First Home Savings Account (FHSA) | Wealthsimple
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- Опубликовано: 2 авг 2023
- FHSAs are here! Open a First Home Savings Account (FHSA) today and contribute up to $8K a year - $40K lifetime - towards a down payment, all tax-free. Wealthsimple advisor Scheherazade Hasan explains everything you need to know - including the fact that FHSAs can also be great for those who don’t want to buy a home - and answers to some of the most common questions we’ve been asked.
Things to know
0:27 - Who can open an FHSA
0:46 - How an FHSA works
1:20 - When to use an FHSA
1:32 - If you don’t use your FHSA
Common questions
2:02 - Is an FHSA different from a TFSA?
2:58 - Is it better to use an FHSA or RRSP for my first home?
3:27 - Can I combine an FHSA with the RRSP Home Buyers Plan?
3:52 - Should I transfer money from my RRSP to my FHSA?
4:48 - How do I use my FHSA when I’m ready to buy a house?
5:11 - If I’ve opened a FHSA at another institution, can I transfer those funds to Wealthsimple?
🔑 Want to learn more? Visit www.wealthsimple.com/en-ca/ac...
🏠 Want to get started? Open the Wealthsimple app, click “Add an account,” and choose FHSA. From there you decide whether you prefer to automate your investments, trade stocks and ETFs yourself, or both.
💬 Want some human help? Our advisors like nothing more than talking to you. Go to wealthsimple.com/contact, call 1-855-255-9038, or open the Wealthsimple app on your phone and tap “Support” in your profile.
This content is provided for informational purposes and should not be construed as financial, investment, or tax advice by any individual. For full details about the FHSA, refer to the CRA website. 
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She fine thanks for FHSA
Thanks for the useful information 👍
GIC's where!?
What is the anuual/monthly charges if I open FHSA account in wealthSimple?
For managed accounts, we charge a 0.5% management fee for those who invest under $100,000, and a 0.4% fee for those who invest more. For DIY accounts, we offer $0 commission-free trading and no account minimums! You can find a full disclosure of the fees for each of these products at the links below:
👉 www.wealthsimple.com/en-ca/legal/fees/invest
👉 www.wealthsimple.com/en-ca/legal/fees/trade
Love the content comin in from you guys!
Increase to 400k 🎉🎉
Hi there question I want to open an FHSA account in Wealthsimple but I don’t want to invest it I want to keep it . Can I do that or I have to invest in stocks??
Hi there, we don't yet offer the ability to hold only cash within a PSA, however, we do offer a high-interest savings portfolio that you invest you managed account in that might be of interest. You can learn more about this offering here: help.wealthsimple.com/hc/en-ca/articles/360056543874
Will deposits that were rejected still count towards as deposits made and will I be taxed for over contributing?
Rejected deposits mean the money wasn't able to reach the account so it wouldn't count as a contribution in this case. Reach out to wsim.co/support if you have more questions!
Just a question, maybe dumb and obvious. I bought a condo during the pandemic. Does it mean I am no longer eligible for a FHSA? Or can I use it and then transfer that money to an RRSP or TFSA?
Hi Xavier, great question! To open an FHSA, you must be 18 or over, a resident of Canada, and a first-time home buyer. If you bought a condo during the pandemic and currently reside in it as your primary residence, you would not qualify a first-time home buyer.
Hi I opened an FHSA in 2023 with Wealthsimple, then 2024 I opened one with a different bank. Am I now able to contribute 16k to my FHSA in one of these accounts? Not both, just one
Just one, doesn't Matt what bank it is
Is it possible to use the FHSA to purchase a home through a housing cooperative, or is it limited to bank mortgages?
Yes! Per the Government of Canada's website, a qualifying home includes "a share in a co-operative housing corporation that entitles you to own and gives you an equity interest in a housing unit". The only exception to this is that "a share that only provides you with a right to tenancy in the housing unit" would not qualify.
