Love Day (aka St. Valentine’s Day ) is very soon. I am sure you are rushing around trying to find that special someone the perfect Financial Gift of Love. Let me pass on some hints to get your loved one’s financial heart a fluttering.
- Nothing says love more than a dozen rosy red bills, deposited into your loved one’s RRSP, that means $600 to be enjoyed at retirement. Also a sumptuous tax rebate for you or for them. I bet that got your blood pounding just thinking of that.
- If you have children that you think are very important. If you want to show your undying care for them what says it more than a dozen chocolate-brown bills in their RESP? Should you put $1200 in your child’s RESP, then they will receive more love from the Government in the form of a CESG of $240. Goodness is it getting warm in here?
- Are you trying to impress someone or catch their eye? How about putting 2 dozen gorgeously green bills into your TFSA. Leave them the deposit slip, with a note attached saying, “In 10 years this could be worth double, TAX FREE”. See if that gets their attention.
- What says love more than a stack of 50 Golden gleaming one dollar coins? What better place to put them than in a loved one’s RDSP? That money may then double, just on that deposit. That is for their future, and you really are showing your love there (no this one I am not being sarcastic on, you should do this).
All of these ideas are far better financially than spending $80 on roses and about $250 on a meal out with your loved one. Will your loved one be as excited about them? Somehow, my guess might be, an emphatic NO!