Speaker, Jackie Read

Jackie told us this week all about "Tax Free Savings Accounts". The Government has given us a gift but it still is up to us to take advantage of it. You can save up to $5.000 a year in a tax-free savings account. This is obviously an attempt on the government's part to increase the rate of savings on behalf of all Canadians. Will it work? Only if you save! You can take the money out again next year if you need it, so it is flexible. Don't ignore this one. If you can't do it this year you can catch up next year but don't leave it too long. If you over contribute you will be fined. She then talked about Bank versus self directed RRSP. You can buy a GIC at say 3.5%. You should max out your RRSP first then you can look at RESP as ways to help your grandchildren if you have any or might do.