If you had $5000....
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Tuesday April 1, 2008
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It's never too soon to start thinking about your financial future. Check out these great tips from Fabulously Broke in the City...
Here's a couple of things you could do (mostly geared to Canadians):
*NEW* CANADA 'TAX-FREE' SAVINGS - You can put up to $5000/year into a tax free account (when you withdraw it, there are NO penalties), and the $5000 isn't taxed. It's Canada's new initiative to get Canadians to start saving. I think it starts in July 2008$5000 = $1100 immediate tax savings off your taxable income assuming 22% rate$5000 = $27,580 at retirement assuming 5% growth at the age of 30.
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