When thinking of venturing into Laneway Suite projects, a key element that many homeowners would consider during their decision-making process is the ability to meet the cost of construction. At TurnKey, our aim is to provide affordable and sustainable financial opportunities for homeowners through backyard housing. As a homeowner, you have many responsibilities, expected and unexpected monthly expenses that are a priority. Aside from TurnKey’s $0 upfront cost Research Survey that will require as many homeowner responses as possible, we also believe in providing information and tips highlighting various ways of saving and investing your assets efficiently.
A tax-Free Savings Account (TFSA) is the easiest form of saving your money, as you will not be taxed for the amount you put into the account as well as the investment growth. Canadians, 18 and older, are eligible to save up to $6,000 per year, as well as additional contributions left from previous years. Additionally, you will be able to withdraw from the account at any time.
A mutual fund is a form of investment in which the money from multiple investors is combined together to purchase a portfolio of different securities and a professional is responsible for the funds. The duties of the investment manager mainly revolve around investing money in bonds, money market instruments, stocks, or other types of securities.
Canada Savings Bond is a savings product provided and guaranteed by the federal government, which offers a minimum guaranteed interest rate. The bond has a three-year-long maturity period with the interest rate being active during the term. At the end of the maturity term, the Minister of Finance announces the new rates depending on the market condition. Users can cash out the money at any time and earn interest until the time it is cashed. It is important to note that CSB is only available through the Payroll Savings Program, which enables Canadians to buy bonds through payroll deduction.
If you want to learn more about other ways of saving and investing in Canada, click here to visit the official government website.