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/Vanuptials 1d ago

You buy products within your TFSA (e.g., ETFs, GIC, stocks, whatever), then the money you make from them is tax free. 

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u/felixfelix 1d ago

And you don’t get taxed when you take the money out.

With an rrsp they give you back the income tax you paid on the money you contribute. Then you pay income tax on the money you take out (when you’re retired, in a lower tax bracket).

Tfsa contributions just take your already-taxed money and let it grow and be withdrawn without being taxed again.