You May Also Like

About the Author: Richard Money



    Yes it is very situational and also my accounts are under segregated funds because I receive ODSP it was the only option to protect my assets as a disabled Canadian.

  2. *Question for everyone, why can’t you open a FHSA account online on TD-self direct invest website when logged into your other investment accounts* ?

  3. encouraging my son who’s going to school to start the FHSA ( already maxed on TFSA ) but only contribute minimal amount. Hopefully then contribute when working and can take advantage of tax refund to basically pay no tax for first few years after Univ

  4. How high would you consider “high income”? Would love a follow up video on tax brackets and RRSP/FHSA contributions.

    1. Good idea on the Canadian tax bracket video, there is not a lot of talk on taxes on the channel. They have worked with @ParallelWeath for retirement and tax.
      Based on those brackets I would say over $100k taxable as over that is your biggest jump in federal rate was (most provinces are similar). The RRSP reduces your taxable income hopefully enough to drop you a bracket. I’m at the top end of my bracket and I have a pension adjustment that lowers my contribution room. They get me at both ends every April.

  5. My thoughts on the priority are:
    1 – max company RRSP/pension matching (100% return)
    2 – max RESP government grant per child (guaranteed 20% return + investment returns)
    3 – pay high interest debt ( >8% return)
    4 – FHSA (if planning to buy a house)
    5 – max TFSA
    6 – RRSP
    7 – non-registered

  6. I know that in the RRSP you can get the tax benefits by claiming that you deposited later down the line when you are making a higher income and are thus in a higher tax bracket, does this same option exist with the FHSA?

Leave a Reply

Your email address will not be published. Required fields are marked *