Planning for Your Financial Future in Canada

Thinking about your long-term financial goals is a key step to building a secure future here.

Building Your Savings 💰

Saving money helps you prepare for emergencies and reach big goals. Canada has special accounts to help your savings grow faster.

• Tax-Free Savings Account (TFSA): You contribute money that has already been taxed. Any money your savings earn from interest or investments is not taxed when you take it out. This is a flexible option for many goals.

• High-Interest Savings Account (HISA): This is a simple savings account that offers a better interest rate than a standard chequing account. It is a good place to keep your emergency fund.

Saving for Retirement ➡️

Planning for retirement now can make a big difference later.

• Registered Retirement Savings Plan (RRSP): When you put money into an RRSP, you can often lower the amount of income tax you pay today. You pay tax on the money when you withdraw it in retirement, which is usually when your income is lower.

• Employer Plans: Some jobs offer a pension plan or a group RRSP. Often, your employer will match a part of the money you put in. This is a great way to boost your savings. ✅

A financial advisor at your bank can help you understand these options and create a plan that fits your personal situation.

This information is for guidance and not legal or medical advice. Always check official government sources for the most up-to-date information.