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

  • Zareen Kaur
  • May 8
  • 1 min read

Updated: Jul 14

TAX REFUND IDEAS

tax refund

· 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.


table 1

TFSA characteristics & unique benefits

table 2

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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