What is the difference between an RRSP and an FHSA?

The RRSP is primarily for retirement and reduces your taxable income. The FHSA is dedicated to purchasing a first home, with eligible non-taxable withdrawals and deductible contributions.

How can I maximize my tax refund with an RRSP or FHSA?

Contribute up to your limits based on your marginal income. Using reward points to fund these contributions can increase your tax savings without impacting your budget.

Can I use my points to contribute to an RRSP or FHSA?

Yes, several cards allow you to convert your points into direct contributions or credit for contributions. This transforms your points into invested money without additional expenses.

What is the value of points for optimizing my tax refund?

The value varies depending on the card and program, but it can represent several hundred dollars invested. The more points you have, the greater the potential refund.

How can I easily accumulate points to invest in my RRSP or FHSA?

Choose cards with welcome bonuses and points for your everyday spending. Concentrate your payments on these cards to quickly maximize your points and invest them in your plans.