Orfei Logullo Financial Group

Episode 2: Investment Accounts (RRSPs & FHSAs) and Saving For A First Home

June 10, 2026

Learn about RRSPs and FHSAs, their tax benefits, and how they help Canadians save for and buy their first home.

[Building Wealth]

[Foundations for Financial Empowerment]

[Episode 2]

[Types of Investment Accounts]

[CIBC]

[CIBC Private Wealth]

[Wood Gundy]

[Orfei Logullo Financial Group]

Danny:

Welcome back to "Building Wealth - the Foundations for Financial Empowerment. I'm Danny Logullo, a Senior Wealth Advisor at The Orfei Logullo Financial Group, part of CIBC Wood Gundy.

Alessia:

And I'm Alessia Orfei, an Associate Investment Advisor at CIBC Wood Gundy. In our last episode, we discussed what investing is and, why you'd want to invest.

Danny:

Which, for the most part, depends on your personal goals, time of life, employment status, and taxable income. Essentially you and your life!

Alessia:

Now usually, when you hear about people investing, you hear about the Stock Market, which is entirely understandable because it's in the news so much.

Danny:

Especially in Business Reporting. Although individual stocks and the Market in general - are extremely important. Where you put these investments, is equally important! And that brings us to our first big topic today: "Investment Accounts."

Alessia:

There are two main kinds of Investment Accounts: Registered Accounts and NON-Registered Accounts.

Danny:

Registered Accounts are regulated under specific rules by the Canadian Government, for example, how much money you can contribute, how withdrawals work, and what kind of tax benefits you get.

Alessia:

Which is key here, because Registered Accounts each have their own unique tax benefits, which is why they're useful for investments.

Danny:

They all have long technical names, so they're usually known by their abbreviated forms, and you've probably heard of some, if not all of them.

Alessia:

The most commonly known, being RSPs, TFSAs, FHSAs, and RESPs.

Danny:

Now, a Non-Registered Account can also be referred to as an Investment Account, but unlike Registered Accounts, it does not have any special tax advantages. You can put as much money as you want into a Non-Registered account, but you pay tax on any income you make each year from things like interest, dividends, or capital gains.

Alessia:

So, to summarize, Registered Accounts are designed to help Canadians save for specific goals, like retirement, buying a first home, or saving for a child's education, and at the same time, they maximize your tax savings. Non-Registered Accounts give you more flexibility; you can put in as much money as you want and take out as much money as you want, but they don't give you the same tax benefits—no tax exemptions and no deferred tax treatment.

Danny:

That's it.

Alessia:

So how do you know which account to start with, or which one's right for you?

Danny:

That brings us back to your personal goals.

Alessia:

Ok. Let's focus today on someone who wants to buy their first home. That's a huge goal, especially today!.

Danny:

For sure, in Canada, two kinds of Registered Accounts are designed with tax benefits to help people buy a first home: FHSAs and RRSPs. Let's start with RRSPs.

Alessia:

Wait- RSP is short for RRSP, which stands for “Registered Retirement Savings Plan”. We're talking about buying a house, not retiring, Danny!

Danny:

You're right, RSPs are indeed one of the most recognized and traditional ways for Canadians to save for retirement, but they also have tax benefits and incentives for saving money that are useful for other things too.

Alessia:

Like buying your first home.

Danny:

Exactly!

Alessia:

Now, there are limits here. You can't just put as much money as you want into your RRSP. As we said earlier, the Canadian Government sets out rules for Registered Accounts. Every year, after you file your Income Tax, the Canadian Revenue Agency, or CRA, will send you a Notice of Assessment. Along with a summary of your income, it tells you how much money you can put into your RSP for the following year.

Danny:

We highly recommend staying on top of those Assessments and double-checking them before putting any money into your RSP.

Alessia:

Absolutely. Ok, back to our focus on homes and the tax benefits of RSPs, so we can see how and why they can be useful for first-time home buyers.

Danny:

Essentially, the amount you can put into your RSP this year is based on your employment income from last year, up to a maximum amount determined each year by the CRA.

Alessia:

The CRA tells you each year on your Notice of Assessment what you can contribute to your RSP, which is 18% of your last year's income, up to a predetermined maximum amount.

Danny:

Ok, so let's assume you made $100,000 last year, and you received your Notice of Assessment and it said your RSP contribution room for this year is $18,000.

