Opening an FHSA with $0 can still be a great financial move. Your FHSA contribution room STARTS when you actually OPEN THE ACCOUNT. Once opened, your yearly participation room is $8,000 and $40,000 lifetime limit. So someone who opened an FHSA earlier but didn’t have much money to contribute could potentially have MORE ROOM AVAILABLE later than someone who waited to open one. If you’re eligible but not ready to buy a home yet, have you opened your FHSA?
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5 Comments
Wager @abudancefreedom · 12h
Remember, once you open the account, you only have 15 years to maximize your returns. Simply opening the account without contributing will actually reduce the time available for compounding. Also, that $8,000 room can only be carried forward for one year. Average home price in Ontario is $797,486 with a 15% down including closing it will cost someone today $120K, so at 3% net increase in home prices annually someone buying a home in 15 years will need $186K. So if someone is planning to use FHSA account to paydown majority of this downpayment, should seriously run the numbers.
Jessica @crowsnestjess · 3h
I think most advisors recommend waiting to open it once you are in peak earning years. How much can you contribute making minimum wage vs a career salary?
Gerald @aetos · 8h
You need to stop with these lol. Wtf
Josh @choomed · 11h
Terrible advice
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