TOP 4 Canadian Dividend Growth Stocks | FHSA Passive Income

In this video, you will learn the secret to saving for your first home with 4 Canadian dividend stocks that have amazing returns. These stocks are not only reliable and stable, but also offer high dividend yields that can help you grow your savings faster. Open your First Home Savings Account with Wealthsimple: wealthsimple.sjv.io/0JXbBJ
You will also learn how to use the new First Home Savings Account, a tax-free savings account that allows you to save up to $40,000 for your downpayment. By combining these 4 dividend stocks with the First Home Savings Account, you will be able to buy your first home sooner than you think. Watch this video to find out more.
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0:00 FHSA Intro
1:53 Why Dividend Stocks
4:19 FHSA Summary
7:06 Dividend Stock #1
9:26 Dividend Stock #2
11:29 Dividend Stock #3
13:11 Dividend Stock #4
What is the Tax-Free First Home Savings Account (FHSA)?
- A new tax-advantaged account designed to help Canadians save for a down payment.
- Combines the power of the TFSA and RRSP to help prospective first-time home buyers
- Contributions to the FHSA are tax deductible, while withdrawals are tax-free giving you the “best of both worlds” while investing for your home
- Contribute up to $8,000 per year once opened, up to a lifetime maximum of $40,000
The FHSA can be used to invest in Stocks, ETFs, options and much more just like a TFSA or RRSP. You can also continue to contribute until you’ve reached the lifetime limit, or 15 years after the account’s initial opening
In this video, I will show you how to use dividend stocks in the First Home Savings Account (FHSA) to save for a down payment on your first home. Dividend stocks are shares of companies that pay you a regular income, usually every quarter.
The FHSA is a new program introduced by the Canadian government in 2022 that allows first-time home buyers to save up to $40,000 in a tax-free account and withdraw it for a down payment. I will explain how the FHSA works, how to choose the best dividend stocks for your portfolio, and how to avoid some common pitfalls. By the end of this video, you will have a clear plan to use dividend stocks in the FHSA to achieve your home ownership dream
Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are up-to-date based on the recording. These may have changed based on when you watch the video, please, always do your own due diligence! The description of this video includes Affiliate links (I get paid at no cost to you for trying out a particular service.) #FHSA #downpaymentassistance #taxfreeincome

[@DanishGhaziCPA]

I hope you learned a lot from the tips and strategies from this video, especially the ones about diversifying the portfolio and reinvesting the dividends. I wonder what other benefits and risks are involved in this type of investment, and how it compares to other options such as ETFs or mutual funds. What do you think? Please share your thoughts and opinions in the comments below.

[@zshn]

What do you think of buying HMAX which has 14% div. yield? I was thinking 8k (FHSA) + 6.5k (TFSA) invested for 5 years would create a ~9k / year dividend machine.

[@DanishGhaziCPA]

Great question, I have my thoughts on HMAX in a separate video: kzbin.info/www/bejne/gZvUqampd92BY6s

[@JoeS1956]

What happens to a young individual that opens up this type of account and just never really can afford to buy that home because the prices are too high. Can he take it out and use it for anything else or is it strictly for a home. Is there a penalty for doing so. Would a TFSA not be a better choice "just in case"? Love your video's, thanks for keeping us informed.

[@oddassembler]

You can transfer it to your RRSP without consequence and without using more contribution room

[@DanishGhaziCPA]

If you're still looking for help, feel free to reach out over here: asqme.com/@DanishGhaziCPA

[@oddassembler]

Theres no right or wronf to investing? Okay then I'm putting everything in $GME and $BBB