As Benjamin Franklin famously said: "In this world nothing can be said to be certain, except death and taxes."
Well, at least he got the first part right. Death may be inevitable, but if you live in Canada and have money to invest, there's plenty you can do to minimize or eliminate taxes. That's a good thing, because taxes are one of your biggest enemies as an investor.
Most people are familiar with registered retirement savings plans (RRSPs), which are one of the most popular tax-savings vehicles in Canada. But there's a new kid in town, the tax-free savings account (TFSA), which has some unique advantages. Then there's the registered education savings plan (RESP), which is an ideal way for parents to save for their children's education.
When your government goes out of its way to save you money - in the case of RESPs, it actually gives you money - you would be a fool to turn it down. Using these programs effectively, however, takes some planning.
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More about RESPs:
Investor Education: TFSAs
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