How to use your Tax Free Savings Account (TFSA) as your Child’s Education Savings Plan
What’s a Tax Free Savings Account (TFSA) A Tax-Free Savings Account is a Canadian government registered account available to all Canadians over the age of 18. Started in 2009, contributors (depositors) are permitted to deposit a government set amount of money every year into their TFSA account. The amount of the annual contributions are set […]
Is a “Child Plan” Better Than a TFSA for My Kid’s Savings?
If you’re like most parents I talk to, you’ve probably had “Open a TFSA for the baby” on your to-do list since the day you got home from the hospital. We’ve been told for years that the Tax-Free Savings Account (TFSA) is the ultimate Canadian gold standard for saving money. But there’s a massive catch […]
What does Chat GPT think of Child Plan™?
A Child Plan™ is a type of life insurance policy that combines life insurance with a savings component to provide both protection and savings for your child’s future needs. Here are some benefits of a Child Plan™: Flexibility A Child Plan™ offers more flexibility than an RESP in terms of how the money can be […]
Can I Open A TFSA for my Child? What’s the Minimum Age to Open a TFSA?
What’s the Minimum Age to Open a TFSA? Parents today are facing many challenges. Between record-high cost of living, finding an affordable home to raise a family and deciding the best way to invest for their children’s future and education can feel impossible. However, achieving those long-term financial dreams for both them and yourselves are […]
How Will a TFSA Benefit My Family’s Financial Future?
I’m not going to lie, when I first opened a TFSA (Tax Free Savings Account) around four years ago, I really didn’t understand why. I was taking the advice of my family advisor, and while he tried to explain how the account worked, I was not fully grasping it. So I went home and did […]