{"id":76946,"date":"2023-10-17T14:12:11","date_gmt":"2023-10-17T18:12:11","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=76946"},"modified":"2024-01-03T14:35:16","modified_gmt":"2024-01-03T19:35:16","slug":"what-it-really-means-to-pay-yourself-first","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-it-really-means-to-pay-yourself-first\/","title":{"rendered":"What It Really Means to Pay Yourself First"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/question-of-the-week\/\">\n\t\t\t\t\t\t\t<span>Question of the Week<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">What It Really Means to Pay Yourself First<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By the Inspired Investor team<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/10\/iStock-1339956397.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Piggybank\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/10\/iStock-1339956397.jpg 4000w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/10\/iStock-1339956397.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/10\/iStock-1339956397.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/10\/iStock-1339956397.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/10\/iStock-1339956397.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/10\/iStock-1339956397.jpg?resize=2048,1366 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=What It Really Means to Pay Yourself First &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-it-really-means-to-pay-yourself-first\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-it-really-means-to-pay-yourself-first\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published October 17, 2023 \u2022 5 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>When a plane is on autopilot, it\u2019s not exactly flying itself, but it\u2019s set to maintain a course or altitude while the pilot concentrates on other details of operating the aircraft.<\/p>\n\n\n\n<p>The same idea can apply to saving or investing. With pre-authorized automatic deposits into an investment or savings account on a set schedule, you\u2019re applying a \u201cset it and forget it\u201d strategy to your finances. Much like the plane\u2019s pilot, this allows you to work toward your goals with minimal ongoing effort, leaving you the time and energy to focus on other things.<\/p>\n\n\n\n<p>A pre-authorized contribution plan, sometimes referred to as a PAC, is an automatic contribution to an account of your choice \u2013 typically your RRSP, TFSA, RESP and\/or another investment account. The contribution generally comes from your chequing or savings account and once set up, the funds are transferred without any additional effort by you \u2014 nothing to remember, nothing to click, nothing to do at all.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are the benefits of a PAC? You can:<\/h2>\n\n\n\n<p><strong>1. Take Control and Free Up Time<\/strong><\/p>\n\n\n\n<p>Everything about a PAC is within your control, from the frequency of your contributions (you can opt for weekly, every 2 weeks, twice a month, monthly or quarterly) to the amount you contribute (you can decrease it or increase it at any time). You can also stop and restart a PAC as needed, eliminating any concern about getting \u201clocked in\u201d to a plan.<\/p>\n\n\n\n<p>Stress- and effort-free saving is a massive benefit to setting up a PAC. There\u2019s no shame in this, but let\u2019s face it, it can be easy to forget to tackle savings each time a paycheque hits our account. A PAC is like a personal savings assistant who helps keeps you on top of your goals.<\/p>\n\n\n\n<p><strong>2. Reach Your Goals Faster<\/strong><\/p>\n\n\n\n<p>Perhaps the most compelling upside of a PAC is the ability to help reach your savings goals faster. Building your savings through regular contributions means you earn money on your initial deposit AND on the money you\u2019ve made on your earnings \u2013 thanks to the&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/compound-interest-how-it-works-and-why-its-amazing\/\" data-dig-id=\"LP-76946-9538f01a\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"power of compounding\" class=\"rbc-link-format\">power of compounding<\/a>. This is the case regardless of how big or small your regular contribution is.<\/p>\n\n\n\n<p><strong>3. Reduce Your Risk<\/strong><\/p>\n\n\n\n<p>PACs are also a way to take advantage of&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/dollar-cost-averaging-what-it-is-and-how-to-make-it-work-for-you\/\" data-dig-id=\"LP-76946-58ce2c55\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"dollar-cost averaging\" class=\"rbc-link-format\">dollar-cost averaging<\/a>&nbsp;(DCA), a simple investing strategy that can help you reduce the risk that comes with trying to time the market. By putting a fixed dollar amount toward your investment fund on a regular basis (say $25 month), you may pay more for investments some months (when markets are up) and less during others (when markets are down), but overall, the total cost will typically end up being less than if you contributed in one lump sum.<\/p>\n\n\n\n<p>Financial professionals often say most people spend their money in this order: bills, fun, saving. A PAC can help you prioritize savings while still keeping aside some discretionary funds for the \u201cfun\u201d part.<\/p>\n\n\n\n<div class=\"wp-block-group block-wpr bg-light-blue rounded-corners pos-rel mob-pad-t pad-t pad-b mob-pad-b pad-l mob-pad-l pad-r mob-pad-r centered-block is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading has-text-align-center mar-b-hlf mob-mar-b-hlf mob-pad-t-hlf\" id=\"h-grow-your-money-effortlessly-and-automatically\">Grow your money, effortlessly and automatically.<\/h3>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l\">Set up pre-authorized contributions.