Podcasts about first home savings account

It's a new year which can only mean one thing: Merry Debtmas!Todd and Clinton discuss the challenges of home ownership and financial planning in this time of rising costs and inflation. Clinton emphasizes the importance of financial literacy and planning, noting that 60% of Canadians are facing mortgage renewals with potentially strained finances. They highlight the necessity of having a fallback plan, such as savings, and the benefits of tools like the First Home Savings Account and TFSAs. The conversation also touches on the dream of home ownership, the impact of lifestyle choices on financial health, and the role of government policies in supporting home buyers.

Producer Grant Hardy shares Headlines on health, lifestyle, technology and accessibility (7:02). We talk TV with Greg David who retraces the history of Saturday Night Live (22:06)! Nisreen Abdel-Majid joins us with The Buzz and tells us about a woman who lost a 650 thousand dollar injury claim after being filmed tossing a Christmas tree (36:30). Community Reporter, Marisa Hersey-Misner brings us the latest news and events from Saint John (51:35). We meet award winning comedian Eric Johnston who tells us about his new book “Run with the Bull” (1:04:55). Financial Planner, Ryan Chin, reviews the features of the First Home Savings Account (1:21:16).

Financial Planner, Ryan Chin, reviews the features of the First Home Savings Account.

0:00: Intro 0:50: Introducing Benjamin Klein 3:49: What is Financial Planning? 5:08: Should one get a CFA or CFP? 7:37: Does everyone need to do a financial plan? 13:12: The value of knowing your clients 15:22: Mistakes people make as they prepare for retirement 25:00: Building in a margin of safety into your financial plan 27:50: Not getting too conservative too soon 30:20: All about the First Home Savings Account 36:30: If I can do only one contribution - RSP/TFSA/FHSA - which one should I do? We are introducing a new regular feature to the podcast, the Financial Planning edition with, Benjamin Klein, CFA, CFP and Senior Portfolio Manager at Baskin Wealth Management. Benjamin joins Barry to discuss topics like, What is Financial Planning, Does everyone need a Financial Plan? Mistakes people make as the prepare for retirement. Then the feature discussion is about the First Home Savings Account. We plan on dropping a financial planning podcast once a month so please let us know your feedback and questions!

What is a FHSA? (First Home Savings Account) A first home savings account (FHSA) is a registered plan which allows you, if you are a first-time home buyer, to save to buy or build a qualifying first home tax-free (up to certain limits). Guests Rudy Chung is a Senior Wealth Advisor & Robert Mulrooney is an Senior Investment Advisor with iA Private Wealth – their parent company, IA Financial Group is one of Canada's largest and oldest financial firms – IA Financial was established in 1892, and manages over $200 Billion in assets for over 4 million clients across Canada. Rob and Rudy, along with their partner Russ, run a practice within IA Private Wealth called Mindset Wealth, with offices in the Comox Valley and Vancouver, as well as in Ontario. Mindset Wealth - https://www.mindsetwealth.com addy - https://addyinvest.ca addy Origin Story - https://addyinvest.ca/about/ Disclaimer: This podcast is for informational purposes only and does not constitute investment advice. Listeners should consult with a qualified advisor before making any financial decisions. The podcast assumes no responsibility for the accuracy or completeness of the information presented, and investing involves risks. Listeners are encouraged to conduct their own research and consider individual circumstances.

The Moose on The Loose helps Canadians to invest with more conviction so they can enjoy their retirement. Download The Canadian Rock Stars List, a selection of the safest dividend stocks in Canada: https://moosemarkets.com/rockstars How to Invest in 2024: https://moosemarkets.com/webinar Webinar Replay: Dividend Income For Life : https://www.dividendstocksrock.com/dividend-income Dividend Portfolio Dashboard: https://www.dividendstocksrock.com/my-dsr-pro/

Are you a first-home buyer who is planning on leveraging the First Home Savings Account? The FHSA was officially introduced earlier this year to help first-time homebuyers, and yet many home purchasers aren't aware of the new tax-deferred scheme or find it too onerous. The FHSA was officially introduced earlier this year to help first-time homebuyers, and yet many home purchasers aren't aware of the new tax-deferred scheme or find it too onerous. In fact, according to BMO's 14th Annual Investment Survey, just over half of Canadians (52%) looking to buy a home for the first time say they are likely to leverage the FHSA to help save for their home purchase. It suggests that there's still a long way to go in order to foster an understanding of their benefits. Jason Heath is a fee-only financial planner with Objective Financial Partners. Today, he explains how FHSA works, the nuisances to be aware of, and whether you're better off using another plan.Website: www.objectivefinancialpartners.comTwitter: @JasonHeathCFP LinkedIn: https://www.linkedin.com/in/jasonheathfinancial/

Welcome to Episode 58 of the In Her Wallet Podcast! This week Sofiia is bringing you a solo episode about how you can prepare to buy your first home in Canada! In this episode, Sofiia walks you through the exact steps to take to prepare to buy your first home, like figuring out what home you can actually afford, getting pre-approved for a mortgage and understanding the government programs designed to help you.*Watch this episode in video format on YouTube*If you like this episode, let Sofiia know! Take a screenshot of this page & tag her in your IG stories @sofiiasalimova & @inherwalletpodcast, or simply send her a DM! You can also support the production of In Her Wallet Podcast via this link.Episode resources:Borrowing capacity calculatorSupport the showThank you for listening! If you like the show, please leave us a 5-star review and follow us on your podcast platform of choice. It's a free way to support what we do and help us grow to reach more women on path to financial success. Subscribe to In Her Wallet on YouTube In Her Wallet Instagram, TikTok and Threads

Taxes?! Isn't that a March or April thing? According to our guest this episode, a little bit of planning now will save you some headaches come spring. Robbie Brown is the Director of Advanced Planning and Services and the Head of Wealth Management Taxation at Scotia Wealth Management, and he's got helpful tips on everything from key dates, to maximizing government grants, to how to best use the new First Home Savings Account even if you don't plan on buying a house in the near future.  For more information, and even more tips, check out the full 2023 year-end tax planning tips article. Key moments this episode:  1:21 — Tip #1: Some key dates. Including a big one that has shifted this year  4:56 — Tip #2: If eligible, take advantage of the First Home Savings Account (or FHSA)  7:24 — Tip #3: RRSP basics  9:07 — Tip #4: How to best use the TFSA (Tax-Free Savings Account)  13:33 — Tip #5: How to maximize your RESP (Registered Education Savings Plan)    This publication has been prepared by Scotia Capital Inc. and is intended as a general source of information only and should not be considered as personal and/or specific financial, tax, pension, legal or investment advice. We are not tax or legal advisors and we recommend that individuals consult with their qualified advisors before taking any action based upon the information contained in this publication. Opinions and projections contained in this publication are our own as of the date hereof and are subject to change without notice. While care and attention has been taken to ensure the accuracy and reliability of the material in this publication, neither Scotia Capital Inc. nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of such material and disclaim any liability resulting from any direct or consequential loss arising from any use of this publication or the information contained herein. This publication and all the information, opinions and conclusions contained herein are protected by copyright. This publication may not be reproduced in whole or in part without the prior express consent of Scotia Capital Inc. 

