Gilles Drouin | Journalist
Sophie Sylvain recommends using the savings ladder, a strategy to maximize your savings that requires minimal effort over a two- to three-year cycle. Here's an example based on an annual income of $55,000. You can do the same thing with a smaller amount.
The savings ladder
2015: You invest $3,000 in Capital régional et coopératif Desjardins (CRCD).
2016: You put your $1,350 provincial tax credit in your RRSP (45% credit) right away.
2017: Your RRSP contribution gets you a tax refund of about $518, which you put into your TFSA.
Result: The $3,000 investment is now worth $4,868, not counting the return on your investments.
CRCD shares too risky for you?
Start building your ladder with a $3,000 contribution to your RRSP, then put the tax refund ($1,151) in your TFSA. In two years you will have $4,151.
Slight variation: Instead of contributing to your TFSA, put it all in an RESP to take advantage of government grants.