The new First Home Savings Account (FHSA) was proposed in the 2022 Federal Budget as the first truly tax-free investing account in Canada. The FHSA rules will come into force on April 1, 2023. Once in force, every prospective first-time homebuyer meeting the program’s criteria will want to open one. A truly revolutionary new account… Read More
The You First Blog
This week, the CRA confirmed the 2023 TFSA contribution limit to be $6,500. The annual contribution limit has been $6,000 since 2019. As of January 1, 2023, the lifetime TFSA contribution limit for individuals who have been at least 18 years of age and lived in Canada since 2009 is now $88,000. The annual TFSA… Read More
Today, the U.S. October inflation data report was released, with unexpectedly positive results. Canadian and U.S. Markets responded resoundingly – staging the largest single day rally since April 2020 – on the hopes the U.S. Federal Reserve may ease off its prior strong rate increase signaling. We would like to share some commentary from Myles… Read More
On Wednesday the Bank of Canada (BoC) announced its latest rate increase, lifting the overnight policy interest rate by 50 basis points (bps) to 3.75%. Most analysts had predicted a 75bps increase. The lower-than-expected increase represents a continued slowing in the pace of increases since the start of the rate hiking cycle. The 50bps move… Read More
As we all know, the tail-end of 2021 and 2022 so far have been challenging to say the least. Inflation – from supply issues, from COVID-related fiscal stimulus, from emergency rate cuts, and from Russia’s invasion of Ukraine – has persistently been well above the Bank of Canada & U.S. Federal Reserve target mandates of… Read More
The new First Home Savings Account (FHSA) is expected to be rolled out in 2023 and once it has launched, every prospective first-time homebuyer will want to open one. A truly revolutionary new account structure, the FHSA is a best-of-all-worlds mix between the RRSP, the TFSA, and the Home Buyers Plan (HBP) programs: never has… Read More