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FHSA contributions might look simple… but there are a few rules that can make a BIG difference 👇
Let’s talk about the contribution limit first!
💰 $8,000/year contribution limit
📈 Carry forward unused room (up to $16,000/year max), starting once the account is opened
🏡 $40,000 lifetime total
🔥 Tax deductions means a potential refund
BUT ⚠️ Overcontribute and you’ll get hit with a 1% monthly penalty.
This account is one of the BEST tools Canadians have for buying their first home…
if you use it properly.
Follow along for a few other key parameters you need to know about the FHSA… including a few you might not know about!
👉 Are you maxing your FHSA this year?
#FHSA #FirstTimeHomeBuyer #PersonalFinanceCanada #WealthBuilding #MoneyTips #CanadianFinance
Let’s talk about the contribution limit first!
💰 $8,000/year contribution limit
📈 Carry forward unused room (up to $16,000/year max), starting once the account is opened
🏡 $40,000 lifetime total
🔥 Tax deductions means a potential refund
BUT ⚠️ Overcontribute and you’ll get hit with a 1% monthly penalty.
This account is one of the BEST tools Canadians have for buying their first home…
if you use it properly.
Follow along for a few other key parameters you need to know about the FHSA… including a few you might not know about!
👉 Are you maxing your FHSA this year?
#FHSA #FirstTimeHomeBuyer #PersonalFinanceCanada #WealthBuilding #MoneyTips #CanadianFinance
Watch video
Thinking 🤔 about buying your first home in Canada?
You’ll want to know about the First Home Savings Account (FHSA) 🏡
It’s one of the most powerful tools available for first-time buyers because it combines some of the best features of an RRSP and a TFSA:
✔️ Contributions can reduce your taxable income.
✔️ Investments grow tax-free.
✔️ Withdrawals for a qualifying first home are tax-free.
✔️ Transfer to an RRSP if not used, with no penalties.
You can contribute up to $8,000 per year with a $40,000 lifetime limit. 💪🏼 That room starts accumulating the year you open the account.
And if you’re buying with a partner, you can both open one ☝🏼
That means potentially $80,000 saved toward a down payment, plus years of tax-free growth.
If buying a home is on your radar, the FHSA is definitely worth understanding 😀
💬 Did you already open an FHSA?
#FHSA #FirstTimeHomeBuyer #CanadianFinance #MoneyTipsCanada #WealthBuilding #MuskokaSmallBusiness
You’ll want to know about the First Home Savings Account (FHSA) 🏡
It’s one of the most powerful tools available for first-time buyers because it combines some of the best features of an RRSP and a TFSA:
✔️ Contributions can reduce your taxable income.
✔️ Investments grow tax-free.
✔️ Withdrawals for a qualifying first home are tax-free.
✔️ Transfer to an RRSP if not used, with no penalties.
You can contribute up to $8,000 per year with a $40,000 lifetime limit. 💪🏼 That room starts accumulating the year you open the account.
And if you’re buying with a partner, you can both open one ☝🏼
That means potentially $80,000 saved toward a down payment, plus years of tax-free growth.
If buying a home is on your radar, the FHSA is definitely worth understanding 😀
💬 Did you already open an FHSA?
#FHSA #FirstTimeHomeBuyer #CanadianFinance #MoneyTipsCanada #WealthBuilding #MuskokaSmallBusiness
Watch video
Most Canadians know their TFSA grows tax-free… 🤔 but very few know how important one small designation can be when it comes to their spouse.
If you’re married or common-law, listing your spouse as a successor holder instead of just a beneficiary can make a big difference.
✔️ The account can continue as a TFSA
✔️ Investments stay invested
✔️ Tax-free growth continues
✔️ Less paperwork and fewer delays
It’s a tiny detail that could make things much simpler for your spouse one day.
💡 A quick beneficiary check today could save a lot of stress later.
