As the title reads, I am starting to consider utilizing my FHSA, but I am not clear on all the rules relating to an account like this. I know it works similarly to an RRSP in deducting income, and is tax shielded. But what if my first property I buy is a rental property that I will not be living in? And what if said money in the FHSA is not even used for that property?
I will be seriously considering purchasing a property in the next 1-4 years so my thought was $CASH or $CBIL.
Something that will yield me monthly dividends without much risk at all. I am fine on not making as much as l maybe could with other investments, more so want to just reap the most benefits with minimal risk.
I've probably said some stupid statements here, but just searching for some feedback as I am not overly confident in my investment knowledge.
(Am a Canadian citizen if that goes without saying)