Personal Savings getting you down? There are always smart ways to increase your savings.
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Organize Your Spending With These Great Financial Apps Aug 9th
Your phone can answer your questions in the amount of time it takes you to type it in or, quite literally, ask it. It wakes you up in the morning, tells you the weather, and keeps you connected. It can even pay for your morning coffee. But, if you can pay with your phone in an instant, you had bett.... More »
The best high-interest savings accounts in Canada for 2023 + MORE Jan 9th
The rates in the finder tool below are offered by Ratehub partners. Keep scrolling for information about additional product options.
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 “hol.... More »
Canada’s Best Credit Cards for People with Bad Credit 2020 + MORE Jul 18th
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. But if you want to improve your credit score you’ll have to show you can handle credit responsibly—and the only way to do that is (you guessed it) to have a credit card. Used properly, it .... More »
Reasons to consider early RRSP and RRIF withdrawals + MORE Oct 24th
Workers contribute to their registered retirement savings plans (RRSPs) during their working years, with the hope of paying a lower tax rate on withdrawals than the tax rate they save when contributing. Even if the tax rates are similar, there can be a benefit to the tax deferral and compounding of .... More »
Canadian Dividend All-Stars 2024: Past performance Jan 16th
Overview
Top 100 Dividend Stocks
Past Performance
Methodology
It’s all very well to recommend a list of dividend sto.... More »
Behind In Your Taxes? What You Need to Know
– ratesupermarket.ca
If filing your taxes over the next few weeks isn’t on your calendar, it certainly should be. Tempting as it may be, this is one area where procrastinating can only make things worse.
Unlike sales tax, which is a pay-at-the-pump proposition, Canada’s income tax system is based on self-assessment. Make your money, plan your affairs as best you can and then, pay up.
Not everybody does though. So before the April 30 deadline sneaks up and passes you, here are a few things to keep in mind.
Better to file late than never
Simply forgot to file last year?
Some people may neglect to file one year and then freeze when it comes to the next year’s tax return because of the old unfiled return.
This type of procrastination hurts since the Canada Revenue Agency will monitor your financial behaviour over time, using identifiers like your SIN and your date of birth to access data from your bank accounts or credit card transactions.
At this point, it’s best to contact the CRA to find out any penalties you may have incurred, as well as the best way to file and pay off your outstanding balance immediately…
Maximize income splitting—years before you retire
– moneysense.ca
Q: I am 38 years old with $98,000 in my RRSP and I will have a defined benefit pension when I retire from my current employment. My current annual income is approximately $90,000.
My wife is 33 years old with $20,000 in her RRSP and is self-employed, therefore she has no pension plan other than her own savings. Her current annual income is approximately $35,000.
We are currently both contributing $100 monthly to our respective RRSP but I am thinking to move both contributions to a spousal RRSP in my wife’s name in order to maximize income splitting when we retire.
Does this look like a good strategy and how would this affect required Home Buyer’s Plan repayments? I have a minimum repayment of $686 and my wife’s is $310.
—Simon
A: Retirement planning is an important exercise, whether you’re in your 70s or your 30s. There are different strategies to employ depending on your age and at your age, Simon, the keys are how much to save and where to save it. Setting targets early can help you determine how much you can spend on other things like a home, travel and double-doubles…
