one for a rainy day quote unquote
Agreed, it's great to having savings for different things (ie. an FHSA to save for a home, a HISA to keep your emergency fund, a HISA for other short term savings, etc) 😊
Great Video! Thank you for the valuable FHSA information. However it drives me crazy to see US$ images in your illustration when you are talking about Canadian Finance. You are not the only one though!
Do you guys have a Bloomberg account?
Great Video. Thank you very much for the valuable information. However it drives me crazy to see US$ images in your illustration when you are talking about Canadian finance. You are not the only one though!
Did you guys start your research on which area/city you want to look for buying the investment property ? As my own investment strategy is similar - where due to high cost of housing(extreme housing valuations under a slow growth economic future ) in GTA I don't want to get into the market right now for my primary home, but in a year or two I will enter market for an investment property. As that is not going to be primary home, hence I am planing to user HBP from RRSP for down payment while letting my FHSA grow.
Great video. My question is, since de limit is 40k what if you use this money to invest and it generates you a profit of 15k resulting in a total of 55k. Is there any penalty?
As long as you’re going to use that money to purchase a home, then no. The account offers tax free growth and tax free withdrawals. 😊
@@stephanddenoh nice. Thanks again
What happens if I already to FHSA if my first home is investment property? I can’t use FHSA for investment property, can I continue contributing to FHSA since i bought my first house as investment but not primary residence?
Are you able to purchase a duplex with an FHSA? Live in one side and rent out the other?
Are you sure it's possible to buy a rental property while still building an FHSA? I heard that if I own a house, I'm no longer eligible to own or contribute to a FHSA. This was told to me on Reddit, so take it with a grain of salt. If you're able to confirm that the opposite is true (I am allowed to buy an investment house while maintaining a FHSA), that would be awesome! That was my thought as well.
Also, i heard you talk about this, but just to clarify, can I buy my first property as an income property not using my fhsa. but use my fhsa in let’s say 15 years from now to buy a residential property for me to live in. if so, would that be ideal? generally in your opinion.
Thank you so much!!! i must say I’ve learned more from this channel about investment and finance than any financial advisor I’ve ever met. You guys are doing the Lord’s work. More power, and please don’t stop making these videos🩵
If my TFSA is not maxed yet, would it still be recommended to invest into FHSA? Or max TFSA first like you did?
It's up to you and your personal goals! The FHSA is great given that you still get tax free growth and it also reduces your taxable income at the same time - and, if you don't end up using the money to buy a home, you can transfer it to your RRSP, instead.
On the other hand, FHSA contribution room only carries forward for a limited amount of time, so if you open up an account, you ideally want to ensure that you'll be able to max it out each year.
The other thing to consider is what you want to focus on investing for - I finished maxing out my TFSA first because 1) I was really close to hitting that goal, and wanted to check it off my list, and 2) my main priority is investing as much as possible for the long-term, so I wanted to 'finish' investing for that purpose first, before moving on to investing for a future home.
I hope that helps 😊
Can you guys do a video comparing using RRSP vs TFSA for saving for a down payment? Obviously the FHSA would be the first choice. But once that is maxed out we're not sure which one to use. We love the flexibility of the TFSA, but the Tax benefits and HBP of the RRSP are really nice too!
Yes! We have a video about this exact topic coming out in a few weeks 😊
Hi what does HBP mean? Thanks
@@kristinlynn2763 Home buyers Plan
@@stephandden Oh great! I'll keep an eye out for it :)
@@kristinlynn2763Home Buyers Plan
I don’t have welathsimple pls help me I’m in the USA
Wealthsimple is a Canadian investment platform 😊 there’s many American ones that you could use, instead!
Steph, do you know how long do you have to stay in a home you purchased with FHSA, until you can use it for income property/rent it out? I asked my banker, and they dont know 😅
I have the same question. What if I buy a house with FHSA, live in it, then I got a job offer abroad. Can't I still rent it?