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button aligncenter btn before is-style-primary primary learn-more-icon\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbcroyalbank.com\/ways-to-bank\/tutorials\/online-investing\/set-up-pre-authorized-contributions.html\" data-dig-id=\"LP-76946-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get Started-https:\/\/www.rbcroyalbank.com\/ways-to-bank\/tutorials\/online-investing\/set-up-pre-authorized-contributions.html \">Get Started<\/a><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\">PACs in action<\/h4>\n\n\n\n<p>Want to see a PAC in action? Try this Pre-Authorized Contribution&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/investments\/tfsa\/tfsa-calculator.html\" data-dig-id=\"LP-76946-f703a72e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"calculator&nbsp;\" class=\"rbc-link-format\">calculator&nbsp;<\/a>to see how saving regularly can help you reach your goals. You can calculate how your savings could grow with regular contributions, or how much you need to save in order to reach a goal.<\/p>\n\n\n\n<p>For example, imagine you\u2019re hoping to buy your first home in the not-too-distant future\u2014say, five years from now\u2014and you have determined you\u2019ll need to save $35,000 toward a down payment. In the calculator, input some quick info such where you live and your annual income. Choose your contribution amount and frequency (bi-weekly is a popular option, but choose whatever works best for you), and your expected annual rate of return. With this information, the calculator can suggest how much you may need to put aside to hit your goal. In this case, with bi-weekly payments and a 5 per cent return, that\u2019s $238 every two weeks*. You\u2019ll also see the growth over time of your cumulative contributions and return.<\/p>\n\n\n\n<p>There\u2019s a good reason we\u2019re often told to \u201cpay yourself first.\u201d It\u2019s a golden rule of savings for one reason: it works. Paying yourself first can make saving like a reflex, as automatic as breathing. And who wouldn\u2019t breathe a whole lot easier knowing there\u2019s a nest egg building for your goals?<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/ways-to-bank\/tutorials\/online-investing\/set-up-pre-authorized-contributions.html\" data-dig-id=\"LP-76946-d251973a\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Ready to sign up for a Pre-Authorized Contribution?\" class=\"rbc-link-format\">Ready to sign up for a Pre-Authorized Contribution?<\/a><\/p>\n\n\n\n<p>*The results generated by the calculator are general estimates only and provided for informational purposes.<\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse98094514\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse98094514\" data-dig-id=\"LP-76946-98094514\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Disclaimers\"><div>Disclaimers<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse98094514\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>Investment advice is provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-dccfe960-38a2-42ce-8b12-8bea1c9ffea7\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=What It Really Means to Pay Yourself First &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-it-really-means-to-pay-yourself-first\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/what-it-really-means-to-pay-yourself-first\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-bd2c964e-080d-4220-bae5-5167832d55c3\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/question-of-the-week\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Question of the Week<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"584\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/Investing-and-Saving_1856x1058.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A couple typing on their laptop and mobile phone.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/Investing-and-Saving_1856x1058.jpg 1856w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/Investing-and-Saving_1856x1058.jpg?resize=300,171 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/Investing-and-Saving_1856x1058.jpg?resize=768,438 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/Investing-and-Saving_1856x1058.jpg?resize=1024,584 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/Investing-and-Saving_1856x1058.jpg?resize=1536,876 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/\">\n\t\t\t\t\t\tIdeas and Motivation\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/ideas-and-motivation\/should-you-be-investing-or-saving-right-now\/\" class=\"card-title h4 mar-t-0\">Should I Invest or Save?<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TDD-2.jpg?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Young man working at a desk with a laptop and looking at a paper desk calendar.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TDD-2.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TDD-2.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TDD-2.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/\">\n\t\t\t\t\t\tInvesting Academy\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/last-minute-rrsp-planning-deadline-limits-and-more\/\" class=\"card-title h4 mar-t-0\">RRSP Contribution Deadline &amp; Limits Guide<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A young woman deep in thought\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg 8640w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/01\/How-TFSA-work-shutterstock_2382160079.jpg?resize=300,200 300w, 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/\">\n\t\t\t\t\t\tAccount Types\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/tax-free-savings-account\/\" class=\"card-title h4 mar-t-0\">TFSA Accounts: What They Are and How They Work<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-dccfe960-38a2-42ce-8b12-8bea1c9ffea7 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-dccfe960-38a2-42ce-8b12-8bea1c9ffea7 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-bd2c964e-080d-4220-bae5-5167832d55c3 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) 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