LazyPlan is an AI-powered financial planning tool built specifically for Canadians. It analyzes your tax documents (T4, NOA, T5), provides personalized TFSA vs RRSP advice, retirement projections with CPP/OAS optimization, and generates professional financial reports — all using 2026 CRA-verified tax data.

Should I contribute to TFSA or RRSP first?

It depends on your marginal tax rate. Generally, if your marginal tax rate is above 30%, RRSP provides more benefit due to the tax deduction. If your income is lower, TFSA is often better since withdrawals are tax-free. LazyPlan calculates the optimal split based on your specific income, province, and retirement timeline.

How much does a financial planner cost in Canada?

A financial planner in Canada typically charges CA$2,000 to CA$5,000 for a comprehensive financial plan. LazyPlan provides AI-powered financial analysis starting at CA$0 for basic features, with full analysis available from CA$9.99/month — 95% cheaper than traditional financial planning.

When should I start collecting CPP?

You can start CPP as early as age 60 (with a 36% reduction) or delay until age 70 (with a 42% increase). The optimal age depends on your health, other income sources, and life expectancy. LazyPlan provides a break-even analysis comparing CPP at ages 60, 65, and 70 based on your personal financial situation.

Savings & Accounts

FHSA: First Home Savings Account Guide

The FHSA combines the best of RRSP and TFSA for first-time home buyers. Learn eligibility rules, contribution limits, tax deductions, and how to maximize this powerful account.

7 min readUpdated January 20, 2026

The First Home Savings Account (FHSA) launched in 2023 and combines the best features of both the RRSP and TFSA for first-time home buyers. Contributions are tax-deductible (like an RRSP), and qualifying withdrawals to purchase a first home are completely tax-free (like a TFSA). It is the only registered account in Canada that offers both a deduction on contribution and tax-free withdrawal.

To open an FHSA, you must be a Canadian resident aged 18 to 71, and neither you nor your spouse can have owned a home that you lived in as a principal residence at any time in the current year or the preceding four calendar years. The annual contribution limit is $8,000, with a lifetime maximum of $40,000. Unused contribution room carries forward up to $8,000, so the maximum contribution in any single year is $16,000 if you have carry-forward room.

The FHSA must be used within 15 years of opening or by December 31 of the year you turn 71, whichever comes first. If you do not buy a qualifying home, unused funds can be transferred tax-free to your RRSP or RRIF (without affecting your RRSP room), or withdrawn as taxable income. For maximum benefit, open an FHSA as early as possible to start accumulating contribution room, invest in growth-oriented assets if your purchase timeline is 5+ years, and consider combining with the HBP for up to $100,000 in tax-advantaged down payment savings.

Topics covered

fhsafirst-homesavingshome-buyertax-deduction

Disclaimer: This guide is for educational purposes only and does not constitute financial, tax, or legal advice. Tax rates and regulations change annually. Data accurate as of 2026-01-20.

Back to all guides

Savings & Accounts

FHSA: First Home Savings Account Guide

The FHSA combines the best of RRSP and TFSA for first-time home buyers. Learn eligibility rules, contribution limits, tax deductions, and how to maximize this powerful account.

7 min readUpdated January 20, 2026

Topics covered

fhsafirst-homesavingshome-buyertax-deduction

Disclaimer: This guide is for educational purposes only and does not constitute financial, tax, or legal advice. Tax rates and regulations change annually. Data accurate as of 2026-01-20.

Back to all guides