I’ve written about choosing between a TFSA or RRSP in the past but I thought I would share a real case study on someone I recently met. Richard is 32 years of age. He is married with one four-year-old son. He is putting away $300 per pay into 3 different accounts at the bank. $100 per… Continue Reading
Category Archives: TFSA
Tax Free Savings Account or paying down debt?
Tax Free Savings Accounts (TFSA) are really gaining traction and popularity. Everywhere I go, people seem to be interested in the TFSA because they are tax free. And why wouldn’t tax free appeal to you? That being said, I am reading more and more articles that suggest TFSAs are better than RRSPs and will eventually… Continue Reading
TFSA or pay down debts
The Tax Free Savings Account (TFSA) is big news in the personal finance world. These new tax free accounts have brought about lots of discussions not only about the TFSA basics but also some new and interesting debates. Not too long ago, I discussed the new debate between TFSA or RRSP and came to a… Continue Reading
TFSA Basics: Contributions and Withdrawals
In 2009, the Tax Free Savings Accounts (TFSA) was introduced and based on what I see as a financial educator, they are really gaining momentum. Despite the growing popularity, I continue to meet people who don’t fully understand them or worse yet, know nothing about them. This has motivated me to write a few articles… Continue Reading
What would you do with extra cashflow?
One of the questions I get a lot is what people should do with extra money, whether its $100 or $1000 or more? Is it better to buy RRSPs or pay down debt? Should I put some in the TFSA or or just keep it in savings? Am I better paying down the mortgage or… Continue Reading
Investing your TFSA
Sometimes, the TFSA is misunderstood. One common misunderstanding is how many people think the Tax Free Savings Account (TFSA) is just a savings account. After all, the ‘SA’ in TFSA stands for ‘savings account’. If the TFSA was called the Tax Free Investment Account (TFIA), would people then mistake it for just a savings account… Continue Reading