Ceaselessly requested questions on FHSAs
The place you may open an FHSA proper now
A handful of establishments at present supply an FHSA. Account availability improved in August 2023, with Scotiabank, TD and Wealthsimple launching their FHSAs, and the record of establishments is anticipated to develop within the coming months. The MoneySense editorial crew will replace this web page as extra accounts develop into out there, so you may simply discover the perfect FHSA. Listed below are the accounts which might be out there proper now, within the order they had been launched.
Questrade
On April 1, 2023, Questrade turned the primary firm to supply an FHSA. Prospects can put money into the FHSA via a Questrade self-directed account or via Questwealth Portfolios, its robo-advisor platform. You possibly can open a Questrade or Questwealth FHSA totally free, and there’s no minimal deposit required; nevertheless, so as to open the account, prospects should have a minimum of $250 invested with Questrade or $1,000 invested with Questwealth Portfolios.
Good to notice: MoneySense named Questwealth Portfolios the perfect robo-advisor for frugal traders in 2023.
Nationwide Financial institution of Canada
There’s no minimal deposit or minimal stability required to open an FHSA with Nationwide Financial institution of Canada. Current 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 at present supplies eligible traders entry to the FHSA via monetary advisors who supply client-name accounts and eligible on-line buying and selling platforms,” wrote Chris Pepper, vp of company affairs at Constancy Investments Canada, in an e-mail. “We count on extra middleman monetary establishments (sellers, and many others.) to supply these merchandise within the coming weeks and months.”
RBC
RBC affords its FHSA via RBC Direct Investing (its on-line brokerage) and RBC InvestEase (its robo-advisor platform). You can too open the account via 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 stability required to open an FHSA.
With RBC InvestEase—MoneySense’s 2023 decide for the perfect robo-advisor for traders who like issues easy—funds are mechanically invested as soon as the account stability reaches $100. Prospects are charged an annual administration payment of 0.5% on the funding stability, 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. Prospects can at present 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.