Erin Bury of Willful, Author at ̨ÍåSWAG /blog/author/erinburywillfulwills/ Free personal financial plan Fri, 06 Sep 2019 16:06:56 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 /wp-content/uploads/2018/06/favicon.png Erin Bury of Willful, Author at ̨ÍåSWAG /blog/author/erinburywillfulwills/ 32 32 Why a Will should be a part of your back-to-school checklist /blog/why-a-will-should-be-a-part-of-your-back-to-school-checklist/ /blog/why-a-will-should-be-a-part-of-your-back-to-school-checklist/#respond Thu, 05 Sep 2019 17:41:09 +0000 http://planswelldev.wpengine.com/?p=12288 Back-to-school is a busy time and to-do lists are never ending, but there’s one key to-do that many Canadian parents are forgetting: making a will.

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]]> If at all possible, save in advance for your renovation project. If you can, spend this spring cleaning and polishing (you’ll be amazed at what some elbow grease and fresh paint can do for your space), and plan to take a hammer to it next year. Not only will that leave you with 12 months to save in advance, it will also give you a chance to think carefully about your renovation plans and keep an eye open for sales on items you’ll need.

For home renovations, there are two savings tools that work particularly well.

The first is a high interest savings account. Unlike the regular savings account at your bank that probably pays next-to-no interest, a pays in the neighbourhood of 2.3% interest and allows you to withdraw your money at any time.

The second is a (TFSA) which, despite the name, can be used as a container for all sorts of investments. The advantage of using a TFSA is that you don’t have to pay tax on your investment income, and you can take out your money without penalty at any time.

Even though there’s a program in place that allows you to , it’s not recommended to withdraw money from your RRSP to fund a renovation. You won’t get the contribution room back and you’ll pay expensive tax on the withdrawals. Leave your retirement fund alone and consider other choices for home improvements.

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