To all the dads this Father’s Day getting another colorful tie or poorly crafted mug, have a wonderful day! Your workday is never over because you need to earn that “best dad ever” t-shirt by providing for your kids. One way to do that is to invest in Registered Education Savings Plans (RESPs) for your children. Let’s face it, what you really want this Father’s Day is financially stable kids. Helping them reduce student debt in the future is a good place to start.
Speaking of saving for the future, why not start them a Tax-Free Savings Account (TFSA) so they can move out. You can contribute up to $6,000 a year, so this might take a few years for a down payment. But this is better than your kids living at home for the rest of your life.
Fiscal responsibility is the gift that keeps on giving. Try setting some short-term goals for your older kids, like reducing credit card debt or establishing an emergency fund. Because the sooner they are financially comfortable, the sooner you can retire.
We’d like to wish all the dads out there a happy Father’s Day from all of us at Rise CPA. If you need help with tax or estate planning for your family, please give us a call.
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Rise CPA provides professional accounting, tax and business advice to help you make the right decisions at the right time. Since 1979, we’ve been helping clients create businesses and lifestyles they envision by delivering expert insights and financial guidance. At Rise, we excel at advising business owners and their families in a caring and personal way. Our services cover a wide range of Tax Planning, Auditing, Accounting, Estate Planning, and Business Advisory. Please call (604) 936-4377 or use the online contact form to book an appointment with one of our accounting professionals.