Tis the season!<\/p>\n
The days are getting longer (particularly since we sprung our clocks forward last weekend and had an hour of our lives robbed due to daylight saving time) and the tax returns are starting to roll in. You do<\/i>know it\u2019s tax season, right? <\/span><\/p>\n Ok good. Just checking. <\/span><\/p>\n If you\u2019re eagerly anticipating a healthy tax return this year, then you probably have all sorts of ideas when it comes time to spend it. <\/span><\/p>\n Vacation? A sports car to fuel the midlife crisis? <\/span><\/p>\n Hey, you\u2019ve earned some fun with all the hard work you\u2019ve done this year. And a shiny new ride might be just what the doctor ordered. <\/span><\/p>\n But what if you contributed to your entire family\u2019s future instead this year?<\/span><\/p>\n If that sounds like a good idea to you, here are four ways you can invest in some peace of mind this spring. <\/span><\/p>\n There\u2019s nothing quite like the feeling of watching your debt click all the way down to zero. For most of us, that reality is still a few years away. <\/span><\/p>\n So why not get a little bit of jumpstart? Taking a larger-than-normal chunk out of your debt, whether it\u2019s credit card or loan debt, provides that same feeling and gives you a headstart on being debt free earlier. Plus you\u2019re actually saving money in the longrun in the form of interest \u2013 sometimes these interest numbers are in the double digits!<\/span><\/p>\n Advising people on their finances for as many years as I have has given me a huge appreciation for smart investing. <\/span><\/p>\n Well, there\u2019s nothing quite smarter than earning tax free growth. <\/span><\/p>\n A TFSA lets you do just that as you create or build on a fund that you can use for a rainy day. Or even a not-so-rainy day!<\/span><\/p>\n Want to get a headstart on next year\u2019s tax deduction? Get a leg up on 2018\u2019s tax season by investing a portion or all of this year\u2019s tax return in an RRSP.<\/span><\/p>\n That\u2019s right \u2013 we just mentioned 2018\u2019s taxes in an article about 2017! Hey, it\u2019s never too early to get your taxes done, right?<\/span><\/p>\n Plus, RRSP\u2019s are a great way to keep building on your retirement nest egg. <\/span><\/p>\n RESP\u2019s, or registered educational savings plans let parents, grandparents, or even family friends contribute to a savings plan intended for a child\u2019s post secondary education. <\/span><\/p>\n \u201cThese contributions are not tax deductible, but any investment income that\u2019s earned within the plan is not taxed until it\u2019s withdrawn.\u201d Source<\/span><\/a><\/span><\/p>\n RESP\u2019s can also qualify for federal grants up to a possible $1,200. Plus, if your children are young? Well, that means there\u2019s a lot of room for growth when they get to (gasp) university age.<\/span><\/p>\n Look, everyone looks forward to a little bit of extra cash at this time of the year \u2013 cash they can put straight into something new and shiny. We get that, everyone feels that way. <\/span><\/p>\n But there\u2019s a lot to be said not only for the benefits of using your tax return on something practical, but the satisfaction you\u2019ll feel is almost worth the investment all by itself. <\/span><\/p>\n Almost.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Tis the season! The days are getting longer (particularly since we sprung our clocks forward last weekend and had an hour of our lives robbed due to daylight saving time) and the tax returns are starting to roll in. You doknow it\u2019s tax season, right? Ok good. Just checking. If you\u2019re eagerly anticipating a healthy… 1. Pay Down Debt<\/b><\/span><\/h3>\n
2. Invest in a TFSA<\/b><\/span><\/h3>\n
3. Invest in RRSP\u2019s<\/b><\/span><\/h3>\n
4. Invest in RESP\u2019s<\/b><\/span><\/h3>\n