FHSA, TFSA, RRSP
Strong uptake among young, high-earning Canadians
Nearly half a million Canadians took advantage of the new First Home Savings Account (FHSA) in its debut year, according to newly released tax filing data from Statistics Canada.
While FHSA participation was promising for a new program, Tax-Free Savings Accounts (TFSAs) remain the most widely used savings vehicle among the three registered accounts.
By contrast, 6.3 million tax filers contributed to Registered Retirement Savings Plans (RRSPs), with a lower median contribution of $3,420 for those contributing only to an RRSP.
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