FHSAs: An Amazing Account for New Investors

On the recent episode of “The Wealthy Barber Podcast,” Dave and Joyee talk about why the FHSA is the ‘love child’ of the RRSP and TFSA—and a dream account for young investors.

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You were too late for the FHSAs, you bought before they came along, I assume.

Yes, that is honestly breaks my heart. The FHSA, I would say now as 19-year-old Joyee, that would be like the most valuable registered account to have invested in.

No question. I mean, it’s a dream come true. I always say it’s the love child of an RRSP and a TFSA, the perfect love child, the tax deduction up front, the money comes out tax-free. It grows tax deferred. I mean, it’s just an unbelievable product. Straightforward. They’re being offered by a lot more institutions now 8,000 a year, max 40,000 total.

And again, you unfortunately bought before those came into play, but at least others are benefiting from them.