Alessia:

That means you can reduce your taxable income this year by $18,000.

Danny:

So, by lowering your taxable income this year, you should in theory be getting a tax refund, leaving you with more money in your pocket to allocate to your goals, like buying your first home.

Alessia:

We'll go into more depth about the tax system and tax brackets in future episodes.

Danny:

For now, let's just say that the taxes you pay is a tiered system: the more money you make, the higher your tax bracket, which increases your average percent of tax you have to pay.

Alessia:

So that's the immediate benefit of contributing to an RSP, but what happens to your money once it's in there?

Danny:

Well, those investments grow, and they're tax deferred, meaning you don't pay any tax on interest, dividends, or capital gains until you withdraw the money from your RRSP, ideally in retirement when you're potentially in a lower tax bracket.

Alessia:

And of course, there's also the benefit of the snowball effect we talked about in our first episode. All that pre-tax money that's in your RRSP can snowball, or compound on a larger base of money over the long term.

Danny:

Ok, that's how RRSPs work, but we still haven't answered our primary question: how do they help a Canadian buy their first home?

Alessia:

Short answer: through the Home Buyers Plan.

Danny:

Long answer: if you have an RSP, you can withdraw a certain amount of money, tax-free, under what's called a Home Buyers Plan. As of 2026, the maximum amount each individual can withdraw under the plan is $60,000. You can then use that money to help you buy your first home.

Alessia:

Essentially, you're borrowing that money from your own RSP, to a maximum of $60,000, and it's completely tax free.

Danny:

For example, if you worked for ten years and had accumulated a value of $80,000 in your RSP, under the Home Buyers Plan, you could withdraw $60,000 of that money to buy your first home.

Alessia:

Now you do need to pay that money back to your RSP, starting in the second year after your withdrawal.

Danny:

So if you took the money out in 2026, you'd start repaying in the 2028 tax year.

Alessia:

$4,000 every year for the next fifteen years, until you completely pay off the money that you borrowed from your RSP.

Danny:

This can be a big help when you're buying a first home. You're saving tax on your income when you put money into your RSP, which gives you more cash available to put towards your first home, and you don't pay any tax on the withdrawal.

Alessia:

But before you withdraw any money from your RRSP, understand there is a specific process that has to be followed under the Home Buyers Plan. You cannot simply withdraw the funds from your RRSP, and this should be communicated to your accountant for tax filing.

Danny:

Earlier, we said that in Canada, aside from RSPs, there's a second type of Registered Account that's also designed to help Canadians buy their first home: it's called the First Home Savings Account, or FHSA.

Alessia:

The FHSA is relatively new; the Government introduced it in 2023.

Danny:

The money you contribute to your First Home Savings Account is tax deductible, just like an RSP.

Alessia:

Meaning you can use your contributions to lower your taxable income.

Danny:

And withdrawals for a first home, as long as that home qualifies under the FHSA program, are completely tax free.

Alessia:

Meaning you never pay a dollar of tax. It also means that if you invest any or all of the money you have sitting in that account, and those investments make money, you still don't pay any taxes when you withdraw those funds for your first home.

Danny:

There are, of course, differences between an RSP and an FHSA. As mentioned earlier, the home you want to buy has to qualify as a first home under the Plan.

Alessia:

The qualifications are set by the federal government, things like the house must be in Canada and be your primary residence within one year of buying or building, and more.

Danny:

As for contributions, Canadian residents 18 or older can contribute up to $8,000 per year to an FHSA until it reaches a maximum of $40,000 total.

Alessia:

So $40,000 is what they call the lifetime maximum you can have in your FHSA.

Danny:

And the very first day you open an FHSA, whether you contribute money or not, the rules governing that FHSA start, too.

Alessia:

Things like how much money you can put in it every year, how you accumulate room, how what you can contribute is affected if you don’t put in the full $8,000 per year, and how that can affect your lifetime $40,000 maximum.

Danny:

To sum up, the First Home Savings Account is a fantastic option for anyone planning to buy their first home in the next few years. And unlike the RSP, you do not have to pay back money to your FHSA after you buy your new home; you simply withdraw the money and close the account.

Alessia:

This could be a lot of information for someone new to these accounts.

