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  • Writer's pictureZAREENJIT KAUR LALL

Have you thought about what to do with your tax refund?

Updated: Apr 4, 2023

TAX REFUND IDEAS

· Make payments toward your debts or your mortgage

· Build up your emergency fund

· Invest it to get ahead on your retirement (RRSP)

· Save for your children’s education (RESP)

· Flexible Saving Goals (TFSA)

· Reward yourself for your good savings habit!


Who can benefit from TFSA?

TFSA is appropriate for anyone who has investments outside a registered plan.

Suitable for all Canadians, aged 18 and older, regardless of income level.


TFSA characteristics & unique benefits

TFSA contribution and interest paid on sums borrowed to contribute are not deductible.

Excess contributions and the income that they generate are subject to a penalty of 1% a month. (No excess margin is allowed.)








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