Split it between FHSA and TFSA! For FHSA you can "only" put $8000 per year, and if you don't use the room it only transfers to next year. You’re allowed to contribute up to a lifetime limit of $40,000, with an annual contribution limit of $8,000. It doesn't "pile up" like TFSA. The maximum FHSA contribution room you can carry forward to a later year is $8,000. It offers tax-deductible contributions (like RRSP). Once you open a FHSA, you can use it for up to 15 years.
I do have a FHSA! Was thinking of dumping more money into it when I had a good amount going for tfsa since it’ll take me such a long time to max it out!
@@DajanaCoric that would work too, but remember that your room for TFSA grows every year 😆 so every year we play catch-up. I split mine 50/50, also for the reason that my FHSA is very safe account, with ETFs mostly, and for TFSA I own a couple of stocks and exploring some dividend stocks at the moment!
You can take RRSP out for first time home buyers.. no penalty but you just need to pay it back within 15 years through a home buyers plan. Also TFSA there are no penalties but you cant put that money back into your tfsa for a full year after its withdrawn. Fellow Canadian❤
Ohhhh thank you I didn’t know I could put money back into TFSA again only after a year! The RRsp I knew about but then is maxing out FHSA first over rrsp a better plan?
forgive me if this is an intrusive q but why are you stressed about saving when you seem to have a good job/income, don't seem to spend money on things/hobbies/activities/travel, and already have savings plans. Am I missing something?
Not intrusive at all! My job is really hard on my body and it's not a job that can be done while injured either. Also I am making good money but I still have student loans and the money I have saved is not enough to cover more than maybe two months of no employment and I don't have anyone else to ask to cover even just a little bit of my expenses. So I don't feel financially secure :(
How would you change your savings if you knew you wouldn’t be in dental hygiene in the next 14 years? My body is in pain and I’m thinking of retiring by 45. May change my career but would take a significant hit to my income.
I totally understand the pain :( I would invest aggressively while also building up a good emergency fund. Which is exactly what I’m doing now haha. I think about going back to school for something I know at first it might not make as much money but has the potential to out earn what I would ever make as a hygienist!
Not investment advice but, NO ONE can predict the market. 99% of people lose money day trading/investing in singular stocks. In my opinion stick to ETFs From a former finance student, all my professors agree to the statement that no one can predict the market :)
Thanks for the tip to stick with ETFs! Timing the market is something I know can't be done I was just struggling with the idea of not having immediate access to my funds :( lol. But I ended up buying more ETFs and have already made more than if I had just left it in my high interest savings account. So YAY !
Split it between FHSA and TFSA! For FHSA you can "only" put $8000 per year, and if you don't use the room it only transfers to next year. You’re allowed to contribute up to a lifetime limit of $40,000, with an annual contribution limit of $8,000. It doesn't "pile up" like TFSA. The maximum FHSA contribution room you can carry forward to a later year is $8,000. It offers tax-deductible contributions (like RRSP). Once you open a FHSA, you can use it for up to 15 years.
I do have a FHSA! Was thinking of dumping more money into it when I had a good amount going for tfsa since it’ll take me such a long time to max it out!
@@DajanaCoric that would work too, but remember that your room for TFSA grows every year 😆 so every year we play catch-up. I split mine 50/50, also for the reason that my FHSA is very safe account, with ETFs mostly, and for TFSA I own a couple of stocks and exploring some dividend stocks at the moment!
You can take RRSP out for first time home buyers.. no penalty but you just need to pay it back within 15 years through a home buyers plan. Also TFSA there are no penalties but you cant put that money back into your tfsa for a full year after its withdrawn.
Fellow Canadian❤
Ohhhh thank you I didn’t know I could put money back into TFSA again only after a year! The RRsp I knew about but then is maxing out FHSA first over rrsp a better plan?
forgive me if this is an intrusive q but why are you stressed about saving when you seem to have a good job/income, don't seem to spend money on things/hobbies/activities/travel, and already have savings plans. Am I missing something?
Not intrusive at all! My job is really hard on my body and it's not a job that can be done while injured either. Also I am making good money but I still have student loans and the money I have saved is not enough to cover more than maybe two months of no employment and I don't have anyone else to ask to cover even just a little bit of my expenses. So I don't feel financially secure :(
How would you change your savings if you knew you wouldn’t be in dental hygiene in the next 14 years? My body is in pain and I’m thinking of retiring by 45. May change my career but would take a significant hit to my income.
I totally understand the pain :( I would invest aggressively while also building up a good emergency fund. Which is exactly what I’m doing now haha. I think about going back to school for something I know at first it might not make as much money but has the potential to out earn what I would ever make as a hygienist!
Not investment advice but, NO ONE can predict the market.
99% of people lose money day trading/investing in singular stocks.
In my opinion stick to ETFs
From a former finance student, all my professors agree to the statement that no one can predict the market :)
Thanks for the tip to stick with ETFs! Timing the market is something I know can't be done I was just struggling with the idea of not having immediate access to my funds :( lol. But I ended up buying more ETFs and have already made more than if I had just left it in my high interest savings account. So YAY !