Ever wondered why your credit history matters more than you think, especially when applying for a mortgage? Siobhan Bent, a seasoned mortgage broker, is here to take the complex world of credit scores and interest rates and make them simple. Siobhan brings over twenty years of industry knowledge to our chat, and you'll definitely want to hear her take on how banks, employers, and insurers utilize credit scores. She'll also share her savvy tips on building and maintaining a robust credit history.Shifting gears, we dive into the nitty-gritty of home buying and financing options. First-time homebuyers, listen up! Siobhan guides us through some appealing financing options you might not even know about, including the First Home Savings Account and the Shared Equity Program. Hear her explanation of the 5% down payment rule and the 20% minimum down payment for million-dollar properties. And for those considering investment properties, Siobhan's insight on managing cash flow is invaluable. Finally, we'll share some outside-the-box strategies to protect and enhance your credit score. So, grab a notepad, and tune in for an episode packed with practical tips and actionable advice to secure your financial future.Join the The Financial Moment community on:InstagramFacebook WebsiteEmail: info@thefinancialmoment.comGrab this FREE guide with 10 easy tips to keep your budget on track!Submit guest suggestions HERE

There's growing interest in investing in the housing market right now, but starting a portfolio in real estate investing can be challenging and many may even be wondering if this is the right time to invest, given the current climate.In this episode, Scott McGillivray joins us on Smart Advice with his answer — don't think about timing the market, instead, think about how much time you will be in the market. This episode is a goldmine for new and experienced investors alike, as we discuss the strategies Scott used to build his portfolio and key considerations you need to think about when choosing the right location and renovations.Looking to step into real estate investing or want to review your portfolio? This episode can help inspire you to make better decisions! And for more valuable insights from Scott and Carissa, check out season 3 of Buying In.ResourcesListen to our previous episodes on Rent vs buy with Benjamin Tal and the First Home Savings Account with Jamie GolombekCheck out the CIBC Smart Advice Mortgage Affordability Calculator as well as articles on buying or renovating a homeConnect with Scott at his Website. Alternatively, follow him on Facebook, Twitter, Instagram, and YouTube

Listen in for an overview of the newly introduced First Home Savings Account (FHSA) and how it can benefit you if you are saving for a home or wish to help your kids or grandkids save for their first home. The team will be hosting a webinar later in September with a more detailed approach to the benefits of this account type.

We came across an article that stated, "RRSPs are a big marketing gimmick." Today on, ThinkSmart Senior Financial Advisors Rob McClelland and Mike Connon take a closer look at this statement to weigh the pros and cons of RRSPs as we know them.   (01:20): RRSP season now vs. 25 years ago (01:48): RRSPs vs. Pensions (03:58): Tax savings with your RRSP (04:49): Is it really a gimmick? (06:27): What's the ideal time to make your RRSP contribution? (07:17): Dollar-cost averaging your contributions. (08:13): TFSAs vs. RRSPs (12:05): So, is a TFSA still a valuable account? (13:02): How do you find the right mix between the two? (15:17): First Home Savings Account

Financial Planner Ines Iraoui joins host Chris Cooksey to discuss the new first home savings account (FHSA), including:   What is an FHSA? Who can open an FHSA? Who is considered a first-time home buyer? What if I am a joint owner of a property and want to buy one alone? How does a FHSA work? Are FHSA contributions similar to those in an RSP? Are withdrawals from your FHSA similar to those in a TFSA? Where can I open an FHSA? When will the FHSA be closed? What if I opened an FHSA, and I decided that I didn't want to buy a home anymore? Follow the podcast on LinkedIn: The Advantaged Investor   Please subscribe, rate and review. Reach out at advantagedinvestorpod@raymondjames.ca.

Homeownership is a dream that many Canadians aspire to, but with rising home prices — especially in places like Ontario or Vancouver, BC — achieving that dream is becoming more difficult.That's where the First Home Savings Account comes in. It's a new savings plan introduced to help first-time Canadian homebuyers land their first home. In this episode, Jamie Golombek gives us an overview of the FHSA and how it can be used to its fullest potential. We also review some scenarios where the FHSA is — or isn't! — applicable.The new First Home Savings Account (FHSA) is coming to CIBC this November. Connect with your advisor or visit cibc.com/FHSA to sign up for updatesResourcesListen to the previous episode with Benjamin Tal, Rent versus Buy!CIBC Smart AdviceLook up Jamie Golombek's website for tax advice!

Canada Immigration News from the CIC press release released on 11/08/2023. Minister Miller highlights new tax-free first home savings account Good day ladies and gentlemen, this is IRC news and I am Joy Stephen, an authorized Canadian Immigration practitioner bringing out this special edition of Immigration news from CIC press release, . This news was released by the government on 11/08/2023. I am coming to you from the Polinsys studios in Cambridge, Ontario. Today is the 16/08/2023 As house prices have climbed, saving for a down payment is out of reach for many Canadians, particularly young people. Today, the Honourable Marc Miller, Minister of Immigration, Refugees and Citizenship, shared how the new tax-free First Home Savings Account is available and helping put home ownership back within reach of Canadians across the country. The new tax-free First Home Savings Account is a registered savings account that helps Canadians become first-time home buyers by contributing up to $8,000 per year (up to a lifetime limit of $40,000) for their first down payment within 15 years. To help Canadians reach their savings goals, First Home Savings Account contributions are tax deductible on annual income tax returns, like a Registered Retirement Savings Plan (RRSP). Like a TaxFree Savings Account, withdrawals to purchase a first home, including any investment income on contributions, are non-taxable. Tax-free in; tax-free out. If you need assistance to participate in Provincial or Federal programs or assistance after selection, please contact us https://myar.me/contact-us/  Good luck!   Welcome to this weekly video update on PNP news brought to you by IRC News. We understand the importance of staying informed about Canadian job opportunities, data analysis, and immigration news, and that's why we're here to provide you with the latest information. To further your understanding of becoming a Canadian Permanent Resident, we invite you to watch our free online YouTube videos at https://polinsys.com/p. Our Canadian Authorized Representative also conducts a free Q&A session every Friday to answer any questions you may have. For more information and Zoom meeting credentials, please visit https://myar.me. It's important to note that the Canadian Government regulates who can charge fees for immigration services, so we recommend following the link https://polinsys.co/rep for more information. If you're looking for a free evaluation of your Canada PR application, please visit https://myar.me/evaluationXX. To stay updated with our latest news, follow us on Facebook, Instagram, and YouTube. We appreciate your support and hope you've found this video informative. If you liked this news, please like the video and to receive notifications about more Canadian job positions, please subscribe to our channel.

Canada launched a new First Home Saving's Account in an effort to get younger people saving and into the housing market... Doug Stuart, an Assistant Teaching Professor at the Gustavson School of Business at the University of Victoria joins us to tell us everything we need to know about the First Home Saving's Account!

