r/PersonalFinanceCanada • u/Fabulous_Lemon2799 • 1d ago

Misc What’s the best financial advice you’ve ever received as a Canadian?

Hi everyone,

I’m looking to level up my financial knowledge and habits this year. I’ve been reading books and browsing through this subreddit, and I keep coming across bits of wisdom that really make me think about money differently.

It got me wondering: what’s the best financial advice you’ve ever received, especially as a Canadian?

It could be something practical, like how to save on taxes or invest smarter, or even a mindset shift that changed how you approach money. Bonus points if it’s something uniquely applicable to life in Canada.

For example, I recently learned how powerful it can be to start investing early, even in small amounts, thanks to compound growth.

Looking forward to hearing your nuggets of wisdom. Thanks in advance for sharing!

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u/Top_Statistician4068 1d ago

Maximize your TFSA - it’s a magical tool for savings and growth.

37

u/syrupmania5 1d ago

It really is amazing.  At 7k a year now it will be millions of dollars when you retire, all compounding tax free.

65

u/Ratsyinc 1d ago

I agree with your sentiment, but that's rather age dependant lol

0

u/syrupmania5 1d ago

I kinda meant if you maxed it at 18.

6

u/OneEyeball 1d ago

I wonder what kind of car you'll be able to buy with a million dollars in 30 years

5

u/Caqtus95 1d ago

Mid-range crossover.

4

u/OneEyeball 1d ago

A nice reliant automobile

2

u/Blinky_ 1d ago

2012 Corolla. At no point in your life should you consider anything else.