Episode Details

There is a brand new type of account in Canada coming out in April 2023.

It's called Your First Home Savings Account (FHSA) aka The "Renter's RRSP".

You may know about RRSPs & TFSAs, well this is the third one, and it's worth knowing because for many people, this is going to be the best place to put your money.

It's also the # 1 way to save for a home.

In my latest podcast episode, I give you the top 15 hacks to get the maximum benefit from this new account, so that you can save money not just for a home, but for other purposes as well.

Listen to this podcast & you will be an FHSA expert. Find out:

• What is an FHSA?

• Why were FHSAs created?

• The #1 way to save your down payment.

• Why are FHSAs called the "Renters' RRSP"?

• Why you should open one this year even if you are not yet saving for a home.

• What's the difference between an FHSA and the RRSP Home Buyer's Plan?

• Should you contribute to your FHSA, RRSP or TFSA?

• Should you claim or defer the deduction for your FHSA contribution?

• What's the difference between an FHSA and a virgin? (1st FHSA joke) 

• Why FHSAs make a great gift for your spouse or kids.

• FHSA uses for self-employed business owners with a corporation.

• The FHSA hack for the GIS Strategy for retirees.

• FHSA uses for non-residents.

• How to contribute $2,500 more to your FHSA with "FHSA Top-up Strategy".

• What to do if you have no extra cash flow to invest