The Canadian government announced a new option for you if you are saving for your first home. Erin and Keri briefly discuss how it works and encourage you to see if you qualify. Learn more here: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html  __________________________  If any of the links provided here receive affiliate commissions, it goes to support sponsoring people into the Get the Hell Out of Debt online program who otherwise could not attend. You are changing lives! ⭐️ Send us a voicemail with your thoughts here. https://www.speakpipe.com/erinskyekelly   Order your copy of Get the Hell Out of Debt here. https://amzn.to/3Vdelum     Listen to Get the Hell Out of Debt on Audible here. https://www.amazon.com/Get-Hell-Out-Debt-Relationship/dp/1642939552/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=1649093626&sr=8-1   Download Get the Hell Out of Debt for your Kindle here. https://www.amazon.com/Get-Hell-Out-Debt-Relationship/dp/1642939552/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=1649093626&sr=8-1   Join us in the online program Get the Hell Out of Debt here. www.GettheHellOutofDebt.com   Preorder Erin's latest book Naked Money Meetings from your favourite local independent bookseller. Or of course, it's always available here. https://amzn.to/40HzEFa    How To Teach Your Kids About Money here. https://www.erinskyekelly.com/how-to-teach-your-kids-about-money   Have Erin's Tuesday newsletter delivered to your email inbox here. https://www.erinskyekelly.com/sign-up-for-newsletter    

The housing market has cooled less than expected as inventory is limited, and prices remain high. Today we explore how to take advantage of your existing investments, and which accounts to use to assist your children buy their first-time home. As well we discuss best practices for young people trying to save for that new home. Key points: (00:54): What's happening in the housing market? (02:02): Helping your kids with their first home? (02:19): Which account should that money come from? (04:25): What else are we seeing parents help their kids with? (05:42): Where should your kids be saving? (07:42): How does the new First Home Savings Account work? (10:01): How to make the FHSA work to your advantage

The First Home Savings Account, or FHSA, is a new type of registered plan available to Canadians. This episode we're explaining the ins and outs of the FHSA and how you might be able to take advantage. Kingsley Chak, the Senior Vice President of Deposits, Savings and Investments at Scotiabank, is our guest. He'll also give us a refresher on all those other savings account acronyms you've heard of but might not be 100% clear on. So, you'll come away knowing the ABCs of TFSAs, RRSPs, RESPs and more.      Key moments this episode:   1:00 — What exactly is the First Home Savings account?  1:28 — Why was an account like this created?  1:47 — How much can you contribute to an FHSA? How does it work?  3:20 — Who should consider opening an FHSA?  4:23 — Who can open a FHSA?   4:50 — Could parents or grandparents open an account for a child or grandchild?  5:22 — Some tips on the best way to use the FHSA  5:51— A tip on how the FHSA can work with an RRSP  6:02 — Can a couple or several people pool their own separate FHSAs?  6:50 — When will the FHSA be available?  7:08 — How is the FHSA different from the Home Buyers Plan?  8:04 — A breakdown of investment vehicle acronyms – starting with RRSP  9:25 — What is an RRIF?  9:58 — What is a TFSA?  11:44 — What is an RESP?  13:04 — What is an RDSP?  13:26 — What is an MPSA? 

On today's podcast we're doing a deep dive into the Tax-Free Savings Account, or TFSA for short. Michelle Munro, Director of Tax and Retirement Research breaks down the advantages of a TFSA, explains the tax benefits, and touches on a very important topic of how the TFSA differs and complements other investment options available to Canadians such as the Registered Retirement Savings Plan and the new First-Home Savings Account. Michelle joins host Emily Anonuevo today, and also covers why both young Canadians and those in or nearing retirement should consider a TFSA. We'll also hear about the types of investments someone can hold in a TFSA, as well as key rules you need to be aware of, such as how savings room and limits are calculated, and rules surrounding withdrawing, among other topics. Recorded on June 7, 2023. At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information. For the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics' Advisor Digital Experience Study.

Canada's housing affordability crisis has put the purchase of a home out of reach for many young aspiring homeowners. The government created the first home savings account (FHSA) in response.An FHSA is a vehicle people can use to save for purchasing their first home while receiving a tax deduction on contributions. The money grows tax-free, and you can use it to buy a house without needing to refund the account; unlike the RRSP's Home Buyers' Plan.Keith and Marcelo first spoke about the FHSA when it was announced in June 2022, and today they're coming back with more answers as we head towards the account's rollout. In this episode, Marcelo and Keith talk about what exactly an FHSA is, how it works, who benefits from using them, how it may impact the housing crisis, and so much more!Thank you for listening!Key Topics:The purpose of the first home savings account (FHSA) (3:05)Young Canadians' attitudes toward homeownership (3:53)How the FHSA works (5:38)Parameters for using an FHSA (7:04)The main benefit of using an FHSA (8:24)How the FHSA works alongside a Home Buyers' Plan (HBP) (9:33)Implications of choosing not to buy a home (11:53)The main difference between the FHSA and the HBP (13:52)Primary beneficiaries of the FHSA (15:14)Rising criticisms of the FSHA (17:00)Advice for young investors (19:28)And much more!Mentioned in this Episode:The Empowered Investor | Episode 56: Tax-Free First Home Savings Account (FHSA)Tulett, Matthews & AssociatesKeith Matthews' Book | The Empowered Investor: A Guide to Building Better PortfoliosThanks for Listening!Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112Follow Tulett, Matthews & Associates on social media on LinkedIn, Facebook, and more!Follow The Empowered Investor on Facebook, LinkedIn, and Instagram

Bestselling author Linwood Barclay on The Lie Maker and being a new granddad; Cookbook author Charmaine Broughton on best grandkid brunches; Take 5 With RBC looks at the First Home Savings Account

On May 11, Fidelity Investments Canada hosted FOCUS2023, a daylong event for advisors featuring Fidelity's portfolio managers, subject matter experts and thought leaders. Sessions ran both on-stage in Vancouver to a live audience, and from our Toronto studio for a crowd of thousands more online.  On today's podcast, our retirement and tax experts Peter Bowen and Michelle Munro discuss the new FHSA or First-Home Savings account - the main highlights of the new investment vehicle and how the FHSA could fit in your overall investment strategy.  Buying a home can be a challenge for many first-time home buyers especially in today's environment, but this new registered account allows you to save up to 40-thousand dollars tax-free towards the purchase of your first home.  Peter explains how the FHSA is a powerful investment tool that combines the benefits of an RRSP and TFSA. He says there is no tax on the withdrawal from a FHSA if it's going towards the first purchase of a home and there are other options like transferring FHSA funds into an RRSP or RRIF.  And Michelle addresses common questions about the FHSA such as contribution room and criteria and eligibility of the investment account.  Recorded on May 11, 2023. At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information. For the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics' Advisor Digital Experience Study.

