Reach that magic number even if you start at 40 It’s sometimes said that you need at least a $1 million retirement fund to maintain the kind of lifestyle you want after age 65. But starting at, say, age 40, can that even be done? The good news is that it is...
The lure of rising rates and market-linked returns Current 5-year GIC rates are being advertised as high as 3.50%. Given that most savings accounts offer much less than 1.00%, some investors have been wondering whether it’s time to move funds into GICs as part of...
Pay no tax on investments or withdrawals The Canada Revenue Agency (CRA) confirmed that the annual contribution limit for Tax-Free Savings Accounts (TFSA) will remain unchanged at $5,500 for 2018, bringing total contribution room available since the introduction of...
Decide what you really, really want Around this time of year, many people are beset by doubts and anxieties about their financial situation – especially after the no-holds-barred holiday spending season. But don’t despair – there’s a way to bring order to your...
How RESPs pay out for post-secondary expenses If you have kids going off to college or university this fall, you’ll be tapping into any savings you’ve made through a Registered Education Savings Plan (RESP). But those payments aren’t treated like a bank account....
How to use RESPs to save for post-secondary schooling May and June bring thoughts of summer vacations, the end of the school year, and graduations. For many students, post-secondary education is only a few years away. And their parents are often worried they won’t...
What Canada Deposit Insurance covers…and what it doesn’t Are your savings safe? Given the recent run on deposits experienced by troubled Home Capital Group Inc., many people with large amounts of cash stashed in savings accounts, term deposits, and guaranteed...
Beat the taxman with a Tax-Free Savings Account! Yes, you can beat the taxman! In fact, you have the legal right to arrange your financial affairs within the law to pay the least amount of taxes possible. Make sure you exercise that right. This is legitimate tax...
It’s a terrific tax shelter, but you have to know the rules If you’re considering opening a Registered Education Savings Plan (RESP) to help fund rising college costs, you might find the rules a bit complicated and information that seems to come from several...
Low, low rates mean you automatically lose Are you sitting on a large chunk of cash in a high-interest bank account? Maybe you thought it would be “safe” because you’re nervous about stocks and bonds. Plus, there’s deposit insurance, and it’s liquid. Well, you’re...
The good news is it’s not an either-or decision Many investors are torn between contributing to an RRSP and putting funds into a TFSA. Is one plan better than the other? In fact, both vehicles are excellent tax shelters, but each serves a different purpose. Here’s...
Here’s what you can contribute to get a tax deduction We’ve heard much about the Trudeau Liberal government’s rollback of Tax-Free Savings Account contribution limits. We’ve haven’t heard so much about Registered Retirement Savings Plans (RRSPs). And that’s a good...