Posted by: heckler
Posted by: [email protected]
I have $8000 ready to go into FHSA but my broker still hasn't implemented it yet... Prefer to keep everything in one place but worst case I'll open the FHSA at another broker to get this year's deduction.
I've read online theories about the reason many brokers haven't implemented an FHSA yet - the brokerage will be losing more in administration costs than they'll be making on low-value accounts.
On the flip side - TFSA annual contribution room is calculated to be going up to $7,000 in 2024 due to the latest inflation numbers. Not yet published on CRA site, but found on many others.
I do find it quite ironic - costs have skyrocketed due to inflation, so we're going to let you save more tax-free (as if those struggling with high costs could do so).
I ended up opening a self-directed FHSA at Wealthsimple. So far so good. No fees for anything. For simple CAD-listed index ETF buy-and-hold investing it seems perfectly fine.
My other accounts are at TD DI, the risk for TD is that I like paying no fees at Wealthsimple so much that I end up transferring my other accounts over as well.
Yes all the tax breaks on savings only benefit those who make enough to be able save in the first place.
On the other hand, there is an article with video on CBC today about a lady in Newfoundland who apparently has to work 70 hours / 2 jobs to afford life. The video shows her driving a recent SUV through the McDonalds drive-through. Could have been straight out of Mr Money Mustache.