Quote (SBD @ Apr 28 2023 09:37am)
To my Canadians, you can now open a First Time Homeowners Savings Account (FTHSA). Takes about 2 minutes online, max contribution 8K per year up to 40K total (hopefully this maximum increases in the future). Its tax-deductible like a RRSP at year-end. If you don't utilize it within 15 years for a home purchase it rolls into your RRSP WITHOUT consuming any RRSP room, so a free RRSP bump where it can continue to grow tax-free until withdrawn, presumably in retirement when you're in a lower income tax bracket.
While the name suggests its a "savings" account that's just the name, you can open a Direct Investing FTHSA and invest in equities like any other Direct Investing Account.
can be done even if you just bought a house?? lol