What is the point to open rhsa if you can carry on investing into TFSA? What if in 5 years you decide not to purchase a house…?
My TFSA is maxed out right now, so I can't continue investing within it (until the yearly contribution room is added next January, which will be a capped amount).
The FHSA also gives you the same benefits of the TFSA (tax free growth) AND it reduces your taxable income for the year - the benefits are even better from that perspective.
If I decide note to purchase a house, the money within my FHSA can be transferred to my RRSP, instead. 😊 There's really no reason not to open up an FHSA and take advantage of the perks!
Hi steph and den, what form do you fill out on your income tax return when tax season comes around? Would anyone be able to let me know if they opened a FHSA through WS?
When does the FHSA contribution limit increase ? I opened one last month (March 2024) figuring I’d own a home within 15 years so just opening an FHSA and allowing contribution home to expand is a smarter than not
its a maxx of 40k after 5 years it doesn't go up higher than that
@@rochester3Yes, at 8k a year. Do you know on what day the contribution room expands ? January 1 of each year ?
@@petermozuraitis5219 has to be the first since contribution room doesn't extend to the next year, its not like the rrsp whre you have till end of February 29 so its 16k room now
You gain new contribution room each year (after you open your account) on January 1st!
Remember that you can only carry forward unused contribution room for one year. So, if you don't contribute the full $8,000 this year, you can still contribute it next year (on top of the new $8,000 contribution room added) - but, in 2026 (two years later), you would no longer be able to catch up on that initial $8,000 (or whatever amount of that you didn't max out). If you want a better explanation, check out our video called 'FHSA, Explained...' 😊
If i plan to purchase a condo in 2 years time would a GIC be better?
There are FHSA GIC’s available, it wouldn’t be earth shattering money over two years but every little bit adds up and helps
@@petermozuraitis5219 thx!
That's what my wife and I are doing. Putting $8000 each into an FHSA, and putting that money directly into a 1 year GIC. With the 5% interest rates you'd make about $400 per year. It's not amazing, but every bit helps. And who knows where the market will be in a couple years. If you're looking to buy in the short term (
They could be! We agree with the other comments on this thread - it's low risk, potentially low return, but everything helps 😊
If you're buying a non-primary residence property first, how can you use an FHSA? That would be your second property, no?
The definition of a first-time home buyer for the FHSA specifically is if you haven’t lived in a home you owned for the past four years - so, if you never live in the non-primary residence, you’re still able to use the FHSA for a primary residence!
i have an fhsa in cibc.. but now i want to move the money to my new fhsa account and close the one in cibc.. any idea if that's possible?
Yes, you can definitely move it. 😊 As long as your new FHSA is open already, then you can do a direct transfer between both accounts.
Which company or bank did you open the new one with? You might be able to initiate the transfer from their end which would make things even easier.
@@stephandden I got opened it with wealthsimple.. Once I transfer I'm planning to close the one with cibc
@@stephandden Thank you! i opened it with wealthsimple.. once i transfer the money i'll be closing the one with cibc.. hope there wont be any issues with closing that one either..
@@con_rad_it_is May I ask you why you decided to close FHSA with CIBC? Cibc advisor just convinced me to open one with them like a week ago, so, I would really appreciate any feedback
As an American WTH 😭I’m looking everywhere for some alternative but might need to just settle on using my HYSA.
Ah I know!! This account is new in Canada (it just launched last year!), but it is nice to have now. A HYSA is definitely an option in the US, or potentially a brokerage account if you won't be buying a home for a longer period of time!
Hi❤ Can I have two FHSA?
but do you pay tax when you take your money out?
No! You withdraw tax free as long as you're using the money to buy your first home 😊
@@stephandden okey thanks. I own a house even before I got married. Now my wife is not in the title and doesn’t own a house. Would she use FHSA?
