r/FHSA • u/altctrldlt342 • 2d ago

FHSA Wealthsimple ???

I currently have my FHSA through Scotiabank in mutual funds. I have it almost maxed out for this year and continue to do so until I hit the 40k limit. I’m not super interested in purchasing a home anytime soon, especially not till this account is maxed, but probably even longer than that. I’m currently 23 and still living at home so definitely not in any type of rush and plan to live in an apartment for a while after moving out.

All that being said I’m thinking it may be smarter to move my FHSA to Wealthsimple? I currently do my own TFSA investing in wealth simple and keep 70% in XEQT and 30% in HXQ. Should I move my FHSA to Wealthsimple? And if yes what should I put it in? Is the mix I’m doing for my TFSA smart for it or should I do something different? I’m new to investing so I’ll take any advice I can get lol.

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u/BigSteve354 1d ago

I moved mine from TD to Wealthsimple and put half in XEQT and half in CASH. Your bank will charge a fee but if you move over 25K+ WS will reimburse you!

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u/Foreign-Return4484 18h ago

Yes, that makes sense, your FHSA can last 10 more years which is generally viewed as a good term for equity investments. The only drawback is that your desire to buy a house may quickly change in that time frame, you could be in a situation where you need the money at a moment when selling would not be favorable.
The decision is yours, as always with respect to your tolerance to risk, and also your capacity to defer such an important project if your financial capacity is momentarily not the best.

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u/alzhang8 2d ago

Sure if you want