The Young Professional Starter Kit

Your first-job money checklist. Stick it on the fridge.
Saskatchewan grad edition.

Week 1: The Basics

Open a no-fee chequing account if you don't have one (Simplii, Tangerine, or your local credit union)
Set up direct deposit with your employer
Read your employment offer letter carefully — know your salary, probation period, and benefits start date
Enroll in your workplace benefits as soon as you're eligible — don't leave free coverage on the table
If your employer offers an RRSP match, enroll immediately — this is free money, full stop
Get your CRA My Account set up at canada.ca — this is where you track TFSA/RRSP room, tax info, and benefits

Track every dollar you spend this month — no judgment, just data
Write a simple budget using the 50/30/20 rule as a starting point:
1. 50% Needs — rent, groceries, utilities, transport, insurance, minimum debt payments
2. 30% Wants — dining out, entertainment, hobbies, subscriptions
3. 20% Savings & Debt — emergency fund, investing, extra debt payments
Open a TFSA — this is your #1 priority account as a young Canadian (contributions grow tax-free, withdrawals are tax-free)
Start building an emergency fund — target $1,000 first, then grow to 3 months of expenses
Set up a high-interest savings account for your emergency fund (EQ Bank, Wealthsimple Cash, or a SK credit union)

TFSA vs RRSP — if you earn under ~$55,000, prioritize TFSA. Above that, RRSP may give you a bigger tax refund. When in doubt, TFSA first.
Automate your savings — set up automatic transfers from chequing to TFSA/RRSP on payday (pay yourself first)
Pick a simple investment strategy — an all-in-one ETF (VGRO or VBAL) through a self-directed brokerage (Wealthsimple, Questrade) is a great start
Attack high-interest debt aggressively (credit cards, lines of credit above 7%) — minimum payments on everything else, throw extra at the highest rate first
Student loans: understand your repayment terms and interest rate. Federal student loan interest is 0% — no rush to pay that down over investing.
Understand your pay stub — know where your money goes (CPP, EI, income tax, benefits deductions)
Review your SGI auto insurance — are you getting the best rate? Shop around when your renewal comes up

File your taxes (or get them done for free through a community volunteer tax clinic) — you may get a refund
Check your TFSA and RRSP contribution room on CRA My Account after your first Notice of Assessment
If you got a tax refund from RRSP contributions, reinvest it — don't spend the refund
Increase your savings rate by 1–2% every time you get a raise — you won't miss it
Calculate your net worth for the first time: (everything you own) minus (everything you owe) = $________
Set one financial goal for the next year and write it down (e.g., "max out my TFSA," "pay off credit card," "build 3-month emergency fund")
Avoid lifestyle creep — when income goes up, savings should go up first
Talk about money with someone you trust — break the taboo, learn from others

TFSA — Tax-Free Savings Account. Contribute after-tax dollars, growth and withdrawals are tax-free. 2025 limit: $7,000/year. Best for: most young Canadians.
RRSP — Registered Retirement Savings Plan. Contributions are tax-deductible now, taxed when you withdraw. Best for: higher earners (above ~$55k) or using the Home Buyers' Plan.
FHSA — First Home Savings Account. Tax-deductible contributions AND tax-free withdrawals for your first home. $8,000/year, $40,000 lifetime. Best for: anyone planning to buy their first home.
RESP — For future kids' education. Government matches 20% (CESG). Not relevant yet, but good to know it exists.