Saving For a Goal

Saving for a specific goal like a downpayment for a home, a vehicle or a vacation needs a plan and the right place to save it. 

A high interest savings account (HISA) is a great place to save for short-term goals since the funds will always be accessible with no risk. 

If you have some funds saved and know you won't need them for a year or two, a Guaranteed Investment Certificate or GIC is another great option. In this case, you're making the money inaccessible for the term of the GIC, but will be earning a higher rate of interest than a HISA.

A Tax Free Savings Account or TFSA might be a good option if you have lots of contribution room. 

Lastly, setting up pre-authorized payments to your savings account is the best way to ensure you're going to reach your goal. 

If you have questions, book a complimentary call with Frank Gasper, financial advisor at CSR Wealth Management. 

*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2024 Advisor Websites.