Make the Most of Extra Money

Should you spend it…save it…share it? A financial planner can help you balance your priorities, set realistic goals and understand your options.

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Making the Most of a Bonus or Tax Refund

With so many priorities to balance it can be difficult deciding how to use extra cash. A financial planner can help you weigh your options.

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5 Questions to Consider

1.Do You Have an Emergency Fund?

Consider keeping 3-6 months of living expenses in an account that’s easy to access. You can contribute up to $5,500 per year in a Tax-Free Savings Account (TFSA), where growth and income is tax-free, and you can withdraw your money at any time.

2.Are you Carrying High Interest Debt?

If you have outstanding balances on a credit card, line of credit or loan, reducing or paying off this debt could free up cash to reach other goals.

3.Are You Taking Full Advantage of Registered Plans Like RRSP and TFSA?

Think about topping up your Registered Retirement Savings Plan (RRSP) or TFSA contributions to make your savings work as hard as possible for you.

See Getting More from My RRSP and TFSA
4.Have You Set Up an RESP for Your Children or Grandchildren?

Consider contributing to a Registered Education Savings Plan (RESP). With built-in tax benefits and government grant programs, it’s the best way to save for a child’s education.

See What Kind of RESP Should I Choose?
5.Do You Have an Estate Plan in Place?

If not, consider using your extra cash to create a Will and Power of Attorney (Mandate in Quebec) and to make sure you have sufficient life and disability insurance coverage.

See Estate Planning is More than Just a Will

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RBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.

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