First home savings account

And whatever lands outside a tax shelter pays tax on the way through, so what the portfolio actually has to earn is about 5.91%.

Inside a TFSA, FHSA, 6% stays 6%, or RRSP, and it clears by 9 basis points.

That's it.

Outside a shelter, that same 6% becomes 5.37% in Ontario, and it misses by 54.

Mm hmm.

FHSA could be a good tool.

I mean, you can also pull off RRSP.

So if you do have RRSPs already, that money's gone in tax-free.

So the nice part is the difference between the first FHSA and the TFSA is you've cleared that money.

Let's say it's already been taxed and then you're putting it in.

The growth is tax-free, but RRSP, you've avoided tax altogether.

And as long as you pay it back within 15 years, it's still tax free.

They wanna save.

What about things like, um, the first home savings account? And do you have any, like, tips and strategies for those who are, maybe they've never owned a home before, and now this is something that is more important to them, about some of, like, the kinda key steps they could be starting to think about now to get ready?

Yeah.

If anybody was ever, like, thinking that, "I wanna own a home one day, it's just not today," then taking advantage of every government incentive is a no-brainer, right? Like, any time you could pay less tax, um, sign me up.

Yeah.

Um, and those programs are actually...

The FHSA is what you're talking about, First Home Savings Account.

Yeah.

Max out TFSAs.

Find out how to use FHSA's to help you buy that house.

Okay.

Thank you.

So first things first, this is what I tell everybody.

And if you follow me on any social media platforms or if you've been listening to this podcast, you know that you need to open a first home savings account.

It's called an FHSA.

You can get it through online providers or at your bank branch.

You've got to be hot right off the start.

The thing that's really affected Bozeman, and I don't know the FHSA and all their strategies, where everybody's classified, but they've got that independent thing or something, and Bozeman is picking these teams to play so they get more – quality points.

But the problem is Taylor County, I coached at Taylor County for four years.

They were 10 and two last year.