Description:  In this Episode, James Parkyn & François Doyon La Rochelle revisit the basics of the recently launched Tax-Free First Home Savings Account (FHSA) and give their listeners some planning ideas.  They also perpetuate their annual tradition and review of the 15th edition of The Credit Suisse Global Investment Returns Yearbook 2023, Summary Edition.    Read The Script:  INTRODUCTION:  François Doyon La Rochelle:   You're listening to Capital Topics, episode #52!  This is a monthly podcast about passive asset management and financial and tax planning ideas for the long-term investor.   Your hosts for this podcast are James Parkyn and me François Doyon La Rochelle, both portfolio managers with PWL Capital.  In this episode, we will discuss the following points:  For our first topic, we will review and comment on the recently launched Tax-Free First Home Savings Account (FHSA)  And next, for our main topic, we will Review the Credit Suisse Global Investment Returns Yearbook 2023  Enjoy!    In the news: The New FHSA     François Doyon La Rochelle: In our first topic today, we will review and comment on the recently launched Tax-Free First Home Savings Account (FHSA). This is a topic that we covered in episode #45 of this podcast back in October 2022 but since then, as of April 1st, the legislation governing these types of accounts has taken effect, so we thought it was a good time to revisit the basics and give you some planning ideas.  James Parkyn: Yes, for many of our clients and our listeners, this is a hot topic that deserves our attention since it's probably the most significant tax break ever offered to help Canadians save money tax-free for the purchase of their first home.   François Doyon La Rochelle: I totally agree, so let's start and remind our listeners of the basics of how an FHSA works. The first question to ask is, who can open a First Home Savings Account? So, to be able to open an FHSA, you must be a tax resident of Canada aged between 18 and 71. Furthermore, you or your partner cannot have owned a home in the current calendar year or any of the previous 4 calendar years.  James Parkyn: One interesting nuance here to highlight is, although you can only participate once in the program, if you are now renting, but you were a homeowner let's say 6 years ago, you could still qualify as a first-time homeowner and open an account.  François Doyon La Rochelle: Correct, once you have opened your account, you can contribute up to $8,000 per year to a lifetime maximum of $40,000. If you don't contribute the full $8,000 in a given year you can carry forward the unused portions of your contribution room up to a maximum of $8,000. This means that if you contribute less than $8,000 in one year, you can contribute your unused amount in a future year.  For example, if you open an FHSA in 2023 and you only contribute $4,000, in 2024 you would be allowed to contribute $12,000. That is the $8,000 for 2024 and the $4,000 for your unused contribution room for 2023. Also, like with the RRSP, your contributions are tax-deductible, meaning that any amount you put in will be deducted from your taxable income, therefore reducing your income tax.  James Parkyn: An interesting planning strategy here, especially for younger folks that are just starting their careers and that may not be earning a lot of money, is that you don't have to claim a deduction in the tax year you have made your contribution. Your contributed amount can be carried forward and deducted in a later year when your income will be higher. This way you can get a bigger tax deduction for your contribution. For parents wanting to help their adult kids buy their first home, since attribution rules don't apply, they can give money to their kids for their contributions.   François Doyon La Rochelle: Also, contributions to a FHSA doesn't have any impact on your regular RRSP contribution room so, if someone is fortunate enough and has the funds available, he could contribute to both type of accounts and use the tax refund to contribute to their regular TFSA. There is an important caveat however, once you open your FHSA, it can only remain open for up to 15 years or up to the end of the year when the account holder turns 71. At that point, if the funds have not been used to buy a first home, it can be transferred on a tax-free basis to an RRSP or RRIF or it can be withdrawn.  James Parkyn: We would not recommend withdrawing the funds as the amount withdrawn would be added to your income and taxed. This said, since the transfer to an RRSP would not impact, nor would it be limited to someone's RRSP contribution room there is another planning idea here for renters. Lifetime renters that don't intend to ever buy a house and that have maximized their RRSPs could open an FHSA and maximize their contributions to it. This way, since the funds accumulated in an FHSA can be rolled over tax-free to a regular RRSP the renters would effectively be generating an extra $40,000 of RRSP contribution room.  François Doyon La Rochelle: Yes, this is effectively one of the loopholes of this new program. Even then, if you are unsure whether you will be buying a house in the future, there is not much downside in opening an account and making the contributions because in the end if you don't buy a house, you can rollover the funds accumulated tax-free to your RRSP or RRIF. So, if you don't have the funds to make contributions to both the FHSA and the RRSP it would make sense to put money in the FHSA first. Talking about RRSPs, if you were planning to use the funds accumulated in your RRSP to buy your house with the Home Buyers Plan (HBP) you will be happy to hear that you will now be able to use the funds from both types of accounts to purchase your home. As a reminder, at first, when the legislation was introduced, you could not combine both plans.  James Parkyn: This is huge since prospective first-time home buyers could add another $35,000 in down payment.   François Doyon La Rochelle: Yes, this is very interesting, however unlike with the FHSA, the amount withdrawn from your RRSP with the HBP must be repaid within 15 years, starting the second year after the year of the first withdrawal. So, the HBP is essentially only a way to borrow money from your RRSP.  James Parkyn: Correct, in any case, I would recommend anyone to open a FHSA as early as possible to benefit from tax-free compound growth. If you open your account early and you make the maximum contribution each year, you can invest your funds more aggressively since the account can remain open for up to 15 years before you need to cash it out to buy a home or roll it over to your RRSP or RRIF. If you wait too long before opening and contributing to the account, you are giving up on growth since you will need to invest your funds more conservatively.  François Doyon La Rochelle: Yes, investing the maximum early, that is $8,000 per year for the first five years for a total of $40,000 at a 6% annual growth rate could result in approximately $85,000 in 15 years. If you combine this amount with the HBP of $35,000 that's a total of $120,000 in down payment. If you have a partner that has been as diligent as you that's $240,000 that could be available for a down payment.  James Parkyn: Yes, and again whatever your investment goals, the key is to let the magic of compounding work for you.   The sooner you start the better you will end up in the long term.  François Doyon La Rochelle: James, many Early Savers ask themselves when they are starting what should I prioritize? The TFSA, the FHSA, or the RRSP, and for those starting a family we can add the RESP.  What do you recommend for Early Savers who have competing needs for their savings and can't contribute to all of them?  James Parkyn: Great question Francois. The answer to me is likely to do your TFSA first because it has the most flexibility in that there are no tax consequences on funds withdrawn and you can put the amount taken out back in but you have to wait the following tax year. There is going to be a lot of FHSA promotion about the tax deductibility but if for any reason you would need to withdraw the funds it will be fully taxable, and you will not have the option to put the funds back in. So, there is no one size fits all answer. If you are sure of buying a home and have sufficient income to claim the deduction, then the FHSA will be a great option. You could even consider withdrawing from your TFSA and contributing to your FHSA and then using the tax savings to put money back in your TFSA.  François Doyon La Rochelle: Finally, for the moment there is only a handful of financial institutions that are presently offering these types of accounts. When I verified, Questrade, the Royal Bank, and the National Bank were the only ones offering it, but you can be sure that other institutions will follow suit in the coming months.  James Parkyn: Lastly, if you are currently in the process of buying a house since there is no holding period before you can withdraw funds from your FHSA to buy a house, you could technically open an account and make the maximum contribution for the year to get a tax refund and then withdraw the money the following day if needed.  François Doyon La Rochelle:  Yes, that's a good point James, thank you!      Main Topic: Review of The Credit Suisse Global Investment Returns Yearbook 2023 – Summary Edition:     François Doyon La Rochelle: Our Main Topic today is a Review of the 15th edition of The Credit Suisse Global Investment Returns Yearbook 2023 Summary Edition. Our regular Listeners will know we make this an annual tradition. Last year, we put a lot of effort into preparing our Podcast #38 in which we reviewed the 2022 edition of the Credit Suisse Global Investment Returns Yearbook, and we recommend our Listeners to go back and listen to it as the content (The impact of High Inflation on Stocks and Bonds and Update on the benefit of International Diversification) is still very relevant to what is happening in financial markets now.  That being said, James, could you give our Listeners an Intro about the Yearbook and explain its purpose?  James Parkyn: Absolutely, I will quote directly from the Introduction: “The Credit Suisse Global Investment Returns Yearbook documents long-run asset returns over more than a century since 1900. A key purpose of the Yearbook is to help investors understand today's markets through the lens of financial history.” The Yearbook details the returns and risks from investing in equities, bonds, cash, currencies, and factors in 35 countries and five different composite indexes. The Global Investment Returns Yearbook is produced in collaboration with renowned financial historians from the London Business School Professors Elroy Dimson, Paul Marsh, and Mike Staunton who produce the DMS Database.  They are also the co-authors of the book “The Triumph of the Optimists” published in 2003.  François Doyon La Rochelle: Reviewing the Yearbook is an annual must-read for us. I would add that it is also a core part of our Podcast mission to share with our Listeners relevant evidence-based research. OK so now James, I'm going to start today's review by asking you the same two questions as last year. First, why do you as a Portfolio Manager find the Yearbook useful?   James Parkyn: Francois, our discipline, as our regular Listeners know well is to invest with “The Investor Mindset, focused on the long term”.  We don't want to be led astray by short-term noise in the financial media and recent financial market volatility.  This challenge is daunting and applies to all Investors including us Professionals.  We have said it often on our Podcast: “It is simple to say but not easy to do: We must always be cognizant that we can fall into a trap of trying to “Forecast the Future”.  This is why the Yearbook is so useful to us as portfolio managers.  The Yearbook helps put current financial market events into context and compare them to long-term capital market history.  François Doyon La Rochelle: I agree, after all the major economic and geopolitical events of last year, it is crucial to take time out and look at financial market history to appreciate the importance of risk management.    James Parkyn: The 2023 Yearbook, like the ones before it, addresses this topic of why a long-term perspective is needed to understand risk and return in stocks and bonds.  The events of 2022 should have reminded investors to fear complacency.  Larry Swedroe said it well in his article “Lessons from the Markets in 2022. His Lesson #1 for 2022 was: “Just because something hasn't happened doesn't mean it can't or won't.”  François Doyon La Rochelle: Now for my second question to you James: what are the highlights of this year's Report?  James Parkyn: I will share my Five Highlights of this year's Yearbook.  My first highlight is they make the case for the importance of a long-term perspective and with it an appreciation of the laws of risk and return in stocks and bonds. This starts with explaining how even 20 years of data is too short a period to help make asset allocation decisions.    I quote from the Yearbook: “The volatility of markets means that even over long periods, we can still experience “unusual” returns. Consider, for example, an investor at the start of 2000 who looked back at the 10.5% real annualized return on global equities over the previous 20 years and regarded this as “long-run” history, and hence guiding the future. But, over the next decade, our investor would have earned a negative real return on world stocks of −0.6% per annum.”  François Doyon La Rochelle: This is very true and that's why it's so important to be careful about “Recency Bias”. The Yearbook also talks about having a long-term perspective on Bonds. What does it say, James?  James Parkyn: I remind our Listeners that for most Investors Recent bias is based on what happened in the last year.  The Yearbook makes the case for a much longer time frame. So, to answer your question about Bonds I share another quote from the yearbook: “Long periods of history are also needed to understand bond returns. Over the 40 years until end-2021, the world bond index provided an annualized real return of 6.3%, not far below the 7.4% from world equities. “I believe and the Yearbook concurs that extrapolating bond returns of this magnitude into the future would be foolish. The rapport goes on to say: “Those 40 years were a golden age for bonds, just as the 1980s and 1990s were a golden age for equities. In fact, the real return on world bonds in 2022 was −27%.”  François Doyon La Rochelle: It is so difficult if not impossible to forecast and successfully time big market directional shifts. In our last Podcast #51, we addressed the Active vs Passive results in 2022. The worst category out of the 20 was Global Real Estate with a success rate of only 20%, it was slightly surpassed by the corporate bond category with a success rate of 22.6% and by the diversified emerging markets category with a success rate of 23.4%. So, the vast majority of Active Managers missed the boat and performed poorly in these Asset Classes compared with the passive funds.  James Parkyn: Exactly.  My second highlight of the 2023 Yearbook is linked to the first one: “A historical risk premium in equity and bond returns relative to T-bills exists for a reason, that being a necessary payment for the risk of volatility and drawdown.” As our Listeners well know, we have experienced four equity bear markets since 2000 and we need to be paid for such a risk.   François Doyon La Rochelle: This makes total sense when you think that in 2020 with the Pandemic, the world experienced its third bear market in less than 20 years. Markets then staged a remarkable recovery and volatility fell once again. However, in 2022, volatility again rose, and both stocks and bonds fell sharply on inflation and rate hike worries and concerns over the Russia-Ukraine war. This was the fourth bear market since 2000. The Yearbook addresses how portfolio diversification can mitigate such risks.   James Parkyn: Yes, but reaping the benefits of diversification is also a long-term concept and can let you down in the short term. The historically extreme negative returns in 2022 of the classic balanced 60/40 equity/bond allocation are the perfect example.  François Doyon La Rochelle: To me, this point was also made in last year's Report, specifically that the negative correlations between stocks and bonds were not the long-term norm. The Yearbook makes it clear that stocks and Bonds have a historically positive correlation and that the last 20 years of negative correlation before 2022, were not the norm.   James Parkyn: We have addressed this topic a lot in recent Podcasts. Again, Investors must have a Long-Term Mindset.    My third highlight of the 2023 Yearbook is the topic of stagflation.  François Doyon La Rochelle: For our listeners, it might be good to clarify that stagflation is a term from the 70s, and early 80s, which characterizes an economy with low growth, high unemployment, and high inflation.  James Parkyn: The Yearbook warns there is a “growing consensus that conditions will return to normal with low inflation re-established.”  They quote academics Arnott and Shakernia: “A keener look at history would highlight how rare this happens”.  They state this would in their view be a “best quintile” outcome with the “worst quintile” being inflation persistence for a decade.  François Doyon La Rochelle: To me, this point is about forecasting the future or trying to guess “the markets' prevailing psyche.”  James Parkyn: Agreed, but the Yearbook makes the case that inflation and interest rates may not come down as fast as expected based on the very long-term perspective of the data in the DMS Database. My fourth highlight is when they tackle the big question: “What does it mean to be an Inflation hedge?” For instance, most Investors believe that Equities are a hedge against Inflation. The Yearbook provides extensive evidence that stocks, as well as bonds, tend to perform poorly when inflation is higher. It also makes the point that both stocks and bonds perform worse during hiking cycles.   François Doyon La Rochelle: Stocks are not, as is often claimed, the best hedge against inflation. The Yearbook makes a great case that “returns deteriorate for both” stocks and bonds as inflation rises. The Yearbook also makes the case that “Equities performed especially well in real terms when inflation was low.” In periods of deflation stocks actually “produced lower returns than on government bonds.” We discussed this in last year's Podcast #38.  James Parkyn: Yes, we did, and the 2023 Yearbook makes the point very clearly again this year about the long-run evidence on equity returns.  I quote: “While equities have enjoyed excellent long-run returns, they are not and never have been the hedge against inflation that many observers have suggested.  Despite this, it is widely believed that stocks must be a good hedge against inflation to the extent that they have had long-run returns that were ahead of inflation. However, their high ex-post (after the fact) return is better explained as a large equity risk premium.  The key nuance is that: “It is important to distinguish between beating inflation and hedging against inflation.”  François Doyon La Rochelle: Financial Market returns in 2022 proved the point. Stocks went down in a year of high inflation. The Yearbook makes the case that “Most finance professionals are too young to remember high inflation, bond bear markets, and years when stocks and bonds declined sharply together.”   James Parkyn: The Yearbook provides the long-run analysis needed to place the events of 2022 in context. Now I will share my fifth and final highlight when the Yearbook tackles the topic of Commodities as an asset class and the benefit of holding it in periods of inflation.  François Doyon La Rochelle: We hear a lot of noise about investing in Commodities as an Inflation Hedge and the fact that they are not correlated to Equities and Bonds. What does it say about the role that commodities play as an asset class? Do they offer a hedge against inflation that equities do not?   James Parkyn: To answer your question, I will quote from the Yearbook: “A key conclusion to take away, and highly pertinent today as 60/40 equity/bond strategies have let investors down, is that commodity futures do prove a “diversifier” from an asset allocation perspective, being negatively correlated with bonds, lowly correlated with equities and statistically a hedge against inflation itself.”  They go on to say that: “The problem is that the limited size of the asset class cannot solve all the asset allocator's prevailing inflation-induced dilemmas.”  So, it's nice in theory but not realistically investable for both Institutional and Retail Investors.  François Doyon La Rochelle: James, you refer here to commodity futures but it's also interesting to raise that the Yearbook also looked at direct investing in commodities.  James Parkyn: The Yearbook finding is that direct investing in Commodities does not provide a hedge against Inflation. I Quote “We find investing in individual commodities have themselves yielded very low long returns.   François Doyon La Rochelle: There is more in the Yearbook that is significant: As we point out to our Listeners regularly on our Podcast, history can provide clues to the future, so we should be cautious about any forecasts.   James Parkyn: Yes, the Yearbook results are long-term averages spanning many different economic conditions. As discussed at the beginning of this podcast, this is because stocks and bonds are volatile, with major variations in year-to-year returns. We need a very long time series to support inferences about investment returns. The Credit Suisse report shows us that even 20 years is often not long enough.  François Doyon La Rochelle: So, James, to wrap things up, given the insights from this Yearbook, and given the backdrop of higher rates and high but slowly declining inflation, how should investors be thinking about their portfolios today?  James Parkyn: François, I think it's appropriate to repeat our Conclusion from Podcast #38 when we covered the 2022 Credit Suisse Yearbook. I think it's also important to remember that rising rates and high inflation are just two risk factors that investors face.  Equity investors have experienced periods when safe assets, for example, bonds and cash, have been good counterweights to the volatility of stocks. Remember, there are many different risks that you are trying to defend against.  There will be times when bonds will be really helpful. I recommend that our listeners always consider their long-term goals, their risk profile, their ability to take risks, and their time horizon. In addition, they should consider the decumulation plan of their portfolios. All these elements should be considered when thinking about the structure of their portfolios.  François Doyon La Rochelle: In conclusion, I quote from the Yearbook: “Bad years happen and, when they do, it is consoling to remind ourselves of the long-run record from global investing. For investors in risky assets, especially equities, the long-run record truly does represent the triumph of the optimists.” James Parkyn: That is a great quote Francois and hopefully, our Listeners will take inspiration from it. On another note, we hope the recent merger of UBS with Credit Suisse into a mega bank will mean that the tradition will continue, and we will see a 2024 edition.    Conclusion:     François Doyon La Rochelle: Thank you, James Parkyn for sharing your expertise and your knowledge.   James Parkyn: You are welcome, Francois.  François Doyon La Rochelle: That's it for episode #52 of Capital Topics!  Do not forget, if you would like to submit questions or suggestions for the show, please email us at:capitaltopics@pwlcapital.com  Also, if you like our podcast, please share it when with family and friends and if you have not subscribed to it, please do.  Again, thank you for tuning in and please join us for our next episode to be released on June 8th.     See you soon!    Links: - Episode 51: Update on Active Vs. Passive & Global Banking Solvency — Capital Topics  by James Parkyn & François Doyon La Rochelle  - Episode 45: Bond Investing A New Landscape — Capital Topics by James Parkyn & François Doyon La Rochelle  - Episode 38: Review of the Credit Suisse 2022 Global Investment Returns Yearbook — Capital Topics by James Parkyn & François Doyon La Rochelle  - First Home Savings Account (FHSA) - Canada.ca by Government of Canada  - Global Investment Returns Yearbook 2023 – Credit Suisse (credit-suisse.com) by Credit Suisse  - Triumph of the Optimists: 101 Years of Global Investment Returns: Dimson, Elroy, Marsh, Paul, Staunton, Mike: 8601416069784: Books - Amazon.ca by Elroy Dimson, Paul Marsh & Mike Staunton 

