By Sheila Walkington, Co-Founder and CFO of Money Coaches Canada
Perhaps you’re trying to save for retirement? Set aside funds for a rainy day? Pay down debt, including that hefty mortgage? And of course, pursue other important goals that make life worth living! Whew!
You could simply keep your money in a plain old bank savings account. However, there are much better options, some with significant growth and tax-savings potential. If you have extra cash or are committed to saving money, you may be asking:
- Are RSPs still a good investment?
- Should you be paying down your mortgage first?
- Or are Tax-Free Savings Accounts (TFSAs) a better savings strategy?
In general, investing in RSPs is a good idea, although there is no one-size-fits-all answer.