@@wealthsimple Okay, will look further into it then! Thank you for the reply ♥️
There is no minimum days the money has to stay in the fhsa correct ie i can put 8k in today take it out tommorow for a house and i still get to claim the 8k tax rebate is that correct???????
Hi Steve, that's correct! You'd still be able to claim the tax rebate.
@@wealthsimple thank you
is it possible to get fixed interest rate?
Hi Francisco, thanks for your interest! We don't currently support a fixed interest option for FHSAs, however, you may be interested in our high-interest savings portfolio. You can learn more about this offering in our Help Center here: help.wealthsimple.com/hc/en-ca/articles/360056543874
Am I able to put the 8k FHSA into my high interest cash account?
Hi Benjamin, Wealthsimple Cash accounts are a non-registered account type, so you aren't able to open an FHSA as a Cash account. That said, we do offer a high-interest savings portfolio that might be of interest to you! You can learn more about this in our Help Center article here: help.wealthsimple.com/hc/en-ca/articles/360056543874
Can I convert my TSFA into an FHSA ?!
Yes, we currently support in-cash transfers from TFSA to FHSA!
is 40,000 the maximum you can use towards a new home or if you make a lot of money can you use all of it
$40k is the maximum you can contribute to your FHSA! You can spend however much you want towards your down payment.
Is the FHSA of me and my spouse combined for a maximum of $8000 a year? or can we have our separate FHSA accounts and combine the money in it to get our first home?
The latter!
$8000 is the individual contribution limit this year!
If i contribue 8000 this year 2023 .. Can is use that in same year ?
Hi Ankit, yes, that's correct!
1:45 "offers a $40,000 boost to your savings cap"... What if you build it up to $40,000 after 5 years, and you leave it in there to invest for 10 more years, taking it out at the 15 year deadline. If the $40,000 capital does reasonably well, you'll have closer to 60 or 70 thousand. Can all of that be rolled into RRSP tax free?
Correct! In case of doubt, always check the CRA website for more information on FHSA withdrawals and transfers.
What if I open this account and let is sit without any contributions or lets say I am making very minimal contributions each year. On the other hand I am saving up money in my personal account which I haven't specified for buying a first home. But after 3-4 years, I have some funds saved up and decide to buy a home, can i just put that money in FHSA and take it out in a month just to get the tax benefit for the amount i am using for buying a home.
I understand that I can have max $16000 room each year including carry-forwarded room , so I can take this tax benefit for only $16000, not more than that. But still, Can I still do that or there is something that I am missing out?
Not an expert so not financial advice, be warned:
But like many accounts used for investing, leaving money in a low yield savings is not doing you any favors as the money stays at that same value and even lowers if you're with a bank that charges you fees AND each year you would lose out on tax savings.
Putting that same money in an HFSA (staying aware of your yearly max) can give you profits if invested well and the markets are good (that's the risk of any investment) but it also serves to deduce taxes. So even if it's a small amount if it helps for any taxes you pay yearly that's great
Even if you don't pay much taxes because your profits are low at least having it open starting this year ensures you accumulate contribution space for when you are ready to invest. So say 8K x 3 years, 24K space instead of only 8K if you open it only 3 years from now.
Now if you have debt that's trickier because you are better off paying off debt than saving money. BUT if you have a tiny amount you can spare just to open the account it's still good as your contribution space accumulates none the less. Just make sure you have enough money to insure you don't have to withdraw because as they said withdrawing is taxable unless it's for a house or retirement
Yes, you can open your FHSA account to benefit from the contribution room offered that year, without making any deposits!
Great video, thank you. But the background music was extremely distracting.
if you decided to purchase your first home within just 4 months is that possible? am I tax protected?
Yes! There is no minimum number of days that you need to hold funds in an FHSA before you can withdraw them.
