How to go about securing the best savings strategy in Canada.
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If you generally owe when you file your tax return, you are probably accustomed to paying quarterly income tax instalments. These are requests to pay some of your estimated tax for the current tax year in advance, even though it is not due until the following April.
Everywhere but Québec, the tr.... More »
How to save and invest smarter: What Canadians need to know Dec 31st
The current economy is impacting how Canadians save and invest. According to a recent survey by TD, 65% of Canadians reported that the high cost of living is impacting their ability to meet their financial goals.
Many Canadians are turning to their savings accounts to manage growing financial pre.... More »
How to Get More on Your Income Tax Return with the New Climate Action Incentive + MORE Apr 12th
The federal government’s Carbon Tax officially came into effect on April 1, increasing the costs of gasoline and fossil fuel consumption.
The tax was introduced in an attempt to encourage Canadians to use more environmentally-friendly and energy-efficient processes, though subsequently, a tax cre.... More »
Canada’s best credit cards 2021 + MORE May 8th
Finding the right credit card could save you hundreds, if not thousands, of dollars a year. Whether you’re looking for lower fees, more rewards or simply valuable perks like travel medical insurance or rental car savings, every dollar counts. If you use your credit card wisely, pay off your balanc.... More »
Stock news for investors: Earnings from BlackBerry and Alimentation Couche-Tard + MORE Jul 2nd
Here’s a round-up of news for Canadian investors this week.
BlackBerry
Alimentation Couche-Tard
Featured RRSP Accounts
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EQ Bank
Build your retirement savings with 2.00% in.... More »
The retirement reshuffle
– moneysense.ca
Q: I am married with a minor son. My wife and I have been successful saving and investing. Presently we have in excess of fifteen accounts. Mostly in equities and ETFs. These include RRSPs, TFSAs, RESPs, LIRAs, margin accounts, both USD and CAD.I would appreciate your thoughts on diversification and winding down as we approach retirement.
—Jeff
A: Congratulations on your pending retirement, Jeff. Going to work and accumulating savings is the easy part. Figuring out what to do with a spare 40 hours per week and how to draw down on your nest egg is the hard part.
Would combining RRSP accounts save us money? »
First off, I would be inclined to do some consolidating. I’d like to hope you could reduce your fifteen accounts down to nine at most. I could see you each needing an RRSP, a TFSA and a LIRA, but you could get away with a single RESP and Canadian and U.S. dollar margin accounts. Perhaps you have group retirement accounts or Canadian and U.S. dollar registered accounts, but if it’s just a case of having two RRSPs in your name or multiple RESPs, for example, I’d start by combining like accounts…
