As we continue to work and live in these unusual times, our spending habits may be a little different. While clients may not be planning their holiday travel plans, many are spending more on home comforts. This TFSA – Spend or Invest infographic raises the question about enjoying spending the money now in the short term, or investing the money to use the proceeds for something meaningful in the future.
Take-out Meals or University Tuition?
The cost of weekly take-out for the family (for a year) or a new big screen TV adds up to about the same as the maximum Tax Free Savings Account contribution. What if instead of spending that amount this year, we make a one-time investment of $6,500? Over time, that single investment could add up enough to pay for two years of university tuition, or a new car!
Weekly take-out for the family for a year adds up about the same as the maximum TFSA contribution.
The impact of a one-time TFSA investment, over time, is significant. This TFSA – Spend or Invest infographic will help you start that conversation.
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