Whether you’re looking to pay off student loans, save to purchase your dream home, or are simply looking to become better at managing your finances, Downtown Brampton is home to a variety of financial institutions that can help make your goals become a reality this year.
One effective method to save some money is to open up or contribute funds to a Tax Free Savings Account (TFSA). A TFSA is a way for people to put away money into a savings account, which remains tax-free throughout their lifetime, allowing individuals to grow their wealth over a long period of time.
Another investment option is a Registered Retirement Savings Plans (RRSPs). This is similar to a TSFA, as it helps you boost your savings tax-free, however RRSP contributions are capped at 18 per cent of the earned income reported on your tax return from the previous year. RRSP contributions also generate a deduction when you file your income tax return, while TFSA are not tax-deductible.
When deciding what the best course of action is for you when it comes to investing your money, your best bet is to book a consultation with one of the many financial experts located in the downtown core. Choose from a variety of financial institutions, such as TD Canada Trust, BMO Bank of Montreal, CIBC, RBC Royal Bank, Scotia Bank, IG Wealth Management, and Trust, or the Business Development Bank of Canada and educate yourself on how to better manage your finances.