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Money-Saving and Wealth-Building Tips

It's not just how much income you have that will help you become financially independent. If you spend as much as you earn, you will not increase your wealth. The trick is to live below your means - spend less than you earn, and invest wisely!

Compound Interest and Debt

Pay down non tax-deductible debt as quickly as possible.

Pay down your mortgage, or contribute to an RRSP - which is better?

Credit cards - How compound interest can work against you

Annual percentage rate (APR) - know the interest rate before committing to a loan!

Compound Interest and Building Wealth

If you save $1 per day, how much will you have?

To have $1 million in the future, how much must be deposited today?

RESPs - Be Aware, and Beware!

Registered Savings Plans - Including First-Home Savings Accounts - new for 2023

Tax Tip: Make compound interest work for you, not against you.

Reducing Costs

Cost cutting suggestions and estimated savings over 30 years

Lower your insurance costs.

Free software

Prescription prices are not equal!

Private health care plans - cost may exceed benefits.

Your loyalty points or frequent flyer miles can expire.

Buying a vehicle

Rebates and PST reductions for fuel-efficient vehicles

Unclaimed bank balances - Check to see if there are unclaimed balances that belong to you or a relative.

Government Benefits

Child and family benefits provided by governments

Government Benefits and Services pages for Canada and your province or territory, for links to consumer protection information. Save money by protecting yourself.

Tax Tip: Get ahead by living below your means!

Revised: September 20, 2024

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