Danny:

Which is why we have a fact sheet on our website to go along with this episode. It has lots of details about the similarities and the differences among the various accounts we've been talking about. We sincerely hope you'll check it out.

Alessia:

When you think about it, this is not a one size fits all solution. Deciding which Investment Account, or accounts, are best for you really does depend on your own highly individual circumstances. So, how do you know where to start? What do you recommend?

Danny:

My recommendation: start by writing down your goals and what's important to you, like saving for a home, as we talked about today, or saving for retirement.

Alessia:

Or, retiring by 40!

Danny:

Sure, or maybe thinking about what you'd like retirement to look like at different stages of life. Again, your goals are your goals. We've just given you some examples. The resources on our website can help you, and once you have a sense of your goals, give us a call. It would be our pleasure to help guide you as you work towards accomplishing your goals.

Alessia:

As cliché as the saying may be, knowledge is power, and having the knowledge and the tools to make proper decisions is the most important step in building wealth.

Danny:

Thank you for joining us. I'm Danny Logullo, and this was Episode 2 of Building Wealth: Foundations for Financial Empowerment.

Alessia:

And I'm Alessia Orfei. In our next episode, we'll build on our knowledge of Investment Accounts and look at Tax Free Savings Accounts and Registered Education Savings Plans. Please join us then.

Danny:

Special thanks to the members of our team, Jenna Orfei and Daryn Stafford, for devising the charts on our website, and for their invaluable research and guidance on all things related to our clients' financial needs. And finally, thank you to the Founder of The Orfei Logullo Financial Group, and Senior Wealth Advisor, Tony Orfei.

Alessia:

Take care everybody, till next time.

CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc.

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their affiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same. CIBC World Markets Inc. and its representatives may receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above. © CIBC World Markets Inc. 2026.

Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors.

If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor.

[Building Wealth]

[Foundations for Financial Empowerment]

[Episode 2]

[Types of Investment Accounts]

[CIBC]

[CIBC Private Wealth]

[Wood Gundy]

[Orfei Logullo Financial Group]

Danny:

Welcome back to "Building Wealth - the Foundations for Financial Empowerment. I'm Danny Logullo, a Senior Wealth Advisor at The Orfei Logullo Financial Group, part of CIBC Wood Gundy.

Alessia:

And I'm Alessia Orfei, an Associate Investment Advisor at CIBC Wood Gundy. In our last episode, we discussed what investing is and, why you'd want to invest.

Danny:

Which, for the most part, depends on your personal goals, time of life, employment status, and taxable income. Essentially you and your life!

Alessia:

Now usually, when you hear about people investing, you hear about the Stock Market, which is entirely understandable because it's in the news so much.

Danny:

Especially in Business Reporting. Although individual stocks and the Market in general - are extremely important. Where you put these investments, is equally important! And that brings us to our first big topic today: "Investment Accounts."

Alessia:

There are two main kinds of Investment Accounts: Registered Accounts and NON-Registered Accounts.

Danny:

Registered Accounts are regulated under specific rules by the Canadian Government, for example, how much money you can contribute, how withdrawals work, and what kind of tax benefits you get.

Alessia:

Which is key here, because Registered Accounts each have their own unique tax benefits, which is why they're useful for investments.

Danny:

They all have long technical names, so they're usually known by their abbreviated forms, and you've probably heard of some, if not all of them.

Alessia:

The most commonly known, being RSPs, TFSAs, FHSAs, and RESPs.

Danny:

Now, a Non-Registered Account can also be referred to as an Investment Account, but unlike Registered Accounts, it does not have any special tax advantages. You can put as much money as you want into a Non-Registered account, but you pay tax on any income you make each year from things like interest, dividends, or capital gains.

Alessia:

So, to summarize, Registered Accounts are designed to help Canadians save for specific goals, like retirement, buying a first home, or saving for a child's education, and at the same time, they maximize your tax savings. Non-Registered Accounts give you more flexibility; you can put in as much money as you want and take out as much money as you want, but they don't give you the same tax benefits—no tax exemptions and no deferred tax treatment.

Danny:

That's it.

Alessia:

So how do you know which account to start with, or which one's right for you?

Danny:

That brings us back to your personal goals.

Alessia:

Ok. Let's focus today on someone who wants to buy their first home. That's a huge goal, especially today!.

