I was reading the news on how in 2009 anyone 18 years or older can place up to $5000 annually into what is being dubbed as a Tax Free Savings Account (TFSA) here in Canada. From what I gathered, you can essentially earn and withdraw money from these accounts without any worry of being taxed.

It sounds like a great idea to me at this point. I have never been a fan of things like an RRSP personally and this TFSA seems like it would have a more universal appeal to encourage people to save their money. It’s almost like having a regular bank account with some good benefits.

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Today someone was telling me how she was irritated as she didn’t have a credit card and wanted to buy a product she saw on one of those shopping channels. Now they do accept checks as well, but she mentioned how she hated that as the bank charged her about $2 for every check that is used.

I just gave her that puzzled look as that sounded ridiculously high and not typical compared to most banks nowadays unless you were using something such as a certified check. She mentioned how the bank told her that was the best plan to be on. Sure enough, she just went online to see the different plans available to her and realized that she could save a bundle.

I know credit union banks usually have the less fees from what I have seen. I usually opt for one of those keep an X amount of funds to waive all fees accounts, so it is usually not an issue. Always check if there are better plans available as competition usually forces any company to have competitive options compared to the rest.

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