Start Today vs. Wait Two Years
See exactly how much your family leaves on the table by delaying your first step.
This could be as small as skipping two restaurant meals per week.
Start Today
Total contributed:
CAD0
Growth earned:
CAD0
Final Value:
CAD0
Wait Two Years
Total contributed:
CAD0
Growth earned:
CAD0
Final Value:
CAD0
The cost of waiting two years
CAD0
By waiting two years to start investing, you miss out on money that would have grown on its own while you focused on other things.
Canada’s TFSA allows you to grow this money completely tax-free — meaning every dollar shown above stays in your pocket, not with the CRA.
Before you do anything else — Worth knowing
- Tax-Free Savings Account (TFSA): Do not let the name confuse you; this is an investment account, not a regular savings account. For many newcomer families, this is the best place to start. Any money your investments earn inside a TFSA is entirely tax-free.
- Registered Retirement Savings Plan (RRSP): Useful for reducing your income tax bill if you are in a higher tax bracket, but the money is taxed when you withdraw it in retirement.
- Robo-advisors (like Wealthsimple or Questrade): Low-barrier, beginner-friendly platforms that automatically manage your investments for a small fee, making them an excellent entry point if you have zero prior experience.