Kelvin Hossain - Financial Consultancy

The complete Canadian financial products— all in one post:

• TFSA: $7,000/year and $109,000 Lifetime. Tax-free forever.

• FHSA: $40,000 lifetime. Tax deduction + Tax-Free withdrawal. First home only.

• RRSP: 18% of income. Tax deferred. Best for 30%+ tax bracket contributors.

• RESP: 20% free grant on $2,500/year per child. $7,200 max free money.

• CPP: Take at 70 if healthy. +42% more per month vs age 65.

• OAS: Take at 70 too. +36% more per month vs age 65.

• Credit score: Pay every card in full. Keep utilization under 30%. Never miss a payment.

• Car: Buy used, 3 years old. Never finance longer than 48 months.

• Mortgage: Get pre-approval. Use a broker. Bi-weekly accelerated payments.

• Emergency fund: 6 months of expenses.

• Savings rate: Minimum 20% of take-home. Automate it.

6 Signs That You’re Doing Well Financially in 🇨🇦

• You have 6 months of expenses saved in cash
• You max out your TFSA every year
• You have $0/month in car payments
• You pay your credit cards in full every month
• You have insurance to protect your income & family
• You have at least 2 streams of income

If you’re checking most of these boxes, you’re not just “doing okay” — you’re financially ahead of most people. 👏

DM if you want to know more or have questions
Kelvin Hossain - Financial Consultancy

Financial Awareness:

Layoffs are a reminder that your employer is not your family.

Do your job well.
Log off on time.
Invest your money.
Use every benefit.

Loyalty isn’t a currency in corporate, being replaceable is the reality.

Financial Awareness:

7 credit score mistakes Canadians make without realizing:

Closing your oldest credit card, kills your credit history length

Carrying a balance thinking it helps your score, it doesn't. It costs you 19.99%

Applying for 3 cards in one year, drops score 30-45 points

Never checking your report, errors are more common than you think

Using 80%+ of your credit limit, crushes your utilization score

Co-signing a loan carelessly, you own that debt if they don't pay

Missing even one payment, stays on your report for 6 years

Financial Awareness:

How many of these do you currently have?

✅ Emergency fund of 3-6 months
✅ Zero credit card debt
✅ Credit score above 720
✅ No car loan
✅ TFSA actively invested
✅ A monthly budget you actually follow

Count your checkmarks and drop the number below.

6 Signs that You're Doing Well Financially in 🇨🇦:

• saved 6 months of bills in cash
• maxed out TFSA each year
• $0/month car loan
• paid credit cards in full every month
• have insurance coverage to protect your income & family
• have two streams of income

You’re not just “doing okay”, You’re financially ahead of most people.

Eid Mubarak to all my clients and followers

People think investing only works if you have a lot of money. In Canada, that is not true.

Registered accounts let you grow money even with small, regular payments. What matters most is starting and staying consistent, following the rules set by the Canada Revenue Agency (CRA).

Let’s understand the accounts first.

TFSA (Tax-Free Savings Account)
• Money you earn and take out is not taxed
• Good for short-term or long-term goals

RRSP (Registered Retirement Savings Plan)
• Helps you save for retirement
• Contributions lower your taxable income

FHSA (First Home Savings Account)
• For saving toward your first home
• Contributions lower your taxes
• Withdrawals for a home are tax-free

RESP (Registered Education Savings Plan)
• For your child’s education
• The government adds FREE $500 each year

On my next post, I will share how you can start investing with small deposits.

Comment if you want to learn more👇

Warmest wishes on Family Day