I woke up today with 5% missing from my account. And my crypto positions haven't went down.
ok... but how do I open one on wealthsimple. I dont see the option
same here!!
oh figured out you can only create it from the mobile app@@sunils9961
@@sunils9961 Go to add an account in the App home page summary. It took me a while to find it but it's there
How do we use this to contribute to GICs and savings accounts? I don't see the option on wealthsimple.
You can use it as self-directed investing account to buy stocks & ETFs, or a managed investing account where you choose your own portfolio. More info at wsim.co/fhsa
So there’s no point to put money in a rrsp for a future house payment anymore. Those who have done so should be able to transfer their money to the fhsa account for no fees
what will happen if I invest 32K after 4 years(8k each year) and with GIC's interest & stock profit, it went 45K. can I still invest remaining 8K?
earned income within account is not taxable nor countable towards your room. They count your deposits, not your money sitting in the account.
@@anjaldesai1732 thanks. so I can take out 60k(20k capital gain) and use it for my first house right?
Can I still transfer it to RRSP if I don’t have any room in it?
Hi there, you do not need to have RRSP room in order to transfer your FHSA funds into the RRSP!
Can i open an account in FHSA in work permit status?
Hi Raj, You can open an FHSA if you reside in Canada (with permanent or temporary resident status), you have a Social Insurance Number (SIN) or a Temporary Identification Number (TIN), and you meet the eligibility criteria of a first-time home buyer. Feel free to reach out to us at wsim.co/support if you'd like any assistance opening your account!
Y’all should do a video on options trading!!! Strongly suggested
what if wealthsimple goes bankrupt? Will I lose all my money there?
Your assets are protected through entities, such as the CDIC. Find out more here: help.wealthsimple.com/hc/en-ca/articles/360056590614-How-we-keep-your-money-safe
In this market, 40k is not even half enough for down payment for a decent house, at least not in Ontario.
Sure but that doesn't make this less helpful! It's just an extra account that diminishes your taxes, permits you to save up for a house. And even if you don't need it, this video made that type of account SO much easier to understand.
For folks like me that aren't knowledgeable on the topic they summarized the key details in a dynamic and engaging way
@@Ventryx bc it's tax deductible and can withdraw up to 40K tax free..
I left Vancouver for the northren BC... Helps to live somewhere No one wants to live and tons good paying jobs. Here in northeastern BC homes are cheap and it's easy to make 6 figures even with minimal experience. Just a lot of hard work and keep smiling on your 14th consecutive 16h day.
@@Ventryx you have to remember that you can invest that money in other vehicles such as stocks, and as the stocks grow as does your investment. For example, if you invested $40K into an ETF that pays 4% return, by the end of the year you'd have an additional $1,600.00, and don't forget the power of compounding for years 2-15. It's money growing that you don't have to do any more work on.
problem is they only allow you deposit max $8k per year so compounding doesn't even reach full potential until the 5th year. and by that time (and in next 15 years) how much value would houses have jumped in the same time period especially with current housing crisis? as many have said, other than being used for a tax deduction, it's not much help at least for first-time home buyers
A credit card is the only thing missing in my opinion
Question what happens to the money if I turn 71 and have not bought a house
After December 31st in the year in which you turn 71, the FHSA must be transferred on a tax-free basis to a RRIF or the amounts in the FHSA must be withdrawn as a non-qualifying withdrawal which is taxable to the recipient.
For years I struggled with outstanding debts, bills and my children's school fees. I was at a point where I wanted to give up. I came across every RUclips channel about how to make and multiply income through passive income. Fortunately, I had saved some money and decided to start investing, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made.
Nice one,any investment tip? I would love to know how you made it this far
I don't understand what the benefit of an FHSA is? Do you get more interest than you do with a TFSA? And if you don't want to buy a house, then you are taxed on that money, when you withdraw it? I'm just as confused as before I watched the video. I have a TFSA. I'll never have $8000 each year to deposit into an FHSA, I'm retired and not rich. And don't plan on buying a house so it's not relevant to me.