Often requested questions on FHSAs
The place you’ll be able to open an FHSA proper now
Few establishments at the moment provide an FHSA; nonetheless, the listing is predicted to develop within the coming months. The MoneySense editorial workforce will replace this web page as extra accounts grow to be out there, so you’ll be able to simply discover the perfect FHSA in your wants.
Questrade
On April 1, 2023, Questrade turned the primary firm to supply an FHSA. Prospects can spend money on the FHSA by means of a Questrade self-directed account or by means of Questwealth Portfolios, its robo-advisor platform. You may open a Questrade or Questwealth FHSA at no cost, and there’s no minimal deposit required; nonetheless, with the intention to open the account, clients should have at the least $250 invested with Questrade or $1,000 invested with Questwealth Portfolios.
Good to notice: MoneySense named Questwealth Portfolios the best robo-advisor for frugal traders in 2023.
RBC
RBC started providing an FHSA by means of RBC Direct Investing (its on-line brokerage) and RBC InvestEase (its robo-advisor platform) on April 20, 2023. You may as well open the account by means 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 choose for the perfect robo-advisor for traders who like issues easy—funds are robotically invested as soon as the account steadiness reaches $100. Prospects are charged an annual administration charge of 0.5% on the funding steadiness, plus relevant gross sales tax and a management expense ratio on exchange-traded funds (ETFs).
With RBC Direct Investing, there aren’t any FHSA upkeep charges. Prospects can at the moment spend money on shares, choices, bonds, ETFs and GICs, and the financial institution is aiming so as to add mutual funds to the listing within the close to future. Account holders are charged $9.95 in fee charges for buying and selling shares and ETFs.
Nationwide Financial institution of Canada
Nationwide Financial institution of Canada launched its FHSA on April 17, 2023. There’s no minimal deposit or minimal steadiness required to be open an FHSA with the financial institution. Nevertheless, clients are required to make an appointment with a Nationwide Financial institution advisor—a step that isn’t at the moment required at Questrade and RBC.
Constancy
Constancy Investments started providing an FHSA on April 19, 2023. Traders can maintain mutual funds and ETFs within the account, however availability of the account is dependant on third-parties.
“Constancy at the moment offers eligible traders entry to the FHSA by means of monetary advisors who provide client-name accounts and eligible on-line buying and selling platforms,” wrote Chris Pepper, vp of company affairs at Constancy, in an e mail. “We anticipate extra middleman monetary establishments (sellers, and many others.) to supply these merchandise within the coming weeks and months.”
