Group Savings Plans:

“If you have a Group Savings Plan through your employer and the employer matches any contribution in any amount, take it! The matching contributions are taxable income, however there is an immediate tax offset and so there is no tax leakage on that income. What the employer is effectively doing is effectively giving you a guaranteed return on your contributions. Further, this matching contribution shares the burden of your efforts to save for retirement. You may want to max out your RRSP and because the employer is matching an amount it will eliminate that other money that you would otherwise contribute out of your own income. It does free up the after-tax amount of money left over that you could then put into paying your mortgage down more quickly, contributing to a TFSA, putting money into non-registered investments, contributing to a child’s RESP or buying cash value life insurance. These are all things you can do with the enhanced savings your employer’s contributions are providing. However, you look at it, your employer’s match is a net contribution to your wellbeing. Take it and don’t let anyone ever talk you out of it!

Investment Accounts: 

Variety of stocks, GIC’s Bonds, etc (More info to come here) 

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