{"id":1048,"date":"2024-02-28T00:38:37","date_gmt":"2024-02-28T00:38:37","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/?p=1048"},"modified":"2024-02-28T00:40:55","modified_gmt":"2024-02-28T00:40:55","slug":"the-tfsa-vs-the-fhsa","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/2024\/02\/28\/the-tfsa-vs-the-fhsa\/","title":{"rendered":"The TFSA vs the FHSA"},"content":{"rendered":"<p>There are a lot of acronyms in my industry, and I\u2019m the first one to admit that they can be extremely confusing. Today, I want to break down a few of them that I have been recently talking about on my <a href=\"https:\/\/www.instagram.com\/wealthwithjulie\/\">Wealth With Julie Instagram<\/a>, because they\u2019re crucial accounts that are great to know about in helping you build your wealth.\u00a0 Introducing the TFSA and the FHSA.<\/p>\n<h2><span style=\"font-size: 12pt;\"><strong>TFSA<\/strong><\/span><\/h2>\n<p>First up, we have the TFSA, also known as the Tax-Free Savings Account. You can read all about the TFSA on the Government of Canada\u2019s <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/publications\/rc4466\/tax-free-savings-account-tfsa-guide-individuals.html\">website<\/a>, but here are some facts broken down for you:<\/p>\n<ul>\n<li>It was introduced in 2009 by the Canadian Government<\/li>\n<li>This helps Canadians 18 years and older set aside money for the future, throughout their lifetime<\/li>\n<li>This is not taxed by the government<\/li>\n<li>The amount of money that you can deposit is called your \u201ccontribution room\u201d &#8211; and this changes for each year<\/li>\n<li>Even if you didn\u2019t have a TFSA, you have accrued contribution room for each year if you were 18+ in 2009 and a resident of Canada<\/li>\n<li>The contribution limit for 2024 is $7,000<\/li>\n<li>Since its inception, the lifetime contribution amount is $95,000 for those who have never opened an account and <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/publications\/rc4466\/tax-free-savings-account-tfsa-guide-individuals.html#contributions\">qualify under the requirements<\/a> listed by CRA.<\/li>\n<\/ul>\n<h2><span style=\"font-size: 12pt;\"><strong>FHSA<\/strong><\/span><\/h2>\n<p>Next, we have the FHSA, or First Home Savings Account, a new account opened by the Government of Canada in late 2023. This is a registered plan that allows you, if you are a first-time home buyer, to save to buy or build your first home tax-free. You can read all about the FHSA on the Government of Canada\u2019s <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/first-home-savings-account.html\">website<\/a>, but here are some facts broken down for you:<\/p>\n<ul>\n<li>You must be 18+ and a resident of Canada to open this account<\/li>\n<li>You, your spouse or common-law partner can\u2019t have owned a home the year you opened the account or the preceding four years before<\/li>\n<li>The maximum amount each year is $8,000 and this accumulates in the year you opened the account (irrespective of if you put any money in)<\/li>\n<\/ul>\n<p>I also break down the nitty gritty of the FHSA compared to the RRSP on my Instagram <a href=\"https:\/\/www.instagram.com\/p\/C3O0pNUr-m2\/\">here<\/a> &#8211; it\u2019s quick and has some really great information! Overall, I hope these overviews help in explaining the different types of accounts available to help you build your wealth. Happy saving!<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are a lot of acronyms in my industry, and I\u2019m the first one to admit that they can be extremely confusing. Today, I want to break down a few of them that I have been recently talking about on my Wealth With Julie Instagram, because they\u2019re crucial accounts that are great to know about in helping you build your wealth.<\/p>\n","protected":false},"author":149,"featured_media":1051,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/posts\/1048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/users\/149"}],"replies":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/comments?post=1048"}],"version-history":[{"count":1,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/posts\/1048\/revisions"}],"predecessor-version":[{"id":1050,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/posts\/1048\/revisions\/1050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/media\/1051"}],"wp:attachment":[{"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/media?parent=1048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/categories?post=1048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/julieshipleystrickland\/wp-json\/wp\/v2\/tags?post=1048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}