It's my pleasure to host Stefan Scott, a fee-for-service (flat-fee) Financial Planner. He is a valued voice on the Physician Financial Independence Facebook group & is exceptionally well versed on the First Home Savings Account (FHSA).Discussion points:- Stefan's background (6:42)- FHSA overview (9:10)- Eligibility, definition of first time home buyer (10:27) - How long can an account stay open for? (12:54)- Carrying forward contributions, over contribution penalties (13:36)- Tax deductions (15:26)- Transfers from FHSA to RRSP & vice versa (17:08) - Are home furnishings eligible? (19:25)- Spousal transfers (21:31)- the right way to make transfers (22:24)- FHSA types, eligible investments, investment strategies (23:40) - Foreign withholding tax exempt? (28:28)- Strategies if you don't buy a home (29:37) - FHSA vs RRSP Home Buyer's plan (33:19) - What happens to FHSA at death? (36:06)- Qualified withdrawals & withdrawal guidelines (37:44)- Closing thoughts on FHSA and beyond (42:40)Stefan Scott:HouseCallsFP@gmail.comhttps://www.youtube.com/watch?v=s_f78sa5vVk&t=15sYatin Chadha:https://www.linkedin.com/in/yatin-chadha-29074b109/beyondmdpodcast.combeyondmdpodcast@gmail.comhttps://www.youtube.com/watch?v=Rd90dJueAcgDEFINITIVE CRA WEBSITE on FHSA:https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html

