Ottawa Business Journal
May 23, 2023.
In article for the Ottawa Business Journal, Joelle Hall, Portfolio Manager, Wealth Advisor, Investment Advisor, writes that even if home-buying is not clearly in your future, you should consider an FHSA as long as you’re eligible.
Although named a ‘savings account’, an FHSA is actually an investment account and it can hold mutual funds, stocks, bonds and other publicly traded securities, similar to those allowable in a TFSA or RRSP.
You can benefit from the tax deductions of contributing to the account and if you don’t end up needing the funds to purchase a home, you can transfer the funds to your RRSP without penalty.