As you know, money is devalued every day couse of inflation. In other words, the $ 100 this year will be 97 next year and $ 88 in 2 years. You can test to see how your money loses its value using the worksheet with inflation of the Bank of Canada at http://www.banqueducanada.ca/fr/taux/inflation_calc-f. html .
The question is how to avoid the loss or even earn some money?
The answer is very semple - he cares to invest the money. The easiest method is to place money in a Tax Free Savings Account (TFSA), since we don't pay income tax on interest and therefore you win two times: the interest and the tax on interest. For more information on the TFSA visit the Canada Revenue Agency http://www.cra-arc.gc.ca/tx/rgstrd/tfsa-celi/menu-fra.html .
The highest rate for a TFSA is offered by ING Direct. In addition, when you open an account with ING Direct with the orange key 35170487S1 you get a bonus of $ 25 and your own orange key gives you the privilege to get up to $ 2,000 reward, $ 25 for every friend invited.
Now you get 50 when you open an account, it goes back to 25 after august 31st 2012
ReplyDeleteTake advantage of this while it last!
http://www.ingdirectcanadaorangekey.com/