For example, say, you’re a cautious investor saving up a down payment to buy a house in five years. In a favourable interest-rate market, you may choose a TFSA GIC to grow your tax-free savings till you can withdraw your funds at maturity. The added benefit would be that you get ...
It can accumulate interest until you need it, but it stays safe and is easily accessible should you suddenly need to dip into it. For long-term savings, such as retirement, consider investing in an RRSP or TFSA, which can provide better returns over the long haul. As a bonus, you’ll...
Once you have $500 or more saved,consider a GICto lock away your money for a fixed term while it earns interest. Depending on the amount and term length, you could earn anywhere from 1-4% APY. However, you usually can’t add money to your GIC during the term, and you’ll pay a...
TFSA vs. RRSP: How to Choose The tax-free withdrawals of a TFSA offer more flexibility, but the tax-deferred contributions of an RRSP are great for retirement. The type of account you choose will depend on your savings goals. Hannah Logan Best RRSP Accounts and Rates in Canada for 2025...