i’ve got about 8k left in my FHSA, and i’m considering taking this offer. the promo says the bonus doesn’t count toward contributions. can anyone break down how this actually works? any fine print i should know about?
Taxes
The match bonus won’t impact your contribution room, but you might need to check the tax details if you withdraw the bonus. might be best to ask a tax advisor if you need more info.
keep in mind from the terms that it has to stay in a cash account (not GICs). the bonus is given as a quarterly 0.25% on new deposits, so you can’t just grab the 1% match and put it in a GIC right away.
no catch really, but you’d get more from investing it in the market. EQ’s 2.5% plus the 1% bonus isn’t the highest return around.
Vail said:
no catch really, but you’d get more from investing it in the market. EQ’s 2.5% plus the 1% bonus isn’t the highest return around.
if the person who posted is planning to buy a house in the next couple years, this isn’t a bad option since that’s pretty short-term to be investing in the market.
@Zaire
cibil is another good option; it’s currently at 3.6%
it works as the link explains—what part is confusing? the bonus won’t count toward contribution room since it’s interest, just like any other interest inside a TFSA. that’s growth within the TFSA, not a contribution you’re making.