If you are not investing your money to work for you, then our #1 tip is to Start Investing!! Even just a small amount over a long time can make a HUGE impact on your future.
10. Many jobs offer RRSP matching- free money, so take full advantage of it!
9. RRSP Home Buyers Plan – withdraw up to $35,000 for the purchase/build of your first home
8. TFSA- $57,500 cap on account, max it out!
7. Exchange Trade Funds (ETF) -like a mutual fund with lower fees and more easily traded on exchange
6. Principal Guaranteed Investments (Bonds & GIC’s) – if you’re a worried investor, go for PGI’s
5. RESP- Saving for your children’s post-secondary education
4. RESP matching- CESG (Canada Education Savings Grant) – 20%/year, $500/year max, $7200/lifetime max (per child)
3. RESP matching- CLB (Canada Learning Bond) – $500/first year, $100/year for 15 years, $2000/lifetime max (per child)
2. Land- “Ninety percent of all millionaires become so through owning real estate. “-Andrew Carnegie
1. INVEST- It is important to invest, even a small amount. – $50/month invested at 5% interest from 20-65 is just over $100,000! with only $27000 actually invested