Today’s post comes from my blogger friend, Tawcan. He’s a fellow parent with two children. He’s also an all-around awesome and fascinating guy. In his spare time, he adventures outside, writes cookbooks, does some amazing photography, and blogs over at Tawcan on the journey to financial independence, dividend paying stocks, and living a good life. Tawcan also lives in Canada (our next door neighbor!) and he comes today with his Canadian perspective. Take it away Tawcan!
When Maggie asked me to write about the Roth IRA Challenge I thought she had lost her mind completely. In this hockey-playing-toque-wearing-polar-bear-riding-igloo-living-poutine-eating country that we call Canada, we don’t have anything called the Roth IRA. So I was confused why she wanted a Canadian to write about the Roth IRA Challenge. Did she think that Canada has become a part of the US? After chatting with Maggie a bit more, I realized that the challenge isn’t tied to Americans only. The challenge has more to do with… how do you save $5,500 or more each year so you can put that money toward a tax-free savings account?
Lucky for us Canadians, we have an account that is very similar to the Roth IRA. This account is called Tax Free Savings Account. Boy us Canadians sure are original when it comes to names eh?