How to split savings between TFSA and FHSA
Deciding how to split funds across registered accounts becomes confusing when trying to balance immediate tax advantages against different long-term savings goals. Without a clear priority order, it is hard to maximize government grants and benefits while avoiding conflicting strategies found in generic financial flowcharts.
What people tried
Every workaround mentioned in the threads below. We haven’t tested any of them — and nobody here is claiming they worked.
Found another way around this?
Share your steps and trade-offs so fellow engineers don't have to reinvent the wheel. No account required.
- 1Holding $45,000 in a high-interest savings account temporarily while waiting for a promotional rate to end before transferring funds to registered accounts.Did this help you?
- 2Following the subreddit Prime Directive flowchart order (funding 401k up to 15% before HSA)Did this help you?
- 3Following custom community rules of thumb (employer match 401k > HSA max > Roth IRA > 401k max)Did this help you?
In their words
Unedited, grouped by where they were said, most upvoted first within each place, each linked to the thread it came from.
“Recently opened both a TFSA and an FHSA, and I'm trying to figure out the best way to allocate my money between these accounts.”source ↗
“Are there any Canadian government benefits, grants, tax advantages, or financial programs I should look into?”source ↗
“If you were in my position at 30, what would you prioritize financially?”source ↗
“I am seeing mixed signals between the flowchart (US) and several posts on the topic of 401k versus HSA.”source ↗
Where this came up
People with this problem also raised
- 6Should I manage asset allocation across accounts or as one portfolio?
- 2How to manage personal savings alongside a joint account
- 12How to track money across multiple bank accounts without a headache
- 3Where should I put my savings?
- 4How do I split my savings between retirement and investing?
- 5Traditional vs Roth 457b and employer retirement account choices