👉🏼 Have you ever checked who’s listed on your TFSA? Now’s the time!
#TFSA #CanadianFinance #WealthBuilding #PersonalFinanceCan
If you’re married or common-law, listing your spouse as a successor holder instead of just a beneficiary can make a big difference.
✔️ The account can continue as a TFSA
✔️ Investments stay invested
✔️ Tax-free growth continues
✔️ Less paperwork and fewer delays
It’s a tiny detail that could make things much simpler for your spouse one day.
💡 A quick beneficiary check today could save a lot of stress later.
👉🏼 Have you ever checked who’s listed on your TFSA? Now’s the time!
#TFSA #CanadianFinance #WealthBuilding #PersonalFinanceCan
Watch video
Just because it’s called a Tax-Free Savings Account… 🤔 doesn’t mean it should be used like a savings account.
A TFSA is actually designed to hold investments! Not just cash.
Why does that matter? 💭
$100,000 in cash earning 2% for 20 years
= $148,595 in a high-interest TFSA.
$100,000 invested earning 7% for 20 years
= $386,968 in a market based TFSA.
That’s a difference of $238,373 — completely tax-free.
Inside a TFSA you can hold:
• ETFs
• Stocks
• Mutual funds
• Bonds
• GICs
• Segregated funds
Yes, cash is allowed… 👌🏼 but using a TFSA like a bank account can mean missing out on the power of tax-free growth long-term.
Your TFSA investment holdings should match your risk tolerance, goals, and timeline. 📈 But for long-term goals, growth really does matter, and the TFSA is a tool you may want to consider as more than just a savings account.
Follow for TFSA Rule 3️⃣!
(Missed Rule #1? Go back one video.)
A TFSA is actually designed to hold investments! Not just cash.
Why does that matter? 💭
$100,000 in cash earning 2% for 20 years
= $148,595 in a high-interest TFSA.
$100,000 invested earning 7% for 20 years
= $386,968 in a market based TFSA.
That’s a difference of $238,373 — completely tax-free.
Inside a TFSA you can hold:
• ETFs
• Stocks
• Mutual funds
• Bonds
• GICs
• Segregated funds
Yes, cash is allowed… 👌🏼 but using a TFSA like a bank account can mean missing out on the power of tax-free growth long-term.
Your TFSA investment holdings should match your risk tolerance, goals, and timeline. 📈 But for long-term goals, growth really does matter, and the TFSA is a tool you may want to consider as more than just a savings account.
Follow for TFSA Rule 3️⃣!
(Missed Rule #1? Go back one video.)
Watch video
Did you know that a one-day TFSA mistake 🤔 could cost you a full year of tax-free growth?
If you’re planning a withdrawal and it’s near year-end, timing matters ⏰
Withdraw Dec 31 → recontribute Jan 1
Withdraw Jan 1 → wait until the following year
Same withdrawal. 🗓️A 365-day difference in opportunity.
Follow for Rule #2 and #3 that every TFSA holder should know. 👀
#TFSA #CanadianFinance #MoneyEducation #InvestSmart #WealthStrategy #FinancialLiteracy
If you’re planning a withdrawal and it’s near year-end, timing matters ⏰
Withdraw Dec 31 → recontribute Jan 1
Withdraw Jan 1 → wait until the following year
Same withdrawal. 🗓️A 365-day difference in opportunity.
Follow for Rule #2 and #3 that every TFSA holder should know. 👀
#TFSA #CanadianFinance #MoneyEducation #InvestSmart #WealthStrategy #FinancialLiteracy
Watch video
Got travel plans? Don’t forget health insurance
Six weeks of gentle health warnings on a recent vacation have convinced me to buy supplementary health insurance.
Critical illness insurance calculator
Sun Life can help you build and protect your savings with investment products, life insurance, health insurance, and financial advice.
Retirement savings calculator
Sun Life can help you build and protect your savings with investment products, life insurance, health insurance, and financial advice.
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