Danny:

For sure, in Canada, two kinds of Registered Accounts are designed with tax benefits to help people buy a first home: FHSAs and RRSPs. Let's start with RRSPs.

Alessia:

Wait- RSP is short for RRSP, which stands for “Registered Retirement Savings Plan”. We're talking about buying a house, not retiring, Danny!

Danny:

You're right, RSPs are indeed one of the most recognized and traditional ways for Canadians to save for retirement, but they also have tax benefits and incentives for saving money that are useful for other things too.

Alessia:

Like buying your first home.

Danny:

Exactly!

Alessia:

Now, there are limits here. You can't just put as much money as you want into your RRSP. As we said earlier, the Canadian Government sets out rules for Registered Accounts. Every year, after you file your Income Tax, the Canadian Revenue Agency, or CRA, will send you a Notice of Assessment. Along with a summary of your income, it tells you how much money you can put into your RSP for the following year.

Danny:

We highly recommend staying on top of those Assessments and double-checking them before putting any money into your RSP.

Alessia:

Absolutely. Ok, back to our focus on homes and the tax benefits of RSPs, so we can see how and why they can be useful for first-time home buyers.

Danny:

Essentially, the amount you can put into your RSP this year is based on your employment income from last year, up to a maximum amount determined each year by the CRA.

Alessia:

The CRA tells you each year on your Notice of Assessment what you can contribute to your RSP, which is 18% of your last year's income, up to a predetermined maximum amount.

Danny:

Ok, so let's assume you made $100,000 last year, and you received your Notice of Assessment and it said your RSP contribution room for this year is $18,000.

Alessia:

That means you can reduce your taxable income this year by $18,000.

Danny:

So, by lowering your taxable income this year, you should in theory be getting a tax refund, leaving you with more money in your pocket to allocate to your goals, like buying your first home.

Alessia:

We'll go into more depth about the tax system and tax brackets in future episodes.

Danny:

For now, let's just say that the taxes you pay is a tiered system: the more money you make, the higher your tax bracket, which increases your average percent of tax you have to pay.

Alessia:

So that's the immediate benefit of contributing to an RSP, but what happens to your money once it's in there?

Danny:

Well, those investments grow, and they're tax deferred, meaning you don't pay any tax on interest, dividends, or capital gains until you withdraw the money from your RRSP, ideally in retirement when you're potentially in a lower tax bracket.

Alessia:

And of course, there's also the benefit of the snowball effect we talked about in our first episode. All that pre-tax money that's in your RRSP can snowball, or compound on a larger base of money over the long term.

Danny:

Ok, that's how RRSPs work, but we still haven't answered our primary question: how do they help a Canadian buy their first home?

Alessia:

Short answer: through the Home Buyers Plan.

Danny:

Long answer: if you have an RSP, you can withdraw a certain amount of money, tax-free, under what's called a Home Buyers Plan. As of 2026, the maximum amount each individual can withdraw under the plan is $60,000. You can then use that money to help you buy your first home.

Alessia:

Essentially, you're borrowing that money from your own RSP, to a maximum of $60,000, and it's completely tax free.

Danny:

For example, if you worked for ten years and had accumulated a value of $80,000 in your RSP, under the Home Buyers Plan, you could withdraw $60,000 of that money to buy your first home.

Alessia:

Now you do need to pay that money back to your RSP, starting in the second year after your withdrawal.

Danny:

So if you took the money out in 2026, you'd start repaying in the 2028 tax year.

Alessia:

$4,000 every year for the next fifteen years, until you completely pay off the money that you borrowed from your RSP.

Danny:

This can be a big help when you're buying a first home. You're saving tax on your income when you put money into your RSP, which gives you more cash available to put towards your first home, and you don't pay any tax on the withdrawal.

Alessia:

But before you withdraw any money from your RRSP, understand there is a specific process that has to be followed under the Home Buyers Plan. You cannot simply withdraw the funds from your RRSP, and this should be communicated to your accountant for tax filing.

Danny:

Earlier, we said that in Canada, aside from RSPs, there's a second type of Registered Account that's also designed to help Canadians buy their first home: it's called the First Home Savings Account, or FHSA.

Alessia:

The FHSA is relatively new; the Government introduced it in 2023.

Danny:

The money you contribute to your First Home Savings Account is tax deductible, just like an RSP.

Alessia:

Meaning you can use your contributions to lower your taxable income.

