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Latest News
Best high-interest savings accounts in Canada 2022 + MORE Oct 5th
Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest is a no-brainer.
Howe.... More »
Paying yourself first Nov 2nd
There is perhaps no single piece of financial advice more frequently repeated than “pay yourself first.” And with good reason. It’s tough to grow savings if you prioritize all your spending needs and wants ahead of putting money away. While some of us fully intend to stash whatever is left at .... More »
Canada 10th for retirement security worldwide + MORE Jul 22nd
Canadians worrying about the state of their retirement savings can enjoy some good news this week: Canada has been ranked 10th in the 2016 Global Retirement index, up from 12th last year. The annual ranking, by Natixis Global Asset Management, compares the state of retirement security in 43 count.... More »
We have few assets. Can we skip having a will? + MORE Jun 3rd
Q: Ed, my husband and I do not have a will. We have no house but do have an RRSP, a little cash, and two children (ages 14 and 12). Should we have a will? If so, what type of will is acceptable/legal without seeing a lawyer, seeing that we do not have much in the way of assets.
—Pam
A: Pam, the .... More »
One caveat of the 4% withdrawal rule + MORE Jun 17th
Dieters experience a great deal of joy when they are able to tighten their belts an extra notch.
But financial belt tightening isn’t much fun. It’s something that came to mind when reading Andrew Hallam’s article called “Retirement Fortunes That You Can’t Control.”
He.... More »
The Canada Pension Plan Investment Board and European private equity firm Cinven have signed a deal to buy travel services company Hotelbeds Group in a deal valued at 1.165 billion euros, or roughly $1.65 billion Cdn.
Recovering from bad Home Buyers’ Plan advice
– moneysense.ca
Q: I am totally disappointed with my investment advisor’s advice in terms of tax issues. Four years ago, I contributed to my wife’s spousal RRSP for $25,000 in order to borrow under the Home Buyers’ Plan (HBP). Now we need to repay the HBP for $1,666. By accident, I was guided to contribute to the spousal RRSP account and told I could designate $1,666 as HBP repayment. However, a tax software doesn’t allow me to designate my spousal contribution as my wife’s HBP repayment.I found not paying back the HBP repayment would generate a larger refund by using the software to compare two options of dealing with the $1,666. The first option was to pretend my wife put $1,666 in her RRSP and paid back the HBP repayment directly; the other one was to use the $1,666 RRSP to deduct from my income. Because I had full-time salary and my wife almost had no income in 2015, the second option from the tax software calculated a bigger refund for us, which I think makes sense in our situation…
