financial planning

I was at the Liquor Store this fall buying… I think it was beer that time, and the person assisting me with my purchase asked if I could discuss ways to save for your child’s education in the next column.

I am writing this column a few weeks before our family trip to Montreal. Lately, I have been reminiscing about my late teens and early twenties since I will be seeing some of my girlfriends during this visit.

finance, tax free savings, RRSP, investing

A frequently asked question is whether it is preferable to invest in an RRSP or a TFSA. We would like to receive an answer that is “cut and dry” but that’s impossible since we are all at different stages in our lives and our goals and objectives vary.

To refresh our memories, here is a brief recap of the characteristics of each plan.

_ You can contribute up to 18% of your prior year’s earned income to a maximum of $22,000 for 2010;
_ Your unused contribution room is carried forward to the next year;