What is the biggest expense for working Canadians each year? 

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• No, it's not your cell bill. Or car loan. Or even rent!

 

• Answer: taxes

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Learn about taxes. So you can minimize this expense. The less you pay in taxes the more of your hard-earned money you keep for yourself. More after tax money = more savings = more investments = more income. This process creates a powerful virtuous circle. 

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What to do?

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Option 1: Savings Accounts

 

Young Canadians have the ability to invest their savings in tax-free accounts today:

• Tax Free Savings Account - $6,500/year

• First Home Savings Account - $8,000/year

• Registered Retirement Savings Account

• Registered Education Savings Plan (if you have kids)

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Tax-free compounding is a big deal: over time, small sums become very large sums.

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Option 2: Real Estate (likely when you are older)

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Gains on a primary residence are tax-free. However, real estate also involves leverage - which makes it much more risky.  ​