o'farrell financial blog

Monday, 01 May 2017 16:35

Wondering what to do with your tax refund?

Here are some solutions.

April 2017

 Contribute to your RRSP.

Recent surveys by Insights West and Credential Financial have shown Canadians aren’t adequately prepared for retirement. In fact, 68 percent don’t have a retirement plan and 30 percent have yet to save a cent towards their retirement. Why not be proactive and fund an RRSP to help ensure you have the resources to enjoy your retirement? http://bc.ctvnews.ca/majority-of-canadians-aren-t-prepared-for-retirement-study-1.3278742

Contribute to a TFSA.

Canadian citizens over the age of 18 are given an additional $5,500 of contribution room each year. If you’ve never contributed to a TFSA, you may have up to $52,000 of contribution room, depending on your age as of 2009. A great feature of TFSAs is that your account growth is tax advantaged. And you’re able to hold several types of investments.. http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/menu-eng.html

Contribute to an RESP.

It goes without saying that a good education is important to ensuring  your child succeeds in the future. Unfortunately, the cost to of college or university continues to increase at a dramatic pace. According to Statistics Canada, undergraduates pay an average of 40 percent more than they did only 10 years ago. Starting to invest today can go a long way to funding your child’s education down the road. Even small monthly contributions over several years can potentially provide the necessary funding. You may also be eligible for grants from the government on top of your contributions. http://globalnews.ca/news/2924898/university-tuition-fees-rise-40-per-cent-in-a-decade/

 

If you’re interested in putting your tax refund to work for you future or would like more information about the different types of investment accounts available, contact O’Farrell Financial Services at This email address is being protected from spambots. You need JavaScript enabled to view it. or 877-989-1997.