Steadily requested questions on FHSAs

The place you may open an FHSA proper now

A handful of establishments at present provide an FHSA. Account availability improved in August 2023, with Scotiabank, TD and Wealthsimple launching their FHSAs, and the listing of establishments is anticipated to develop within the coming months. The MoneySense editorial staff will replace this web page as extra accounts turn out to be obtainable, so you may simply discover the most effective FHSA. Listed here are the accounts which can be obtainable proper now, within the order they had been launched.

Questrade

On April 1, 2023, Questrade turned the primary firm to supply an FHSA. Clients can spend money on the FHSA by a Questrade self-directed account or by Questwealth Portfolios, its robo-advisor platform. You’ll be able to open a Questrade or Questwealth FHSA without cost, and there’s no minimal deposit required; nevertheless, with a view to open the account, clients should have not less than $250 invested with Questrade or $1,000 invested with Questwealth Portfolios.

Good to notice: MoneySense named Questwealth Portfolios the finest 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. Present clients can open an FHSA on-line; new clients 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 relies on third events.

“Constancy at present offers eligible traders entry to the FHSA by 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 many others.) to supply these merchandise within the coming weeks and months.”

RBC

RBC provides its FHSA by RBC Direct Investing (its on-line brokerage) and RBC InvestEase (its robo-advisor platform). You may as well open the account by 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 choose for the most effective robo-advisor for traders who like issues easy—funds are robotically invested as soon as the account stability reaches $100. Clients are charged an annual administration price 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. Clients can at present spend money on shares, choices, bonds, mutual funds, ETFs and GICs. Account holders are charged $9.95 in fee charges for buying and selling shares and ETFs.