TFSA… RRSP… There are already so many acronyms for Canadian investing accounts, but here comes one more, the FHSA. In this episode I explain everything you need to know about the new First Home Savings Account and how you can work towards your goal of owning real estate. Here's more of what I get into: 1:20 - Life Update - Bachelorette Outfit Hacks9:27 - What is the FHSA?13:42 - FHSA vs. TFSA vs. RRSP18:40 - Contribution Limits20:53 - What Can I Invest in?✩ CONNECT WITH ME: ✩Instagram: @missfindependentTikTok: @nikafarbLearn more at missfindependent.comFor contact or business inquiries: media@missfindependent.com

Seas 5: EP: 220 (April 8 show) Canada's New First Home Savings Account has Arrived & MARCH Fraser Valley Statistics are in!Let's connect.✅ Personal website: https://www.michelecummins.ca✅ Instagram: https://www.instagram.com/michelecumminsrealtor/✅ Facebook: https://www.facebook.com/FraserValleyRealty/✅ Twitter: https://twitter.com/CumminsRealtor✅ TikTok: https://www.tiktok.com/@michelecumminsrealtorMichele Cummins Cell: 778-885-4659Email: mcummins@remax.net

What do you get when you cross a TFSA with an RRSP and use it to save for your first home?  The First Home Savings Account – A unique new investment account that we are excited to share with you. This is the multitool of savings vessels and offers the non-taxable withdraw of a TFSA with the Tax deduction of an RRSP. You can contribute up to $8,000 a year with a lifetime maximum of $40,000. This plan is designed to be used as a down payment on your first home. If for some reason you decide against buying a home with it, it rolls into a RRSP or RRIF. Ben talks about this product on the podcast today, where he gets into the nitty-gritty details that you should know.  