I would personally feel uncomfortable leveraging myself so heavily with housing (buying an income property followed by your own house). Housing in other cities may seem "cheap" compared to Toronto; but they are not cheap compared to their historical averages. With the way that many Canadians are already struggling with housing I don't think you will be able to sustainably increase rent YoY (my rent is not increasing this year) and you are taking a lot of downside risk in case of a recession (price of your home) or a shitty tenant costing you thousands to evict. Just my two cents :) Good video!
Thank you! + thanks for sharing what you would be comfortable with 😊
We’ll share more about what we end up doing in future videos!
Right! With the price of housing right now we'd be spending approx 50% of our take home pay on housing. We're currently spending about 15% while we rent. That means we'd have 35% less income to invest, less money for family vacations, less fun date nights. And of course the massive responsibility of home ownership. No thanks!
Hi.. i have a quick question.. i have an fhsa with 8k in it.. now when i invest that 8k it will earn some interest.. the interest earned will add to the 8k limit.. so now the amount is my fhsa is over 8k.. is that ok? or should it be 8k including interest?
Also, at year end assuming i have 8100 in fhsa (100 is the interest earned)...now for the new year do i get a fresh 8k limit or would it be 7900 (reducing the interest earned)? Thanks!
Similar to a TFSA, growth doesn't count towards your contribution room in a FHSA account. e.g. If your 8K grows to 9K that's okay.
And you will get another 8K contribution room next year too. The growth is not deducted from next years contribution room.
@@JohnDoe-mi9pn thank you!
Are you planning to use CASH for your FHSA, or are you considering a high-interest savings ETF instead?
I purchase an ETF inside of my FHSA 😊
@@stephandden Just to clarify, I understand it's an ETF, but did you specifically purchase the CASH ETF?
wonder if they have something like this account in america. better check for my 22 year old
I don’t think they have an equivalent account, although hopefully there will be one in the future! It’s a nice addition 😊
Hey guys, just to confirm, I can open a FHSA thats still eligible even if i bought a rental already right? Because i didnt live in it and rented it out, it doesnt count as my first home (qualifying home)
Yes - for the FHSA, a 'first time home buyer' means that you haven't lived in a qualifying home as your principal place of residence at any time in the past four calendar years (you can't have lived in a home that your spouse or common-law partner owned during that time, either). 😊
I use the BTC ETF it grow fast and you can use it in traditional finance for tax free or what not
Don't you actually have $16,000 contribution space in 2024, not $8,000, given your 2023 FHSA contribution was $0.00, and the FHSA account is retroactive and you were over 18 years old in 2023, when the FHSA account launched?
Unlike a TFSA, your FHSA contribution space starts the year you open your account, not when the FHSA launched.
Last year, I invested my first 8K on a relatively safe Canadian bank dividend stock, which should return at least 7% annually with DRIP.
The rest of my investments is going to growth stocks. I was thinking between VFV or XEQT, but decided VFV. I might reallocate later.
So far, with the $8000 from the first year, I'm getting around $52 every month, with it slowly growing more and more as I reinvest in that same dividend stock. Each year I should get more than 600$ from that, so even if VFV drops 10%, the dividend stock helps me negate that.
If I purchase a house, I think it'll be in 5 years at the earliest (although I am in no rush).
Thank you so much for sharing (+ that sounds like a great plan). 😊
SPUU
She is cute
Thanks @stephandden. Please, do you think it is possible to move or pivot from a managed account to a self directed account that enables me to buy XEQT with wealthsimple, or can i open another another TFSA account for self-directed investing even if I have an existing TFSA account.
Hey! Yes, you can move your funds from your managed TFSA into a TFSA on Wealthsimple Trade. You should check out our video (‘Wealthsimple Invest Portfolio Results After 3 Years’) where Steph goes through the entire process. Hope that helps 😊
What platform u use?
Wealthsimple 😊
@ I don’t have Wealthsimple in the USA something else plssssss?!