All about Canadian Savings. Learn the ins and outs and get the latest news.
Latest News
What to do when you have insufficient or unused RESP funds Aug 14th
Registered education savings plans (RESPs) are the best way to save for a child’s post-secondary education. Contributions attract government grants, and the accounts grow tax-deferred. Withdrawals can be used for trade school, college or university funding in Canada and abroad.
According to Sta.... More »
How to change a past tax return + MORE Apr 9th
Ask MoneySense
I have non-registered investment management fees from 2021 and 2022 that were not claimed on my returns for those years. Can they be deducted on my 2023 return? If not, is there another way to utilize those deductions now?
—Ian
How to change a tax filing to claim investment m.... More »
How the Liberals’ re-election impacts RRIFs, taxes and more + MORE May 7th
The Liberals held on to power in the recent federal election, and this has tax implications for Canada’s seniors and other taxpayers—in particular, for retirees and their strategies for their registered retirement income fund (RRIF) this year and possibly in the future.
Reduced RRIF minimum w.... 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
featured
EQ Bank
Build your retirement savings with 2.00% in.... More »
Students protest cuts to amount of OSAP grants they can receive + MORE Mar 4th
The current proportion of OSAP funding is about 85 per cent grants to 15 per cent loans, but starting this fall students will receive a maximum of 25 per cent of their OSAP funding as grants..... More »
Should You Accept That Pre-Approved Credit Limit Increase?
– ratesupermarket.ca
If you faithfully pay your loans, mortgage and credit cards each month, then you’ve probably received a call or letter from your bank with the news that you were pre-approved for a credit increase or a line of credit.
You might be thinking, I don’t even use all the credit I currently have. I don’t need an increase.
But guess what? Turning down a pre-approved credit increase may actually hurt your credit score.
Why you were offered an increase
If you already have an account with a bank, and it pre-approves you for a credit increase or new line of credit, it’s typically because you are being recognized for being a good customer. By diligently paying off your card every month and staying on top of your current loans, your bank now trusts that you will pay them back if they increased your limit.
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