Best FHSA Accounts Overview
| Provider | Best For | Investment Options | Fees |
|---|---|---|---|
| Wealthsimple Trade | Self-directed, beginners | Stocks, ETFs | $0 commissions |
| Questrade | Active investors | Stocks, ETFs, options | Free ETF buys |
| EQ Bank | Cash savings/GICs | HISA, GICs | No fees |
| Wealthsimple Invest | Hands-off investing | Managed portfolios | 0.4-0.5% |
| Questwealth | Managed portfolios | Robo-advisor | 0.20-0.25% |
| TD Direct Investing | Bank convenience | Full range | $9.99/trade |
| RBC Direct Investing | Bank convenience | Full range | $9.99/trade |
Best for Self-Directed Investors
Wealthsimple Trade FHSA
| Feature | Details |
|---|---|
| Commission | $0 on stocks and ETFs |
| Minimum | $0 |
| Account types | FHSA available |
| Investment options | Stocks, ETFs (Canadian and US) |
| FX fee | 1.5% on USD (0% with Plus at $10/month) |
| Fractional shares | Yes |
| Mobile app | Excellent |
Best for: Beginners, mobile-first investors, small regular contributions.
Questrade FHSA
| Feature | Details |
|---|---|
| Commission | Free ETF purchases, $4.95-9.95 stock trades |
| Minimum | $1,000 (waived with pre-authorized deposit) |
| Account types | FHSA available |
| Investment options | Stocks, ETFs, options, bonds, GICs |
| FX fee | 2% (or use Norbert’s Gambit) |
| Research tools | Comprehensive |
Best for: ETF investors, those wanting more investment options.
Interactive Brokers FHSA
| Feature | Details |
|---|---|
| Commission | $0.01/share (min $1) |
| Minimum | $0 |
| Investment options | Global stocks, ETFs, options, bonds |
| FX fee | 0.002% (lowest) |
| Best for | Frequent traders, US stocks |
Best for: Advanced investors, lowest USD conversion costs.
Best for Cash Savings
EQ Bank FHSA
| Feature | Details |
|---|---|
| FHSA Savings Account | Competitive rate (~3-4%) |
| GIC rates | Among the best in Canada |
| Minimum | $0 |
| Fees | None |
| CDIC insured | Yes |
Best for: Those not ready to invest, short time horizons, risk-averse savers.
Comparison: FHSA Savings Rates
| Provider | FHSA Savings Rate |
|---|---|
| EQ Bank | ~3.50%* |
| Wealthsimple Cash | ~3.25%* |
| Big 5 Banks | ~0.50-2.00% |
Rates change frequently. Check current rates.
Best for Hands-Off Investing
Wealthsimple Invest FHSA
| Feature | Details |
|---|---|
| Type | Robo-advisor |
| Management fee | 0.40-0.50% |
| Investment approach | Diversified ETF portfolios |
| Minimum | $0 |
| Automatic rebalancing | Yes |
| Risk levels | Multiple portfolio options |
Best for: Those who want professional management without high fees.
Questwealth FHSA
| Feature | Details |
|---|---|
| Type | Robo-advisor |
| Management fee | 0.20-0.25% |
| Investment approach | Diversified ETF portfolios |
| Minimum | $1,000 |
| Automatic rebalancing | Yes |
Best for: Cost-conscious hands-off investors.
Best Bank FHSAs
TD Direct Investing FHSA
| Feature | Details |
|---|---|
| Trading commission | $9.99/trade |
| TD e-Series funds | Low-cost index funds |
| Integration | TD banking ecosystem |
| Research | TD Ameritrade tools |
RBC Direct Investing FHSA
| Feature | Details |
|---|---|
| Trading commission | $9.99/trade |
| RBC funds | Available |
| Integration | RBC banking |
| Mobile app | Good |
Best for: Those who prefer big bank convenience and integration.
FHSA Quick Facts
| Feature | Details |
|---|---|
| Annual contribution limit | $8,000 |
| Lifetime maximum | $40,000 |
| Carry-forward | Yes, up to $8,000 unused room |
| Tax deduction | Yes, like RRSP |
| Tax-free withdrawal | Yes, for qualifying home purchase |
| Eligibility | Canadian resident, 18+, first-time home buyer |
| Account deadline | 15 years after opening or age 71 |
How to Choose Your FHSA Provider
Decision Matrix
| If you want… | Choose |
|---|---|
| Commission-free trading | Wealthsimple Trade |
| Free ETF purchases + options | Questrade |
| Cash savings only | EQ Bank |
| Managed portfolio (simple) | Wealthsimple Invest |
| Managed portfolio (lowest fee) | Questwealth |
| Big bank convenience | TD or RBC Direct |
| Lowest FX fees | Interactive Brokers |
By Time Horizon
| Time to Purchase | Strategy |
|---|---|
| 1-2 years | FHSA savings account or GICs |
| 3-5 years | Conservative portfolio (60/40) |
| 5-10 years | Growth portfolio (80/20 or 100% equity) |
| 10+ years | Aggressive growth |
FHSA Investment Strategy
Sample ETF Portfolios
| Time Horizon | Allocation | Sample ETFs |
|---|---|---|
| Short (1-3 years) | 100% bonds/cash | ZAG, VSB, HISA |
| Medium (3-7 years) | 60% equity, 40% bonds | VGRO or XGRO |
| Long (7+ years) | 80-100% equity | VEQT or XEQT |
All-in-One ETFs for FHSA
| ETF | Equity/Bond Split | MER |
|---|---|---|
| VCNS | 40/60 | 0.24% |
| VBAL | 60/40 | 0.24% |
| VGRO | 80/20 | 0.24% |
| VEQT | 100/0 | 0.24% |