Danny:

And withdrawals for a first home, as long as that home qualifies under the FHSA program, are completely tax free.

Alessia:

Meaning you never pay a dollar of tax. It also means that if you invest any or all of the money you have sitting in that account, and those investments make money, you still don't pay any taxes when you withdraw those funds for your first home.

Danny:

There are, of course, differences between an RSP and an FHSA. As mentioned earlier, the home you want to buy has to qualify as a first home under the Plan.

Alessia:

The qualifications are set by the federal government, things like the house must be in Canada and be your primary residence within one year of buying or building, and more.

Danny:

As for contributions, Canadian residents 18 or older can contribute up to $8,000 per year to an FHSA until it reaches a maximum of $40,000 total.

Alessia:

So $40,000 is what they call the lifetime maximum you can have in your FHSA.

Danny:

And the very first day you open an FHSA, whether you contribute money or not, the rules governing that FHSA start, too.

Alessia:

Things like how much money you can put in it every year, how you accumulate room, how what you can contribute is affected if you don’t put in the full $8,000 per year, and how that can affect your lifetime $40,000 maximum.

Danny:

To sum up, the First Home Savings Account is a fantastic option for anyone planning to buy their first home in the next few years. And unlike the RSP, you do not have to pay back money to your FHSA after you buy your new home; you simply withdraw the money and close the account.

Alessia:

This could be a lot of information for someone new to these accounts.

Danny:

Which is why we have a fact sheet on our website to go along with this episode. It has lots of details about the similarities and the differences among the various accounts we've been talking about. We sincerely hope you'll check it out.

Alessia:

When you think about it, this is not a one size fits all solution. Deciding which Investment Account, or accounts, are best for you really does depend on your own highly individual circumstances. So, how do you know where to start? What do you recommend?

Danny:

My recommendation: start by writing down your goals and what's important to you, like saving for a home, as we talked about today, or saving for retirement.

Alessia:

Or, retiring by 40!

Danny:

Sure, or maybe thinking about what you'd like retirement to look like at different stages of life. Again, your goals are your goals. We've just given you some examples. The resources on our website can help you, and once you have a sense of your goals, give us a call. It would be our pleasure to help guide you as you work towards accomplishing your goals.

Alessia:

As cliché as the saying may be, knowledge is power, and having the knowledge and the tools to make proper decisions is the most important step in building wealth.

Danny:

Thank you for joining us. I'm Danny Logullo, and this was Episode 2 of Building Wealth: Foundations for Financial Empowerment.

Alessia:

And I'm Alessia Orfei. In our next episode, we'll build on our knowledge of Investment Accounts and look at Tax Free Savings Accounts and Registered Education Savings Plans. Please join us then.

Danny:

Special thanks to the members of our team, Jenna Orfei and Daryn Stafford, for devising the charts on our website, and for their invaluable research and guidance on all things related to our clients' financial needs. And finally, thank you to the Founder of The Orfei Logullo Financial Group, and Senior Wealth Advisor, Tony Orfei.

Alessia:

Take care everybody, till next time.

CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc.

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their affiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same. CIBC World Markets Inc. and its representatives may receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above. © CIBC World Markets Inc. 2026.

Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors.

If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor.

Back to Video

Episode 1: Introduction to Investing

January 15, 2026

Brief overview on the types of accounts and the importance of compounding.

Building Wealth

Foundations for Financial Empowerment

[Image of Danny Logullo and Alessia]

[Building Wealth]

[Foundations for Financial Empowerment]

[Episode 1: Introduction to Investing]

[CIBC Private Wealth Wood Gundy]

[Orfei Logullo Financial Group]

Episode 1: Introduction to Investing

Danny:

Hello everyone, welcome to our podcast Building Wealth – the Foundations for Financial Empowerment. I am Danny Logullo, Senior Wealth Advisor at the Orfei Logullo Financial Group at CIBC Wood Gundy. Over the last 20 years, I have helped individuals, families and professionals navigate their financial journeys, from building their first investment portfolios to planning for retirement and beyond. I am excited to share insights, strategies, and practical tips as we embark on this journey together.

Alessia:
Hi everyone, my name is Alessia, Associate Investment Advisor at CIBC Wood Gundy and I am pleased to co-host this podcast with Danny. I have been with the team for about 7 years, and I share Danny’s passion in making investing accessible and understandable for everyone—no matter where you are starting from.

