Today I have the creator of the TFSA (Tax Free Savings Account) on the show who shares his best TFSA tips and strategies, while also discussing his initiative to enhance financial literacy in Canada.
His name is Kevin McCarthy, and while working in Ottawa, Kevin was responsible for the financial literacy file for Minister Flaherty and helped launch the federal government’s Financial Literacy Panel.
He played a key role in the development and naming of the Tax-Free Savings Account (TFSA), the single most important personal savings vehicle since the introduction of the Registered Retirement Savings Plan (RRSP).
Kevin has since joined a great organization called Enriched Academy which focuses on teaching financial literacy here in Canada.
Get Your Free 1-Year Subscription to Canadian MoneySaver Magazine
Lastly, don’t forget to claim your free 1-year digital subscription to Canadian MoneySaver Magazine (Canada’s largest personal finance and investing magazine).
The magazine features Canada’s top experts on personal finance and investing, and is a great place to learn best practices, and stay up to date on changes that will impact your investments and financial situation for years to come, specifically here in Canada.
To get that, all you have to do is open up a free savings account with my favourite bank (and the bank that I personally use, EQ bank).
The reason that I personally use EQ bank, is that they have one of the highest interest savings rates in Canada. In fact, over all the years that I’ve been with them, I’ve seen them consistently be almost double the interest rate compared to other online banks, and well over double the interest rate compared to the major brick and mortar banks that we have here in Canada.
Plus it’s free to sign up and keep an account with them, so you’re not paying a monthly fee as you do with many of the other banks out there. As a bonus you also get unlimited free Interac e-transfers every month!
Because of those reasons, I’ve been with them ever since they launched in Canada years ago, and it’s where I keep my entire emergency fund and spending money.
To get the free account and a 1 year free subscription to Canadian MoneySaver magazine, just go to buildwealthcanada.ca/eq, open the free account, and once you’re done, forward any email that you get from EQ to firstname.lastname@example.org and I’ll send you a coupon code that gets you a free one year subscription to the magazine.
Enjoy, and thanks for supporting the show!
Links and Resources:
Financial Literacy Training at Enriched Academy
Kevin's LinkedIn Profile
EQ High Interest Savings Account with Bonus
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