What’s a Tax Free Savings Account (TFSA) A Tax-Free Savings Account is a Canadian government registered account available to all Canadians over the age of 18. Started in 2009, contributors (depositors) are permitted to deposit a government set amount of money every year into their TFSA account. The amount of the annual contributions are set…
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What is an RESP? How Does the RESP Work?
Is The RESP A Government Program? RESP is also called Registered Education Savings Plan, is a tax-deferred savings account for a child’s future education. Your RESP deposit is matched 20% by the Canadian government up to the year your child turns 18th. Anyone can open and deposit to an RESP (parents, grandparents, aunt, uncle’s) however…
Should I Save For My Child’s Education Or For Her First Home?
In Our Continuing Series Of Millennial Parents’ Guide to Financial Planning For Children By Michael Lampel I recently went to an open house with my wife to look at what $1 million would buy today. What I saw made me seriously concerned about our daughter’s future. A four-bedroom house with two bathrooms in Markham was…
Now is the Best Time to Start Saving for Your Child’s Future
First, let me address the difference between this generation (millennials) and my generation (baby boomers) by sharing the story of my first job after graduating with a degree in Economics in 1987. My first job was selling trucking services for a company called Inter City Ttruck Lines in Montreal. My first year pay was $26,500.…
How Will a TFSA Benefit My Family’s Financial Future?
I’m not going to lie, when I first opened a TFSA (Tax Free Savings Account) around four years ago, I really didn’t understand why. I was taking the advice of my family advisor, and while he tried to explain how the account worked, I was not fully grasping it. So I went home and did…
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