Post by @jordfinance

The ultimate legal “glitch” for building tax free wealth in Canada 🇨🇦 Here’s how it works: Step 1: Contribute up to $8,000 per year to your FHSA and claim the tax deduction. Step 2: Take the tax refund generated by your contribution and invest it directly into your TFSA. Step 3: Invest the money inside both accounts into assets such as low cost index funds or ETFs. Step 4: Repeat the process each year and let your investments compound. Your FHSA can provide a tax deduction going in and tax free withdrawals for an eligible first home, while your TFSA allows your refund to continue growing tax free. The exact refund depends on your marginal tax rate, and investment returns are never guaranteed. #PersonalFinanceCanada #FHSA #TFSA #InvestingCanada #MoneyTips