Personal Finance Canada

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Weekly Discussion - Personal Finance in Canada (lemmy.ca)

submitted 8 months ago by [email protected] to c/[email protected]

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Each week, we invite you to join this open conversation on a wide range of financial topics. Whether you’re interested in real estate, investments, the stock market, salary-related queries, or simply have general questions about managing your finances, this post is for you.

Feel free to participate, regardless of your level of experience or specific interests in finance, and share your questions and experiences!

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[–] [email protected] 3 points 8 months ago (2 children)

Anyone out there opened up an FHSA yet? How many of you have it on your to-do list?

[–] [email protected] 3 points 8 months ago

I opened mine in April

[–] [email protected] 2 points 8 months ago (1 children)

Can't do it for me, but helped two friend with opening their FHSA. They'll also be withdrawing from it in a few weeks, so I'll know by then if things went great.

[–] [email protected] 2 points 8 months ago (1 children)

Smart idea to cycle any downpayment amount through the FHSA for the reduction of taxable income. Even if you're not using it as an investment vehicle, it's still got some value for first time homebuyers.

[–] [email protected] 1 points 8 months ago* (last edited 8 months ago)

Actually, their downpayment was already transferred to their notary (QC), so they had to borrow the $16k on their credit card. For less than a month, they'll have to pay $240 in interests but they should get back around $5700 in tax.