This week Brianna sits down with Madison Low, an Advisor in Muskoka, Ontario.We chat about:Everything FHSA- First Home Savings Account (at 13:00)How to choose an advisor who is aligned with you and your goalsPlanning your first purchase and how best to leverage the skills of your financial dream team!Why you should ask your advisor (and your mortgage agent) about their compensation model.How an advisor can help you protect your investments, your family and of course, your first home with an appropriate insurance approach.Grab your notebooks! Lots of info here for you first time homebuyers More information about the FHSA available here:https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.htmlWant to access the FHSA right now? Check it out here:At Questradehttps://www.questrade.com/account-selectionAt National Bankhttps://www.nbc.ca/personal/savings-investments/fhsa.htmlWant to learn more about Madison? Connect with Madison:On Instagramhttps://www.instagram.com/mlowfinancial/LinkedInhttps://www.linkedin.com/in/madison-low-a42ab849/?originalSubdomain=caorVisit her websitehttps://advisor.sunlife.ca/madison.low/ Curious about Rotaract Muskoka? Check us out!:https://www.rotaractmuskoka.com/https://www.instagram.com/rotaractmuskoka/

The FHSA is a savings account created to assist Canadian first-time home buyers in saving for a down payment and achieving the objective of owning a home without being taxed. Learn today from Milton realtors Adrian and Ariel how to get the best out of this great money-saving program from the Government of Canada and why you should open an account as soon as possible! ************************ 0:16 – Intro 3:36 – Contribute up to $40,000 tax-free to your FHSA 6:55 – Be mindful of how you spend your savings fund 8:55 – You don't have to repay your FHSA 11:50 – People are trained to spend money 15:35 – It's easier to make money in this day and age 18:04 – Outro/recap ************************ Want more real estate podcast discussions? Watch it here: youtu.be/uLhNb8fdHt4 Listen to it here: http://www.soundcloud.com/ktrealty Catch clips and highlights of the show here: http://www.instagram.com/kormendytrott ************************ Our Social: Instagram: www.instagram.com/kormendytrott
 YouTube: www.youtube.com/user/kormendytrott
 Facebook: www.facebook.com/kormendytrott 
Twitter: www.twitter.com/KormendyTrott Soundcloud:http://www.soundcloud.com/ktrealty 
LinkedIn: www.tiktok.com/@kormendytrott?lang=en 
Pinterest: www.pinterest.ca/KormendyTrott 
TikTok: ************************ After successful careers in the automotive industry, entrepreneurs Ariel Kormendy and Adrian Trott decided to inject their passion for growing a brand and providing unrivalled service into the real estate industry. Kicking off their careers in 2011, they quickly became a top-performing team in Canada. Originally a team of two real estate agents in Milton, The KT Team quickly grew to a large team of exceptional REALTORS®, an administrative department and an in-house media department, taking their proven processes and unique services across most of the Golden Horseshoe. Follow them on social for behind-the-scenes footage, real estate tips, industry secrets and more.

Today we put the spotlight on the new First Home Savings Account - a new investment vehicle for Canadians looking to purchase their first-time home. Buying a home can be a challenge for many first-time home buyers especially in today's environment, but this new registered account allows you to save up to 40-thousand dollars tax-free towards the purchase of your first home. Host Kathryn Black sits down with Fidelity Canada's tax and retirement experts Peter Bowen and Michelle Munro to talk about what criteria and eligibility is involved in the FHSA. They also lay out different scenarios and investment strategies to consider when looking at the FHSA and how it could be used alongside other investment vehicles like a TFSA and RRSP. Recorded on April 11, 2023. At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information. For the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics' Advisor Digital Experience Study.

In this edition of the Golfi Real Estate Show, Hamilton Edition, Rob Golfi from RE/MAX The Golfi Team explains why the local market is beginning to warm up. There is some new optimism in the real estate sector, plus, find out all about the new First Home Savings Account. And find out why millionaires in the U.S. invest in real estate.

Hot off the presses, the First Home Savings Account is a new account type that will help Canadians build a tax free down payment on their first home.  However, it is much more valuable than that and Aaron Hector walks us through all of the details and how to maximize the value of this new account.Follow Aaron Hector on Twitter to keep up with more of his expert insight on finances for Canadians.Calculate Your Net Worth With The Full Financial Picture SpreadsheetStart the Find Your Focus Scorecard Now!Receive the Fully Invested Newsletter by signing up hereCONNECT WITH EVAN

We have portfolio manager Kevin Burkett join us to take us through how the new tax-free first home savings account that was just announced by the Canadian government. Connect with LinkedIn with Kevin, Burket Asset Management and Burkett & Co. Chartered Professional Accountants.

International Guide Dog Day is coming up. New Brunswick Community Reporter, Marisa Hersey-Misner tells us about an event taking place with the CNIB (0:00). What are some of the features of a First Home Savings Account? Certified Financial Planner, Ryan Chin lets us know (11:00). We chat with multitalented musician Jugpreet Bajwa about his music career (25:40).

A new account to help Canadians save for their first home. Portfolio manager Kevin Burkett is here to take us through the tax-free first home savings account. And, why some Canadians are relying on private mortgages to finance their homes. Mortgage broker Frances Hinojosa shares some of her concerns. Then, how to avoid auto insurance fraud. Matt Hands, Ratehub.ca's VP of Insurance, tells us about the warning signs. Plus, helping immigrants find their financial footing.  BMO partners with and Immigration.ca. Sumit Sarkar tells us about it. To find out more about the guests check out: Sumit Sarkar: LinkedIn BMO: com | Twitter Frances Hinojosa: Instagram | Twitter Tribe Financial Group: com | Instagram | Twitter | Facebook Matt Hands: ca | Twitter | Facebook Kevin Burkett: LinkedIn Burket Asset Management: LinkedIn Burkett & Co. Chartered Professional Accountants: LinkedIn Bruce Sellery is a personal finance expert and best-selling author. As the founder of Moolala and the CEO of Credit Canada, Bruce is on a mission to help you get a better handle on your money so you can live the life you want. High energy & low B.S., this is Moolala: Money Made Simple. Find Bruce Sellery at Moolala.ca | Twitter | Facebook | LinkedIn

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  

The Canadian government just announced a new Tax-Free First Home Savings Account (FHSA), which will launch on April 1, 2023. This new account gives first-time home buyers the ability to save $40,000 tax-free to put towards their first home. But don't we already have this program through RRSPs First Time Home Buyers Plan? And what about Tax-Free Savings Accounts (TFSA)? How do these savings vehicles differ? That's the discussion on today's podcast, with guest Ted Michalos. Doug and Ted also discuss what happens to money in these accounts when you file a consumer proposal or bankruptcy and whether you should first pay down debt or invest. Tune in for lots of practical advice! Helpful Links: Design of the First Home Savings Account: https://www.canada.ca/en/department-finance/news/2022/08/design-of-the-tax-free-first-home-savings-account.html Ottawa's New Tax-Free Home Savings Account is Coming – What To Know: https://www.jamiegolombek.com/articledetail.php?article_id=1998 Should You Pay Down Debt or Invest in RRSP: https://www.hoyes.com/blog/pay-down-debt-or-invest-in-rrsp/ Should I Use My RRSP to Pay Off Debt? https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

Whether you or someone you know is planning to buy a new home, or if owning your own home is a dream of yours down the road, the first home savings account or an FHSA, allows you to save up to $40,000 tax-free towards the purchase of your first home. The Federal government recently announced this new tax-free account for first-time homebuyers. To tell us all about this new initiative is David Daladouire, Director of Operations in Client Services. David discusses with host Emily Anonuevo the details of an FHSA and how it can help investors save for their first home. He also breaks down the nitty-gritty details of an account, such as the tax benefits of signing up and how long you can keep your account… which is longer than you might think! Recorded on March 2nd, 2023. Boost your down payment! You could win $8,000 and put it toward your first home. Learn more and enter here: https://go.fidelity.ca/FHSA-Contest At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information. For the second year in a row, FidelityConnects by Fidelity Investments Canada was ranked the #1 podcast by Canadian financial advisors in the 2022 Environics' Advisor Digital Experience Study.

