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Yay I have savings! Now, where do I put them?
Rounding it up
We know savings are good, but do we know where to put them? HISAs, or High Interest Savings Accounts are great if you’re saving up for something near-term.
GICs, or Guaranteed Investment Certificates, is a low-risk investment that’s guaranteed to make interest as long as you leave the money alone.
If you have medium-term goals, like getting a car, a TFSA or Tax-Free Savings Account is your best bet. Plus, any money you put away in a TFSA won’t get taxed.
Thinking longer term? Consider RRSPs, or Registered Retirement Savings Plans.
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