How to go about securing the best savings strategy in Canada.
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How to Improve Your Employees’ Financial Wellness + MORE Apr 9th
In today’s challenging economy, Canadians seek ways to stretch their hard-earned dollars and minimize financial strain. But learning how to make the most of every paycheque isn’t always clear or easy, which can cause added stress. Employers can help empower their employees to achieve financial w.... More »
The best high-interest savings accounts in Canada for 2024 + MORE Feb 6th
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
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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 »
“My financial advisor overcontributed to my TFSA—now what?” Oct 24th
My financial advisor asked me for more money than the allowable contribution room of my TFSA, causing a CRA penalty. I did tell him that I could only contribute the $6,000, but he asked me for $28,500. I paid a fine of $2,000 to CRA.
What happens now? Do I ask him to repay the commissions he.... More »
What Does Silicon Valley Bank’s Collapse Mean for Canadians? + MORE Mar 27th
Update: On March 27, North Carolina-based First Citizens bank said it would buy much of the failed Silicon Valley Bank. The deal means First Citizens will assume US$110 billion in assets, deposits of US$56 billion and US$72 billion in loans from the failed SVB.
The collapse of Silicon Valley Ba.... More »
Many Canadians Are Avoiding Retirement Planning, But Here’s How to Get on Track
– ratesupermarket.ca
Regardless of whether you’re saving for a new home, a business venture, or setting up for a family, planning for your financial future (and the financial future of your significant other) is crucial. Sure, you can set up automatic deposits to your savings account for long-term goals, but looking even further ahead to retirement specifically is equally as important – though it may not seem like it right now. It’s a reality that shows in the numbers; TD Canada Trust recently published a survey that showed 20 per cent of working Canadians don’t contribute to their retirement savings, and 16 per cent of them haven’t thought about retirement contributions at all.
“As a couple, it’s always important to have a retirement plan that meets the needs of your long-term goals,” said Jenny Diplock, associate vice-president of Personal Savings and Investing at TD Canada Trust.
Of those surveyed, 23 per cent also said they haven’t looked at their retirement savings plan in over a year – something that is critical when planning for the future…
