Personal Savings getting you down? There are always smart ways to increase your savings.
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Planning for an inheritance + MORE Dec 14th
My mother passed away three days after her 66th birthday, leaving me with an inheritance I never expected.
Until two years ago, I assumed she would live into her 80s. But she had a terminal illness that progressed significantly in the final months of her life. Her care costs were minimal. We had gre.... More »
RRSP top-ups in retirement could cost you Mar 8th
Q: I retired in May 2009 and was under the impression that I could no longer contribute to an RRSP. I just found out I could, and my 2016 notice of assessment shows I have available contribution room for 2017 of $25,749. Also, my RRSP/PRPP deduction limit for 2017 is $25,749. My pension income for.... More »
10 ways to save more and pay down your debt + MORE Nov 30th
1. Set a goal
If you’re serious about saving you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving for retirement, having a very specific goal will help you stay motivated and on track.
2. Track your dollars.... More »
Will credit card debt affect my mortgage application? Mar 27th
If you’re shopping around for a mortgage, you probably already know that lenders ask for a ton of financial information before determining how much you can borrow. That list includes your household income and how much you owe—including credit card debt, car payments and unsecured personal loans..... More »
This 29-year-old has been laid off twice as a server and is starting from scratch, spending all his savings to study UX design. Living at home, he wants financial help + MORE Mar 20th
Peter, 29, a server working in Halton Region, was laid off for the second time in December, during COVID-19’s second wave. Currently, he’s receiving $1,800 a month (before tax) through Employment Insurance..... More »
Two-Thirds of Canadians Saving for Retirement: Census 2016
– ratesupermarket.ca
According to census data recently released by Statistics Canada, almost two-thirds (65.2 per cent) of Canadian households are reportedly saving for retirement.
Of the 14 million households that made a contribution, 30.1 per cent used a registered pension plan, 35 per cent used a registered retirement savings plan (RRSP), and 40.4 per cent contributed to a tax-free savings account (TFSA). The contributions were made in 2015, which is the most recent year when data was available, as this is the first time the census sought out to measure retirement savings amongst Canadians.
Canadian households saving for retirement
Age of principal earner
RRSP
RPP
TFSA
All 3
Total
15-24
14.3%
15.1%
33.5%
3.1
45
25-34
37.3
34.8
42.0
10.7
67.9
35-44
45.0
41.4
35.9
11.4
72.2
45-54
47.6
43.0
38.8
13.3
74.2
55-70
36.5
27.3
42.7
9.6
65.4
71 or over
4.0
1.6
43.7
9.4
45.6
Canada
35.0
30.1
40.4
9.3
65.2
How you save could depend on your age
Census data also showed the preferred savings vehicles by age…
