What are the Types of FHSAs ?

There are three types of FHSAs that can be offered:

• a depositary FHSA: an account (with a financial institution) that holds money, term deposits, or guaranteed investment certificates (GICs)
• a trusteed FHSA : a trust (with a trust company as trustee) that holds qualified investments such as money, term deposits, GICs, government and corporate bonds, mutual funds, and securities listed on a designated stock exchange
• an insured FHSA : an annuity contract (with a licensed annuity provider)