Savings

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Savings

Saving money has so many proven benefits and it is one of the best financial habits that you can adopt. If savings doesn’t come easy to you, opening a savings account can help.

Why is savings important?

There are multiple reasons to save your money

Types of Savings accounts

1. RESP
A Registered Education Savings Plan is an account focused towards saving for a child’s education. Investments inside an RESP grow tax-free which means no taxes are charged on capital gains and no income tax is charged on interest and dividend payments. More importantly, the government will pay you a grant of up to $7,200 over the life of the plan. Know more about an RESP account:
2. TFSA
Individuals older than 18 and those who have a valid social insurance number can open a TFSA (Tax-free Savings Account) and set money aside for it to grow tax-free throughout their lifetime. Any amount contributed as well as any income earned in the account (investment income or capital gains) is also tax-free. Benefits of a TFSA include:

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