that close to two of three people who filed their taxes already have received a refund, and the average amount is $2,113. That’s enough to do something for your personal finance s with lasting benefit. Here are some ideas:
Add it to a child or grandchild’s registered education savings plan: Contribute $2,113 to an RESP and you get $422.60 added to the plan via the Canada Education Savings Grant. A guaranteed 20 per cent return. Add it to your registered retirement savings plan: Puts you on the path to another tax refund for the 2024 tax year, plus you benefit from tax-free compounding in your RRSP over the years.
Pay down debt: The interest rate on card debt is around 20 per cent and won’t budge when the Bank of Canada starts lowering rates later this year. A home equity line of credit typically has a rate around 7.7 per cent these days, which means expensive minimum monthly interest-only payments if you have a large balance.
Carrickmoneynewsletter Personal Finance Personal Finance Canada Savings Strategy High Interest Saving Rob Carrick Personal Finance Newsletter Rob Carrick Personal Finance Personal Finance Planning Personal Finance Advice Canada
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