💰Consider contributing to your spouse's TFSA to maximize tax-free savings.
🏠Explore the tax-free first home savings account for future homeownership.
📉Understand the benefits and advantages of an RRSP for retirement savings.
🎓Invest in a Registered Education Savings Plan (RESP) for your child's future education expenses.
🏠+💰Consider paying down your mortgage as a valuable investment option.
Can I contribute to my spouse's TFSA?
—Yes, you can contribute to your spouse's TFSA to maximize tax-free savings for both of you.
What is a tax-free first home savings account?
—A tax-free first home savings account is a new account being implemented in Canada that allows you to save for your first home with tax-free contributions.
Are RRSPs a good investment option?
—Yes, RRSPs offer tax advantages and can help you save for retirement. It is important to understand the benefits and consult with a financial advisor to determine if it is the right option for you.
What is an RESP?
—An RESP is a Registered Education Savings Plan, which allows you to save for your child's post-secondary education expenses in a tax-sheltered account.
Is paying down my mortgage a good investment?
—Paying down your mortgage can be a valuable investment option, especially if you have a high-interest rate. It reduces your debt and can provide financial security in the long run.
00:00Introduction to what to do after maxing your TFSA.
03:30Consider contributing to your spouse's TFSA as a smart move for tax-free savings.
07:30Explore the benefits of the tax-free first home savings account for future homeowners.
11:00Understand the advantages of an RRSP for retirement savings and debunk common misconceptions.
14:30Learn about the benefits of investing in an RESP to save for your child's education expenses.
18:00Consider paying down your mortgage to reduce debt and increase long-term financial security.
