[ad_1]
Incessantly requested questions on FHSAs
The place you’ll be able to open an FHSA proper now
A handful of establishments presently provide an FHSA. Account availability improved in August 2023, with Scotiabank, TD and Wealthsimple launching their FHSAs, and the checklist of establishments is predicted to develop within the coming months. The MoneySense editorial group will replace this web page as extra accounts turn out to be obtainable, so you’ll be able to simply discover the perfect FHSA. Listed below are the accounts which can be obtainable proper now, within the order they have been launched.
Questrade
On April 1, 2023, Questrade turned the primary firm to supply an FHSA. Clients can put money into the FHSA by way of a Questrade self-directed account or by way of Questwealth Portfolios, its robo-advisor platform. You possibly can open a Questrade or Questwealth FHSA at no cost, and there’s no minimal deposit required; nevertheless, to be able to open the account, prospects should have at the least $250 invested with Questrade or $1,000 invested with Questwealth Portfolios.
Good to notice: MoneySense named Questwealth Portfolios the perfect robo-advisor for frugal buyers in 2023.
Nationwide Financial institution of Canada
There’s no minimal deposit or minimal steadiness required to open an FHSA with Nationwide Financial institution of Canada. Present prospects can open an FHSA on-line; new prospects and people in want of monetary recommendation are requested to make an appointment with a financial institution advisor.
Constancy
Buyers can maintain mutual funds and ETFs in Constancy Investments’ FHSA account, however availability of the account depends on third events.
“Constancy presently offers eligible buyers entry to the FHSA by way of monetary advisors who provide client-name accounts and eligible on-line buying and selling platforms,” wrote Chris Pepper, vice chairman of company affairs at Constancy Investments Canada, in an e mail. “We anticipate extra middleman monetary establishments (sellers, and so forth.) to supply these merchandise within the coming weeks and months.”
RBC
RBC gives its FHSA by way of RBC Direct Investing (its on-line brokerage) and RBC InvestEase (its robo-advisor platform). You may as well open the account by way of RBC on-line banking, on the financial institution’s cellular app, or by talking with a monetary advisor at a department. There’s no minimal steadiness required to open an FHSA.
With RBC InvestEase—MoneySense’s 2023 decide for the perfect robo-advisor for buyers who like issues easy—funds are mechanically invested as soon as the account steadiness reaches $100. Clients are charged an annual administration payment of 0.5% on the funding steadiness, plus relevant gross sales tax and a administration expense ratio on exchange-traded funds (ETFs).
With RBC Direct Investing, there are not any FHSA upkeep charges. Clients can presently put money into shares, choices, bonds, mutual funds, ETFs and GICs. Account holders are charged $9.95 in fee charges for buying and selling shares and ETFs.
[ad_2]
Source link