Hidden Rental Costs, Business Expenses & is the FHSA Right for You?

Jess & Colleen discuss unexpected “hidden costs” in investing, homeownership, and business operations. Jess shares surprises from a newly purchased up/down duplex rental property, including an unfinished backyard, choosing gravel over grass to reduce tenant maintenance, and contractor quotes for wood privacy fence and gravel. Colleen shares hidden business costs, moving from manual Excel payroll calculations to scheduling/time-tracking and payroll platforms costing about $70–$80 per month to save time and reduce errors. The episode explains Canada’s First Home Savings Account (FHSA): contributions reduce taxable income like an RRSP, withdrawals are tax-free for a first-time primary home purchase without repayment, the annual limit is $8,000, and the lifetime limit is $40,000; they note investing choices should reflect a homebuying timeline and plan to discuss private equity next episode.

00:00 Welcome to TGIF

00:34 Weekly Catch Up

00:51 Rental Hidden Costs

01:55 Fence Quote Shock

05:43 Business Payroll Costs

07:56 FHSA Basics Explained

10:33 Investing Timeline Tips

12:18 FHSA Limits and CRA

14:43 Primary Home Rules

16:17 Landlords and Balance

17:17 Next Week Preview