What could be more heartfelt than a brighter future?
It’s always hard finding the perfect gift for someone you love. There’s always that worry that they won’t like it, they won’t use it, or it will end up in the trash next year. Gift cards and cash can feel impersonal and end up being spent on more stuff they don’t really need.
This year, try something different. Buy them a gift that is truly meaningful. Something they'll not only want, but a gift that will put them on the path to a brighter future.
Buy them a gift that keeps giving
At First Calgary, we’re the first institution to offer saving and investing gift certificates. It’s part of our commitment to helping Calgarians work towards having greater financial security and making good investment decisions.
All too often, saving and investing is the last thing that we think about and actually start doing. When you buy a gift certificate for a loved one, you’re not only jump-starting their savings, you’re jump-starting good habits that will be with them for the rest of their lives. Habits that will see them live out their dreams and enjoy financial security.
Thanks to the wonders of compound interest (where you earn interest on the interest that you just earned) your gift grows in value every year. Your $250 gift certificate could be worth as much as $407 in 10 years’ time (with just a 5% annual return).
Saving and investing gift certificates are an ideal way to celebrate milestones. For baby showers, they could be used for setting up a Registered Education Savings Plan (RESP). Weddings and anniversaries are ideal to give the gift of a Retirement Savings Plan (RSP) and birthdays and Christmas are a perfect time to set up a Tax Free Savings Account (TFSA).
“What if, instead of giving ‘things,’ we gave our loved ones a head start, or a boost to their savings?” asks Shelley Vandenberg, President of First Calgary Financial. “This is what we want to encourage. Saving early and consistently is the best way to build a brighter future. When you couple that with a smart investment, those savings can really add up over time.”
How your loved ones can use their gift certificate
When you buy a First Calgary Gift That Grows certificate, the lucky recipient can use it to put towards savings for a wide range of needs. In every case, it'll help them to focus on their goals and work towards reaching them. Here are some of the important events in their life that it could help them achieve:
A great career after a good education
Money invested in an RESP can help cover the costs of tuition, books and other studying expenses. Plus, the government will add 20% to their savings (up to a maximum of $7,200). That $250 gift certificate you gave them will turn into a $300 investment by the end of the year.
A down payment on a home, a foreign trip or a new business venture
With a TFSA, your loved one can save up to $5,500 a year and pay no tax at all on any interest earned, even when the money is withdrawn. Unlike RESPs and RSPs, the money in a TFSA can be used for any purpose.
A relaxing retirement
Any money paid into an RSP is tax-deductible and interest or other earnings within it are tax-exempt. These tax breaks can help build a pension fund faster.
Build up interest fast with Enhanced Growth Investments
Your loved one's gift can grow even faster with a three- or five-year First Calgary Enhanced Growth investment. They get the benefits of the stock market without the risk. The rate of return is linked to the market performance of the Canadian financial services economic sector.
There is guaranteed interest income, plus the amount you initially invest is 100% guaranteed*, regardless of how the market performs. The investments can be eligible as an RSP or TFSA
If your loved one puts their gift certificate into one of these investments, they could see their money grow by up to 20%* in five years.
How to give the gift of saving
You can buy gift certificates in denominations of $100, $200, $250 and $500. You will receive an email with a customized gift certificate that you can either print out and give, or forward as an email.
Buy your loved one a gift that they’ll truly appreciate now, and for many years to come.
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