Wealth Awesome Newsletter

Hey there,

Happy New Year! Here's a few important personal finance housekeeping that I do at the start of each year that you might want to consider:

Contribute and invest using my TFSA account as early as possible. The limit for 2024 is $7,000, you can read up on it here. Contribute and invest using my First Home Savings Account (FHSA) account for a maximum of $8,000.Determine how much I will want to contribute to my RRSPGo over all income and expenses of the previous year, and see what my tax obligations are. Set my monthly budget for the year.

Even though I used to own a home in Calgary, I still qualify for an FHSA account because I sold it over four years ago. You can read more about the FHSA rules here and see if you qualify. 

Not sure what to invest in your TFSA, FHSA, or RRSP? Interest rates are high, so a great option is still those high-interest GICs. I just invested $8,000 into a 5.10% 1-Year GIC at EQ Bank to my FHSA, you can also get this great rate here. 

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Regards,
Christopher Liew, CFA
Creator of Wealth Awesome
Website: Wealthawesome.com