The First Home Savings Account, or FHSA, is a new type of registered plan available to Canadians. This episode we’re explaining the ins and outs of the FHSA and how you might be able to take advantage. Kingsley Chak, the Senior Vice President of Deposits, Savings and Investments at Scotiabank, is our guest. He’ll also give us a refresher on all those other savings account acronyms you’ve heard of but might not be 100% clear on. So, you’ll come away knowing the ABCs of TFSAs, RRSPs, RESPs and more.   

Key moments this episode:  

1:00 — What exactly is the First Home Savings account? 

1:28 — Why was an account like this created? 

1:47 — How much can you contribute to an FHSA? How does it work? 

3:20 — Who should consider opening an FHSA? 

4:23 — Who can open a FHSA?  

4:50 — Could parents or grandparents open an account for a child or grandchild? 

5:22 — Some tips on the best way to use the FHSA 

5:51— A tip on how the FHSA can work with an RRSP 

6:02 — Can a couple or several people pool their own separate FHSAs? 

6:50 — When will the FHSA be available? 

7:08 — How is the FHSA different from the Home Buyers Plan? 

8:04 — A breakdown of investment vehicle acronyms – starting with RRSP 

9:25 — What is an RRIF? 

9:58 — What is a TFSA? 

11:44 — What is an RESP? 

13:04 — What is an RDSP? 

13:26 — What is an MPSA?