Good for you! You’ve made the smart decision to open a new savings account. You have a budget and a plan. All you need to do is open the account, which is, no doubt, the easiest part of the journey. Once you make that first deposit, the exciting part is watching your money grow. Most banks require 2 pieces of identification in order to open an account. One of those pieces must be photo ID.
Tax-free? Is there such a thing? Apparently, there is. A Tax-Free Savings Account (TFSA) is a registered general-purpose savings vehicle with one goal in mind – to help you meet your long-term savings goals. The accounts are flexible, and allow you to earn tax-free investment income. Not only that, but they complement other savings plans, such as RRSPs and RESPs.
TFSA versus RRSP. Even without the long acronyms these two money saving products have a lot on common. Both investment vehicles offer tax incentives for savers and encourage you to plan for the future. Here’s how these 2 options measure up against each other.
So you finally went and landed that new job or promotion you’ve been after. Give yourself a pat on the back. But have you thought about what you’ll do with the extra money you’ll be earning? It’s human nature to quickly grow accustomed to what we’ve got, so if you don’t make a plan for your sudden windfall, you’ll find yourself frittering it away on inconsequential items. Here are a few better options for making use of your bonus bucks.
If only I knew in my twenties, what I now know in my thirties…