Not sure how to make a savings plan? Read on…
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How the elimination of interest on federal student loans could give graduates a boost + MORE Nov 28th
All about Canadian Savings. Learn the ins and outs and get the latest news.
How the elimination of interest on federal student loans could give graduates a boost - thestar.comContinue Reading On thestar.com »
Tools and habits to stay on track with your money goals - moneysense.caIn re.... More »
Should you pay your tax instalment payments? + MORE May 13th
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 a young couple can kill $142,000 in debt and start investing + MORE Mar 22nd
iStock
Julie and David live in Calgary with their two daughters, ages 10 and 7. David, 40, is a cable technician earning $150,000 annually while Julie, 37, works part-time at a retail store near home earning $6,000 annually. In 2014, their lives changed when David fell on the job and injured his lef.... More »
This millennial has $100,000 in savings and wants to leave Toronto to buy a cheaper house. With help from parents, is it possible? + MORE Jun 12th
“After looking at all these properties, my boyfriend and I realize that we have to be realistic and find a place further out,” Vanessa said..... More »
How much credit card debt does the average Canadian have? + MORE Sep 26th
As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these .... More »
10 retirement questions, answered
– moneysense.ca
(EpicStockMedia/Shutterstock)1. Am I saving enough for retirement?
Ah, the million-dollar question. Lets look at a specific example, shall we? Say you have a $50,000 per year salary and $160,000 in your RRSP at around age 60 and plan to contribute another $10,000 a year for 10 years. Is this enough to retire at age 70 and have enough to last until you’re 100? Well the answer is: it depends. You need to consider inflation and factor in CPP payouts, too. Learn more.
2. What’s the best way to drawdown my retirement savings?
An RRSP, TFSA and holding company. Which one should you tap when, to minimize your tax bill? Starting with the corporation might be a good idea but watch out how it may affect your OAS and CPP. Next, go for accounts like TFSAs and RRSPs. Here’s why.
MORE: 7 ways to prepare for retirement
3. Does the Couch Potato make sense for retirees?
The Couch Potato doesn’t necessarily have to be a long-term portfolio. Someone who’s nearing retirement may consider just shifting asset allocation to be a little heavier in bonds…
