Category: Toronto Personal Finance Posts

Category: Toronto Personal Finance Posts 20 of your Tax-Free Savings Account questions answered

  When Jim Flaherty launched the Tax Free Savings Account in the 2008 budget he called it the most important personal finance vehicle since the RRSP. Tuesday it may get even better, if the broadly leaked hints ahead of the federal budget mean a doubling of the annual limit to $11,000. Even if it doesn’t happen, the TFSA is now a big piece of our overall savings strategy. Canadians have nearly 11 million accounts with investments worth $118 billion inside, according to the Canada Revenue Agency. So if you haven’t got one, now may be the time to get going.

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Category: Toronto Personal Finance Posts You Can Invest In Rental Property and Send Your Child To College

College fees have gone up to over $65,000 a year says Troy Onink, a contributor for Forbes. When planning for the future of your child, budgeting does not stop at tuition alone as there is still the cost of room and board that you need to consider. Onink suggests that buying a rental property for your kid and for a couple of roommates where they can live may prove to be a practical move – for funding education, tax deduction and for your own retirement. Onink further recommends that once you own a rental property, you can ask your child

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