How long have you been working?
I don't know... ten years maybe
And nobody at your job, your bank, or your school ever sat you down and said: you have three accounts that grow tax-free?
What accounts?
One where your money grows and the CRA can't touch it. One that gives you a tax refund every year. And one that hands you free money to buy a house.
They've been open since you were 18. Empty.
I have a savings account
Your savings account pays you 0.5%. The government takes a cut. Your buddy from work has $40K in a TFSA. Same salary. He just knew.
How come nobody teaches this?
Because the bank makes more money when you don't know.
So what do I do?
5 days. One email a day. Free.
Explain the accounts
Tomorrow: what your coworker did with the same salary to build $40K in tax-free savings. Spoiler: he doesn't earn more than you.
Música: Gymnopédie No. 1 — Erik Satie, interpretada por Luis Kolodin (Piano) · CC BY-SA 4.0
literally been working for 12 years and had no idea my TFSA room was just sitting there 😭