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For Canadians... tax free savings accounts?

DBranchaudDBranchaud Posts: 827Member Member Posts: 827Member Member
Hey has anyone gotten one of those tax free savings acounts yet. I signed up to get one. My Parents don't want me to though. I have an appointment on monday to talk to the bank about it

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  • DBranchaudDBranchaud Posts: 827Member Member Posts: 827Member Member
    Hey has anyone gotten one of those tax free savings acounts yet. I signed up to get one. My Parents don't want me to though. I have an appointment on monday to talk to the bank about it
  • missmezmissmez Posts: 104Member Posts: 104Member
    I recommend one. I'm getting one also, as soon as I can make the time. Even if you only put a little bit of money into it, it's worth it. Here's the thing: You have a cap of $5000 a year for this account but if you don't max out the $5000 a year, you can carry it over to the next year or other years in the future. So if you only put in say $2000 this year, you are then allowed to put in $8000 next year. Also, if for any reason you had to withdraw money, you are then allowed to re-invest it tax free as well. So if you take out $2000 one year, your maximum goes up to $7000 the next - your initial $5000 plus the $2000 you want to reinvest. I think it's an awesome way to invest - you can choose your investments just like you would with RRSPs but it's tax free so if you need to use it later you don't suffer come tax time (which I've unfortunately had to do with RRSPs before and got dinged big time on my taxes).

    You're a big girl now. Take your finances into your own hands and don't worry about what your parents think.:smile:
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