TFSA

There is a lot being written on the Tax Fee Savings Account. If you want to save some money, say for a house down payment, this may be the way to go. You need to be fairly conservative in your investments and might just be better off with such things as an ING account. Their site is here.

I friend of mine recommends the ICICI Bank Canada. It also has some of the best rates for GICs in Canada. They have an office on Bay Street downtown if you do not like doing your banking over the internet. See the ICICI site.

The RRSP route is only good for people in the top tax bracket. (That is because you should be paying less tax on withdrawals than you paid in tax when you make contributions to an RRSP account.) If you are not in the top tax bracket, then the TFSA is a better way to go.

I wrote about Dividend Paying stock and TFSA in April of this year. What I said then is still applicable.

This blog is meant for educational purposes only, and is not to provide investment advice. Before making any investment decision, you should always do your own research or consult an investment professional. See my website for stocks followed and investment notes. Follow me on Twitter or StockTwits.