Danny:

My partner, Tony Orfei, is also a Senior Wealth Advisor on our team and is an integral part of the service we provide. He brings over 30 years of experience delivering insightful advice to families and expertly managing investment portfolios through various market conditions. Our team is further supported by Jenna, Daryn, and Khurshid, dedicated associates who collaborate to ensure a meaningful client experience to address all of your financial needs.

Alessia

Welcome to our very first episode, Introduction to Investing! We are excited to kick off this journey with you as we start a brand new year—2026! If you have been thinking about your financial goals, now is the perfect time to take action and set yourself up for success. The “New Year, New You” mindset is prevalent & achievable right now. People are setting goals, making resolutions, and looking for ways to improve their lives, whether it’s health, career, or, of course, your finances. Starting the year with a fresh perspective on your money can really set the tone for the months ahead. Many of you may be wondering, what is investing?

Danny:

That is a great question Alessia, one that many individuals ask themselves when starting their financial journey. Investing is putting your money to work so it can grow over time. Instead of just saving, you are giving your money the opportunity to earn more — whether that’s through stocks, bonds, mutual funds, or other investment vehicles. You may also ask, why should I invest? Investing is one of the most effective ways to build wealth and achieve your goals—whether you are planning for retirement, saving for a home, or funding a child’s education. The earlier you start, the more you benefit from compounding—where your investment earnings generate their own earnings, creating a snowball effect over time. You may have heard the word compounding, but how can it work for you?

Alessia:

Compounding is the essence of successful investing and is often described as a powerful force in investing because the longer your time horizon, the greater its effect on your financial growth. It is the process by which investment earnings - such as interest, dividends, or capital gains —generate their own earnings over time. In other words, not only do you earn returns on your original investment, but as Danny mentioned, you also earn returns on those returns. This creates a “snowball effect,” where your wealth grows faster the longer you invest and reinvest your gains. The power of compounding means that even small, regular contributions can add up significantly over time, making it one of the most important concepts in building long-term financial growth.

Danny:

So, we strongly encourage you to begin investing today even if it’s a small amount on a regular basis. As Alessia said, the more time you have your investments working for you, the greater the effect of compounding – the power of compounding pays off over the long term. Our team has put together a unique piece explaining this concept, and we welcome you can reach out to us to learn more or visit our client resources center on our website. To summarize, January is such a great time to begin. Making contributions early in 2026 - whether to your RRSP, TFSA, FHSA or other accounts—gives your investments more time to grow. If you are not familiar with the specific types of accounts - we will expand and elaborate in greater detail in episodes to come.

Alessia:
As we start 2026, there are a couple of important updates to keep in mind. First, the TFSA contribution room for 2026 is $7,000. The Tax-Free Savings Account is a flexible investment account available to all Canadian residents 18 or older. It allows you to earn investment income, without having to pay tax on those earnings or subsequent withdrawals. However, a TFSA is not the only type of account you can invest your money, depending on your taxable income a RRSP may be more suitable.

Danny:
That’s right Alessia, there are many different types of accounts that you can use, and each has benefits depending on your unique circumstances. With that said, another account is the Registered Retirement Savings Plan - it is a government registered account designed to help Canadians save for retirement. Contributions you make to your RRSP are tax-deductible, which means you can reduce your taxable income for the year and potentially result in a lower tax bill or a larger tax refund. You have until the end of February to make contributions that count toward your previous tax year. This can help reduce your taxable income and boost your retirement savings at the same time. It is a great way to start the year on the right financial foot.

Alessia:
Danny, can you also use your RRSP for a first home?

Danny:

Absolutely Alessia, a RRSP can not only be used for saving for retirement but also for the purchase of your first home. We will cover this in greater detail in upcoming episodes - but the RRSP is not your only option for starting to save for your first home.

Alessia:

Saving for your first home can be overwhelming, however, as Danny mentioned, using the right accounts can help you achieve this goal quicker and more efficiently. In 2023, an alternative type of account called the First Home Savers Account was introduced for first home buyers to assist and incentivize young Canadians to save for their first home.

In addition to a RRSP or FHSA, you may also contribute to a Registered Education Savings Plan to save for a child’s post-secondary education. If you have any questions, you can always reach out to our team. We want you to know that throughout our podcast, our goal is to equip investors like you with factual information and clear understanding, so you can make the right decisions for your individual needs.

