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/