Episode 13

Published on:

28th Jul 2023

How to finance your first home. Tax effective saving strategies.

Buying a house is the biggest purchase most people will ever make.

When I started out as a financial advisor and financial planner, I was helping many of my clients invest and save for their first home.

Now, I’m helping their children do the same thing and it is still as exciting for me now as it was then to hear them say ….Mary I have an accepted offer on a house.

Of course the landscape has changed, real estate is very expensive and for now, interest rates are quite high.  But there are programs to help people save and reach their dreams.

In this podcast, I’ll be talking about what’s available right now to help first-time home buyers and I couldn’t think of a better person to help me out on this subject than my podcast director and formidable assistant: Nick Saranczuk.

In this episode, we discuss:

  • How Nick bought his first home and using the Home Buyer's Plan (HBP). [02:25]
  • How saving in a Tax Free Savings Account (TFSA) differs from the HBP. [05:56]
  • An overview on the new First Home Savings Account (FHSA) for investors who want to buy their first house. [09:57]
  • How to maximize the tax advantages of all programs. [11:35]
  • Choosing the right investment profile. [14:09]
  • What happens if investors over-contribute to the FHSA. [16:21]

For more information on the FHSA, you can contact Mary.

Thank you for listening

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About the Podcast

The Prosperous and Happy Life
Money doesn’t guarantee happiness, but it sure can help. In this podcast, I bring you expert advice on how to achieve not only wealth …. But happiness too!
I shares tips and experiences from my quest to help my clients be prosperous and happy. Over more than 30 years I have worked with thousands of clients and countless experts, all looking to live a rich and fulfilling life. In my podcast interviews I share my stories and wisdom, along with advice from the many experts I have encountered along the way.

About your host

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Mary Hagerman

Mary Hagerman is an award winning portfolio manager and investment advisor with the Montreal office of Raymond James Ltd. Considered a female pioneer in building ETF-based discretionary portfolios for her clients, Mary is an expert columnist on ETFs for industry publications in French and English, and she is regularly quoted in the media. Mary combines her personal passion for karate with her professional experience in her book, The Black Belt Investor.

This podcast has been prepared by and expressed the opinions of Mary Hagerman, and are not necessarily the opinions of Raymond James Ltd. (RJL). Statistics, data and other information presented are from sources RJL believes to be reliable, but their accuracy cannot be guaranteed. This podcast is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Investors considering any investment should consult with their Investment Advisor to ensure that it is suitable for the investor’s circumstances and risk tolerance before making any investment decision. Past performance is no guarantee of future results. Information provided in this podcast is general in nature and should not be construed as providing legal, accounting and/or tax advice. Should viewers have any specific questions and/or issues in these areas, please consult your legal, tax and/or accounting advisor. RJL is a Member of the Canadian Investor Protection Fund.