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Today we'll go through 4 situations to identify what the very best account to max initially is for you! TFSA (Tax-free cost savings account)? FHSA (very first home cost savings account)? RRSP?
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RDSP, TFSA, FHSA , RRSP
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.
Well that is interesting maybe I should move my FHSA after depositing into the RDSP.
We all needed this video
thanks for the great video Brandon! its good knowledge to have
Solid content Brandon, thanks!
*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* ?
Solid content
Just the sound that is a bit low
Really good break down thanks a lot for this Brandon keep up the great work!
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
Thank you!
what if you already have a home?
Should I open FHSA with my bank or on some platform like wealthsimple? Or does it even matter?
Assuming high interest debt is gone first of course.
How high would you consider “high income”? Would love a follow up video on tax brackets and RRSP/FHSA contributions.
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.
What about the Home Buyers Plan with the RRSP? Is that not a thing or not worth it anymore?
It is. You can have and use both FHSA & HBP.
Maxed out FHSA, contribute to TFSA & RRSP simultaneously with more focus on TFSA.
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
Thank you for making & sharing this video with us, Brandon! Much much needed!!
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?
Thank you Brandon