First home savings account: The best thing since sliced bread!

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.

Read more.

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