Danny:

No two investors are the same - investing always comes down to your goals and your unique financial picture, which can change as you move through different stages of life.

Alessia:

That is exactly why our series will break down the essentials:

Why you want to invest

The different types of investment accounts

The various types of investments in those accounts

And much more

Danny:
And do not forget, every investment carries some level of risk. Understanding the relationship between risk and reward is key to making smart decisions. We will talk more about this in future episodes.

Alessia:
We are here to make investing approachable, actionable, and tailored to your needs - no matter where you are starting from. If you are ready to take control of your financial future, now is the time to get started. Understand the importance of financial decisions you make and join us periodically as we guide you through the essentials of building wealth.

Danny:
In our next episode, we will dive right into the types of accounts we just briefly mentioned and the structural benefits of each. These are the building blocks that will set you up for success on your investment journey. Our team looks forward to providing you with tools and timely information to help build a strong financial foundation for you and your family.

Alessia:

And with that, we would like to thank you for joining us on our very first episode of Building Wealth: Foundations for Financial Empowerment. Do not forget to subscribe and start your 2026 investment journey with us!

CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc.

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their affiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same. CIBC World Markets Inc. and its representatives may receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above. © CIBC World Markets Inc. 2026.

Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors.

If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor.

Building Wealth

Foundations for Financial Empowerment

[Image of Danny Logullo and Alessia]

[Building Wealth]

[Foundations for Financial Empowerment]

[Episode 1: Introduction to Investing]

[CIBC Private Wealth Wood Gundy]

[Orfei Logullo Financial Group]

Episode 1: Introduction to Investing

Danny:

Hello everyone, welcome to our podcast Building Wealth – the Foundations for Financial Empowerment. I am Danny Logullo, Senior Wealth Advisor at the Orfei Logullo Financial Group at CIBC Wood Gundy. Over the last 20 years, I have helped individuals, families and professionals navigate their financial journeys, from building their first investment portfolios to planning for retirement and beyond. I am excited to share insights, strategies, and practical tips as we embark on this journey together.

Alessia:
Hi everyone, my name is Alessia, Associate Investment Advisor at CIBC Wood Gundy and I am pleased to co-host this podcast with Danny. I have been with the team for about 7 years, and I share Danny’s passion in making investing accessible and understandable for everyone—no matter where you are starting from.

Danny:

My partner, Tony Orfei, is also a Senior Wealth Advisor on our team and is an integral part of the service we provide. He brings over 30 years of experience delivering insightful advice to families and expertly managing investment portfolios through various market conditions. Our team is further supported by Jenna, Daryn, and Khurshid, dedicated associates who collaborate to ensure a meaningful client experience to address all of your financial needs.

Alessia

Welcome to our very first episode, Introduction to Investing! We are excited to kick off this journey with you as we start a brand new year—2026! If you have been thinking about your financial goals, now is the perfect time to take action and set yourself up for success. The “New Year, New You” mindset is prevalent & achievable right now. People are setting goals, making resolutions, and looking for ways to improve their lives, whether it’s health, career, or, of course, your finances. Starting the year with a fresh perspective on your money can really set the tone for the months ahead. Many of you may be wondering, what is investing?

Danny:

That is a great question Alessia, one that many individuals ask themselves when starting their financial journey. Investing is putting your money to work so it can grow over time. Instead of just saving, you are giving your money the opportunity to earn more — whether that’s through stocks, bonds, mutual funds, or other investment vehicles. You may also ask, why should I invest? Investing is one of the most effective ways to build wealth and achieve your goals—whether you are planning for retirement, saving for a home, or funding a child’s education. The earlier you start, the more you benefit from compounding—where your investment earnings generate their own earnings, creating a snowball effect over time. You may have heard the word compounding, but how can it work for you?

Alessia:

Compounding is the essence of successful investing and is often described as a powerful force in investing because the longer your time horizon, the greater its effect on your financial growth. It is the process by which investment earnings - such as interest, dividends, or capital gains —generate their own earnings over time. In other words, not only do you earn returns on your original investment, but as Danny mentioned, you also earn returns on those returns. This creates a “snowball effect,” where your wealth grows faster the longer you invest and reinvest your gains. The power of compounding means that even small, regular contributions can add up significantly over time, making it one of the most important concepts in building long-term financial growth.

