Let's face it. Not all of us are rich, but if we incorporate the best habit of the rich (saving money) we can all go a long way. There are several ways to save money. Some people even save their money under their mattress believe it or not (not recommended). The below are leading examples of ways to save your money:
RRSPS
Many people think it's only for retirement, but there are other ways to use this recommended saving tool. This registered investment vehicle can help you save on taxes you pay, help you buy your first home, and even go back to school.
TFSA
Created in 2009 by the Government of Canada this investment vehicle is a great way to compliment your RRSP portfolio. You are able to invest $5,000.00 into this registered product and all growth is tax free. Many types of investments can qualify as a TFSA.
RESP
In a nutshell there are two ways to fund your child's education; your own money or taking out a loan. The government knows how expensive it can be to afford a post secondary education. The government has allotted up to $7,200.00 plus more if you qualify towards your kid's education. We are sure you have friends who have been working for many years and are still paying off their student loan. Be smart and take advantage of grants for your child's education from the government.
Registered Disability Savings Plan
The Registered Disability Savings Plan is a savings plan designed specifically for people with disabilities in Canada. The first of its kind in the world, this new tax-deferred savings vehicle will assist families in planning for the long - term financial security of their relatives with disabilities.
Group Pensions
With the recent economic shift many employees have been faced with realization that their job is not secure. Many people have been let go due to restructuring and down sizing of their employer. If you are in this position you may have the opportunity to transfer out your pension savings.
Other Investments
From mutual funds, segregated funds, to high interest savings account we offer many options to help you choose where your money should be. Not every option is suited for everyone. To help you accomplish your financial goals we will do a financial plan for you to analyze your goals and needs and put that financial plan into action.
