New registered account can help put home ownership within reach
TORONTO, April 19, 2023 /CNW/ - Fidelity Investments Canada ULC (Fidelity) announced that financial advisors and investors can open a Tax-free First Home Savings Account (FHSA) with Fidelity as of April 19, 2023, subject to operational readiness by intermediary financial institutions and partners that offer Fidelity funds. Fidelity is one of the first financial institutions to be approved by the Canada Revenue Agency to provide access to this new registered account.
The FHSA provides prospective first-time home buyers with an additional tool to help save for their first home, with a maximum contribution of $8,000 per year, and a $40,000 lifetime limit. These contributions are deductible and can grow tax-free. The FHSA can be used in tandem with the Home Buyers' Plan (HBP).
Fidelity has a number of educational resources to help financial advisors and investors learn more about FHSA rules, eligibility, and benefits:
- FAQ
- Article: FHSA 101
- FHSA webcast replay
- Podcasts: David Daladouire | Peter Bowen and Michelle Munro
- Our "Ask Me Anything" (AMA) on Reddit – with host Peter Bowen
"Canadians who aspire to the dream of home ownership amid a persistent affordability crunch now have a new savings vehicle to help them achieve that goal," said Cam Murray, Senior Vice President, Client Services and Chief Information Officer, Fidelity. "By offering access to FHSAs, Fidelity is excited to support investors as they save towards a down payment for their first home while providing industry-leading customer service and a seamless digital experience along the way."
Similar to TFSAs and RRSPs, eligible Canadians can invest their FHSA in mutual funds and exchange-traded funds (ETFs) backed by the strength, scale and global resources of Fidelity, including proprietary research that sets us apart. Investors are encouraged to speak with their financial advisor to discuss how FHSAs may fit within their overall saving and investment strategy.
Until April 24 at 5:00 p.m. EST, Fidelity is offering eligible Canadian investors a chance to win $8,000 , which they can contribute toward their FHSA.*
Fidelity is committed to supporting and working collaboratively with dealers and partners as they work towards setting up operations to offer FHSAs to financial advisors and investors.
For account questions, Fidelity's client services team can be reached between 8 a.m. and 8 p.m. EDT at 1-800-263-4077 (toll-free). Investors can also ask questions on Reddit by posting on r/fidelitycanada.
For more information, visit fidelity.ca
About Fidelity Investments Canada ULC
At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals.
As a privately-owned company, our people and world class resources are committed to doing what is right for investors and their long-term success. Our clients have entrusted us with $200 billion in assets under management (as at April 13, 2023) and they include individuals, financial advisors, pension plans, endowments, foundations and more.
We are proud to provide investors a full range of domestic, international and global equity and income-oriented mutual funds, ETFs, asset allocation strategies, managed portfolios, sustainable investing products, alternative mutual funds and a high net worth program. Fidelity Funds are available through a number of advice-based distribution channels including financial planners, investment dealers, banks and insurance companies.
Commissions, trailing commissions, management fees, brokerage fees and expenses may be associated with investments in mutual funds and ETFs. Please read the mutual fund or ETF's prospectus, which contains detailed investment information, before investing. Mutual funds and ETFs are not guaranteed. Their values change frequently, and investors may experience a gain or a loss. Past performance may not be repeated.
Information about the Tax-Free First Home Savings Account is based on information available from the Government of Canada as at February 23, 2023, and may be subject to change. Fidelity Investments Canada ULC and its affiliates and related entities are not liable for any errors or omissions in the information or for any loss or damage suffered. This information is for general knowledge only and should not be interpreted as tax advice or recommendations. Every individual's situation is unique and should be reviewed by his or her own personal legal and tax consultants.
*No purchase necessary. Fidelity Investments Canada FHSA Contest is open to residents of Canada who are the age of majority. Financial advisors are excluded from the Contest. Void where prohibited. Starts February 23, 2023, at 2:00 p.m. ET and ends April 24, 2023, at 5:00 p.m. ET. One prize available to be won, consisting of an $8,000 CAD cheque to be used or invested at the winner's discretion. Skill-testing question required. Odds depend on number of entrants. For full rules and entry details, please see the Official Contest Rules and Regulations.
Find us on social media @FidelityCanada
Related Links
http://www.fidelity.ca
SOURCE Fidelity Investments Canada ULC
Chris Pepper, Vice-President, Corporate Affairs, Fidelity Investments Canada ULC, T: (416) 307-5388, M: (416) 795-7762, E: [email protected]
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