Danny:

So, we strongly encourage you to begin investing today even if it’s a small amount on a regular basis. As Alessia said, the more time you have your investments working for you, the greater the effect of compounding – the power of compounding pays off over the long term. Our team has put together a unique piece explaining this concept, and we welcome you can reach out to us to learn more or visit our client resources center on our website. To summarize, January is such a great time to begin. Making contributions early in 2026 - whether to your RRSP, TFSA, FHSA or other accounts—gives your investments more time to grow. If you are not familiar with the specific types of accounts - we will expand and elaborate in greater detail in episodes to come.

Alessia:
As we start 2026, there are a couple of important updates to keep in mind. First, the TFSA contribution room for 2026 is $7,000. The Tax-Free Savings Account is a flexible investment account available to all Canadian residents 18 or older. It allows you to earn investment income, without having to pay tax on those earnings or subsequent withdrawals. However, a TFSA is not the only type of account you can invest your money, depending on your taxable income a RRSP may be more suitable.

Danny:
That’s right Alessia, there are many different types of accounts that you can use, and each has benefits depending on your unique circumstances. With that said, another account is the Registered Retirement Savings Plan - it is a government registered account designed to help Canadians save for retirement. Contributions you make to your RRSP are tax-deductible, which means you can reduce your taxable income for the year and potentially result in a lower tax bill or a larger tax refund. You have until the end of February to make contributions that count toward your previous tax year. This can help reduce your taxable income and boost your retirement savings at the same time. It is a great way to start the year on the right financial foot.

Alessia:
Danny, can you also use your RRSP for a first home?

Danny:

Absolutely Alessia, a RRSP can not only be used for saving for retirement but also for the purchase of your first home. We will cover this in greater detail in upcoming episodes - but the RRSP is not your only option for starting to save for your first home.

Alessia:

Saving for your first home can be overwhelming, however, as Danny mentioned, using the right accounts can help you achieve this goal quicker and more efficiently. In 2023, an alternative type of account called the First Home Savers Account was introduced for first home buyers to assist and incentivize young Canadians to save for their first home.

In addition to a RRSP or FHSA, you may also contribute to a Registered Education Savings Plan to save for a child’s post-secondary education. If you have any questions, you can always reach out to our team. We want you to know that throughout our podcast, our goal is to equip investors like you with factual information and clear understanding, so you can make the right decisions for your individual needs.

Danny:

No two investors are the same - investing always comes down to your goals and your unique financial picture, which can change as you move through different stages of life.

Alessia:

That is exactly why our series will break down the essentials:

Why you want to invest

The different types of investment accounts

The various types of investments in those accounts

And much more

Danny:
And do not forget, every investment carries some level of risk. Understanding the relationship between risk and reward is key to making smart decisions. We will talk more about this in future episodes.

Alessia:
We are here to make investing approachable, actionable, and tailored to your needs - no matter where you are starting from. If you are ready to take control of your financial future, now is the time to get started. Understand the importance of financial decisions you make and join us periodically as we guide you through the essentials of building wealth.

Danny:
In our next episode, we will dive right into the types of accounts we just briefly mentioned and the structural benefits of each. These are the building blocks that will set you up for success on your investment journey. Our team looks forward to providing you with tools and timely information to help build a strong financial foundation for you and your family.

Alessia:

And with that, we would like to thank you for joining us on our very first episode of Building Wealth: Foundations for Financial Empowerment. Do not forget to subscribe and start your 2026 investment journey with us!

CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc.

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their affiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same. CIBC World Markets Inc. and its representatives may receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above. © CIBC World Markets Inc. 2026.

Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors.

If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor.

Back to Video

Building Wealth - Foundations for Financial Empowerment

Episode 2: Investment Accounts (RRSPs & FHSAs) and Saving For A First Home

June 10, 2026

Episode Resources

Episode 1: Introduction to Investing

January 15, 2026

Episode Resources

Building Wealth Podcast

Building Wealth - Foundations for Financial Empowerment

Episode 2: Investment Accounts (RRSPs & FHSAs) and Saving For A First Home

June 10, 2026

Episode Resources

Episode 1: Introduction to Investing

January 15, 2026

Episode Resources