On the first hour of NOW with Dave Brown: Mary Mammoliti discusses how as cities change they can lose their unique food personalities (15:09), Ryan Chin breaks down the First Home Savings Account (27:09) and Community Reporter Nathan Clement highlights three events taking place in the Vancouver area, including CelticFest (40:36).

Struggling to save for a first home in Canada? The Federal Government has introduced the First Home Savings Account (FHSA) – but what is it and how does it work? In this episode of the WealthSmarts podcast, Richard and Matt discuss the FHSA and answer some of the key questions you need to know. Some of the questions covered include: whom this is for, when someone can start using one, any restrictions or qualifiers as well as important considerations. Be informed on all that this new account offers so you can understand its many benefits - like tax savings! Don't miss out on learning more about this great tool so you and your friends and family that qualify can be steps closer to owning a first home. Tune in now to our latest podcast episode featuring Richard & Matt share their thoughts and opinions on the FHSA account!

Thanks to all of you for listening in 2022! This year end episode covers a few things you need to know going into the new year related to TFSAs, CPP, tax bracket changes and the upcoming First Home Savings Account.CONNECT WITH EVAN

We chat with Nelson Soh, CPA, CA, co-founder of FSQ Consulting, about the Tax-Free First Home Savings Account that's expected to launch in 2023 and other considerations that potential homebuyers should consider as we head into 2023. 

Looking for a tax deductible down payment for your home?John Spencer, Certified Financial Planner with Investment Planning Counsel is on the show today. John shares with us the details behind the new Tax-Free First Home Savings Account or TFFHSA that is planned to be launched in 2023. Start building your Financial Life Plan today by visiting: www.stonecitywealth.comResources Mentionedplanyourwealth.ca - John Spencer's websiteInstagram - Adam Jenkins InstagramFacebook - Adam Jenkins FacebookLinkedIn - Adam Jenkins LinkedInTwitter -  Adam Jenkins TwitterStonecitywealth.com - Sponsor

Across Canada, increasing housing prices have made home ownership unaffordable for many. Today we're talking about the recent announcement by the federal government to help more Canadians get into the housing market: the new Tax-Free First Home Savings Account (FHSA) set to be implemented in 2023. The FHSA is the latest in a long list of investment and savings accounts available to Canadians for saving towards home ownership and retirement goals. At its core, this plan attempts to supercharge a young person's ability to save for a down payment.  In this episode, Marcelo and Keith review why the government is putting the FHSA in place, who can benefit from it, how it works, changes that the government might make before finalizing the FHSA, how it differs from the Home Buyers' Plan (HBP), and more! Thank you for listening! Key Topics: Introducing the FHSA (1:15) Why the FHSA was created (2:48) How the FHSA works (4:13) Tax implications of your FHSA (5:58) Details of the FHSA that are still under review (8:00) Key differences between the FHSA and the Home Buyers' Plan (HBP) (11:51) Who will benefit the most from the FHSA? (13:18) How young people should be thinking about saving for their future (14:38) The ongoing problem with the supply side of the housing market (17:03) Our takeaways on the impact of FHSA's on the Canadian housing problem (19:27) Thanks for Listening! Be sure to subscribe on https://podcasts.apple.com/us/podcast/the-empowered-investor/id1508663970 (Apple), https://podcasts.google.com/?feed=aHR0cHM6Ly9mZWVkcy5jYXB0aXZhdGUuZm0vdGhlLWVtcG93ZXJlZC1pbnZlc3Rvci8 (Google), https://open.spotify.com/show/1mBnYMtqkbGqP2xyEThAUc (Spotify), or wherever you get your podcasts. And feel free to drop us a line at lawrence@tma-invest.com or 514-695-0096 ext.112 Follow Tulett, Matthews & Associates on social media on https://www.linkedin.com/company/tulett-matthews-&-associates-inc/ (LinkedIn), https://www.facebook.com/TulettMatthewsAssociates/ (Facebook), and more! Follow The Empowered Investor on https://www.facebook.com/theempoweredinvestor/ (Facebook), https://www.linkedin.com/company/theempoweredinvestor/ (LinkedIn), and https://www.instagram.com/theempoweredinvestor/ (Instagram)

As seen in the 2023 federal government budget, we share the deets! Welcome to the home of all things Toronto Real Estate. Renee Sylvestre-Williams is a finance and business writer. In her more than 15 years of journalism, her work has been published in the Globe and Mail, Flare, Canadian Living, MoneySense, Wealthsimple and Forbes. She also publishes a biweekly newsletter, The Budgette, where she provides financial education for single earners. (https://budgette.substack.com/) Receive GTA Off-Market Deals & Passive Small to Mid-Size Apartments Deals Across Canada Right Now! Click Here to Sign Up absolutely FREE: https://pages.watsonestates.ca/ How to reach Renee Sylvestre-Williams: renee.sylvestrewilliams@gmail.com Instagram = https://www.instagram.com/thebudgetteofficial/ This podcast has GTA market updates and investing tips for new and experienced investors. Bradley is the founder of Watson Estates, investor and real estate broker in Canada's greatest city. This isn't advice, just our honest analysis of the market. To connect with us visit www.linktr.ee/WatsonEstates Yours in Real Estate, Bradley Watson Broker at Sutton Group - Summit Realty Inc., Brokerage. Phone: 647-206-9554 Email: bradley@watsonestates.ca

“Tax-Free First Home Savings Account ("FHSA")” - Money Monday with Shawna McCrea of Balance Financial The FHSA is a proposed registered savings account that will allow individuals to make deductible contributions of up to $8,000 annually to a maximum of $40,000 for the purpose of purchasing their first home. Intended to help individuals save for their first home. Available starting in 2023. Contributions to the FHSA would be deductible from income and can come from existing RSPs Qualifying withdrawals for a first home purchase would not be taxable. - Income earned in the account would not be taxable. Tax Free Going In Tax Free Coming Out If you don't buy a home within 15 years, you've got to close the account And then, you can transfer what's left into an RRSP or Registered Retirement Income Fund (RRIF), or pay taxes on it MY CHALLENGE to you is to let people know about the FHSA Wishing you Financial Health | Know your numbers Having my own practice I get to put clients before shareholders First phone consultation is COMPLIMENTARY #InspiringFinancialHealth #FinancialPlanning #CashWealthRiskLegacy

“Tax-Free First Home Savings Account ("FHSA")” - Money Monday with Shawna McCrea of Balance Financial The FHSA is a proposed registered savings account that will allow individuals to make deductible contributions of up to $8,000 annually to a maximum of $40,000 for the purpose of purchasing their first home. Intended to help individuals save for their first home. Available starting in 2023. Contributions to the FHSA would be deductible from income and can come from existing RSPs Qualifying withdrawals for a first home purchase would not be taxable. - Income earned in the account would not be taxable. Tax Free Going In Tax Free Coming Out If you don't buy a home within 15 years, you've got to close the account And then, you can transfer what's left into an RRSP or Registered Retirement Income Fund (RRIF), or pay taxes on it MY CHALLENGE to you is to let people know about the FHSA Wishing you Financial Health | Know your numbers Having my own practice I get to put clients before shareholders First phone consultation is COMPLIMENTARY #InspiringFinancialHealth #FinancialPlanning #CashWealthRiskLegacy

Greg goes deep in this episode as he talks about the things you realize once you reach success, and what it means to be the master of your fate. He also talks about why it's a terrible thing to pay for a car with a line of credit. Money Mike joins Greg to talk about the First Home Savings Account, the Anti-Flipping Tax and other issues regarding your money! And of course, Greg talks politics and takes your calls in the Hour of The Grievances!