Registered savings accounts can help you buy your first home, prepare for retirement and support your family's future. I'll help you understand how each one works and which fits your goals.
Each account has its own tax benefits and rules. Here's the simple version.
Your savings grow tax-free, and you can withdraw any time without paying tax. A flexible choice for emergencies, big purchases or long-term goals.
Made for first-time home buyers. Contributions lower your taxes, and qualifying withdrawals to buy your first home are tax-free.
Save for retirement and lower your taxes today. Your savings grow tax-deferred until you withdraw them, usually in retirement.
Save for your children's education, with government grants added to your contributions.
Contribution limits and rules are set by the Canada Revenue Agency and can change. Check your contribution room in your CRA My Account.
Using an FHSA and the RRSP Home Buyers' Plan together can make a real difference to your down payment. As your mortgage broker, I can help you plan both at the same time.
A first home, retirement, your children's education, or all three.
I explain which accounts fit, how they work and what to expect, in plain language.
We set up your plan and review it together as your life and goals change.
It depends on your income today, what you expect in retirement and what you're saving for. Many people use both. We can look at your situation together.
Yes. If you qualify as a first-time home buyer, you can use both for the same home purchase.
You can start small. What matters most is starting and staying consistent.
Yes. As a newcomer, you start building TFSA room from the year you become a Canadian resident and are at least 18. I came to Canada as a newcomer too, and I'm happy to explain how it works.
Book a free 30-minute discovery call. No cost, no pressure.
Investment products are offered through Greatway Financial. [Product details and licence information pending Greatway approval.]