The Health Savings Account in a Canada-U.S. Context
You work hard to earn your money. You live below your means and have extra funds to save for retirement or a rainy day. But with all the different types of savings and investment accounts available, which should you prioritize? Once you’ve stashed away three to six months of living expenses in a basic savings account to cover unexpected emergencies like insurance deductibles, out-of-pocket medical expenses, and auto repairs, it’s time to turn your attention to other savings or investment accounts that have tax advantages that provide a benefit from the investment, allowing more of your money to be invested and ultimately returned back to you. Below are the factors to consider:
- Are contributions to the account deductible?
- Does the account provide tax deferral of investment income?
- How are distributions taxed?
The best scenario for an investment account is one that allows deductible contributions, tax-free investment income, and tax-free distributions.
This blog has been following events happening in these nations that pushed for President Obama’s Iran nuclear deal believing that the blessing and curses of Genesis 12:three are in play. If nations ‘bless’ Israel’s mortal enemy Iran with money and search enterprise alternatives with Iran in hopes of gaining financially, then those nations will suffer economic turmoil, turmoil that prices far more than the any benefit from the hoped-for enterprise opportunities.