It's that time of year and crucial financial decisions need to be made. Let's take a look at the benefits of three practical ways you can invest your money:

RRSP - This is great for high-income earners as well as those in the later stages of their career. Putting money in your RRSP gives you a tax return which you can then reinvest. For first time home buyers, you can use up to $25,000 of your RRSP for buying or building a home.

• TFSA - This newer option gives young adults flexibility to access their money penalty-free for big purchases like cars and homes. TFSA's are also useful if you're close to retirement as you'll be withdrawing your money when you're in a lower tax bracket.
• Mortgage - When it comes down to it, putting money away sounds nice, but if you've been saving money for a home, now is a good time to use your savings to purchase that dwelling or pay down your mortgage so you're not paying more interest than necessary.

No matter which option you pick, you should feel good that you're saving money. It all comes down to what you need from your savings.