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TFSA vs RRSP vs FHSA - Where Should You Invest Money To Buy A House?

We're currently saving our money so that we can buy a house - ideally, a rental property in the short-term, and then a primary residence one day in the future. In Canada, there are a lot of different ways to save up for a house - you could use a high interest savings account, you could use a TFSA (Tax Free Savings Account), an RRSP (Registered Retirement Savings Plan) via the First Time Home Buyers Plan, or you could use an FHSA (First Home Savings Account). But... how do you know which one of those options you should use? That's what we're covering in this video! We'll cover how each option works, and the pros and cons for each account specifically relating to buying a house. Check out the CDIC website for more information - https://www.cdic.ca/ *Correction (timestamp 14:42) - An amount that is transferred directly from your FHSA to an RRSP (or RRIF) will not impact your unused RRSP deduction room (meaning you wouldn't have to take the money out as taxable income). 0:00 Where should you save money to buy a house? 0:53 High Interest Saving Accounts (HISA) 4:23 Tax Free Savings Account (TFSA) 7:54 Registered Retirement Savings Plan (RRSP) 11:51 First Home Savings Account (FHSA) 15:09 How is your money protected when saving to buy a house? ➡️ Simplii Financial - Our No Fee Chequing Account (up to $400 bonus) - https://api.fintelconnect.com/t/l/65a... ➡️ EQ Bank - Our High Interest Savings Account - https://click.linksynergy.com/fs-bin/... ➡️ Wealthsimple Invest - Our Robo-Advisor Investment Platform ($50 bonus) - https://wealthsimple.sjv.io/vnkndW ➡️ Wealthsimple Trade - Our Favourite Stock Trading Platform ($25 bonus) - https://wealthsimple.sjv.io/yRARNB ➡️ American Express Cobalt - Our Travel Rewards Credit Card (up to 22,000 points) - https://www.americanexpress.com/en-ca... ➡️ Neo Financial - Our Cash Back Credit Card - https://neo.cc/refer/N8U6K3S9 ➡️ Questrade - Low Fee Investment Platform Canada ($50 in commission free trades) - https://questrade.sjv.io/AWa9jo ➡️ Borrowell - Free Credit Score Check - https://api.fintelconnect.com/t/l/612... The links above are affiliate and/or referral links that provide us compensation when you use them to sign up. Thank you for supporting our channel! Website - stephandden.com Instagram - @stephandden TikTok - @stephandden ➡️ YouTube Filming Equipment - https://amzn.to/3HrWA4i ➡️ YouTube Editing Equipment - https://amzn.to/3RXBsri The links above are affiliate links - Steph & Den are Amazon Associates and we earn from qualifying purchases. Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.