First Home Savings Account (FHSA) | Wealthsimple

FHSAs are here! Open a First Home Savings Account (FHSA) today and contribute up to $8K a year — $40K lifetime — towards a down payment, all tax-free. Wealthsimple advisor Scheherazade Hasan explains everything you need to know — including the fact that FHSAs can also be great for those who don’t want to buy a home — and answers to some of the most common questions we’ve been asked.

Things to know
0:27 - Who can open an FHSA
0:46 - How an FHSA works
1:20 - When to use an FHSA
1:32 - If you don’t use your FHSA

Common questions
2:02 - Is an FHSA different from a TFSA?
2:58 - Is it better to use an FHSA or RRSP for my first home?
3:27 - Can I combine an FHSA with the RRSP Home Buyers Plan?
3:52 - Should I transfer money from my RRSP to my FHSA?
4:48 - How do I use my FHSA when I’m ready to buy a house?
5:11 - If I’ve opened a FHSA at another institution, can I transfer those funds to Wealthsimple?

🔑 Want to learn more? Visit https://www.wealthsimple.com/en-ca/ac...

🏠 Want to get started? Open the Wealthsimple app, click “Add an account,” and choose FHSA. From there you decide whether you prefer to automate your investments, trade stocks and ETFs yourself, or both.

💬 Want some human help? Our advisors like nothing more than talking to you. Go to wealthsimple.com/contact, call 1-855-255-9038, or open the Wealthsimple app on your phone and tap “Support” in your profile.

This content is provided for informational purposes and should not be construed as financial, investment, or tax advice by any individual. For full details about the FHSA, refer to the CRA website.