How to go about securing the best savings strategy in Canada.
Latest News
The best TFSAs in Canada for 2026 + MORE Feb 4th
Featured TFSA Accounts
featured
EQ Bank TFSA Savings Account
Earn 1.50% tax-free on your cash savings.
Go to site
featured
.... More »
Are single seniors unfairly penalized at tax time? Apr 17th
Q. I am a senior with an income of about $115,000, single and in receipt of $7,364 in OAS benefits annually. I keep only about $200 a year out of that for myself. Yesterday, while doing my income tax return, it worked out that I ended up owing an extra $2,000 to $3,000 in income tax, although no.... More »
Single mom Adelaide has $22,000 in line-of-credit debt — here’s how she learned to dig her way out + MORE May 29th
If she cannot chip away at her line of credit, says financial expert Jason Heath, it is going to hold Adelaide back from financial freedom in the future..... 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 »
Tax refunds 2026: How to make every dollar count + MORE Apr 22nd
For many Canadians, a tax refund feels like a bonus—a bit of extra cash that shows up each spring. In reality, it’s your own money being returned after a year of overpaying taxes, and how you think about it often determines how far that money goes.
The difference comes down to mindset. When a.... More »
Can I have a multi-generational RESP?
– moneysense.ca
Q: I have an existing RESP for my children, but they may not use all the money. Can I add grandchildren (once born) to the same RESP and keep this going in terms of growth and returns?
— Frank
A: A Registered Education Savings Plan (RESP) is a great way to save for a child or grandchild’s post-secondary education. Eligible studies include college and university, as well as trade schools and similar post-secondary programs.
There are potential federal and provincial government grants and bonds when contributing to a RESP, the most common of which is the Canada Education Savings Grant (CESG). A RESP beneficiary can receive a 20 per cent grant on up to $2,500 per year of contributions ($5,000 if catching up on a previous year of missed grants). These grants get deposited to a RESP account by the government after a contribution is made.
Ask a Planner: Leave your question for Jason Heath »
A total of $7,200 in lifetime CESG grants can be earned by a beneficiary, and a total of $50,000 in contributions can be made…
— Frank
A: A Registered Education Savings Plan (RESP) is a great way to save for a child or grandchild’s post-secondary education. Eligible studies include college and university, as well as trade schools and similar post-secondary programs.
There are potential federal and provincial government grants and bonds when contributing to a RESP, the most common of which is the Canada Education Savings Grant (CESG). A RESP beneficiary can receive a 20 per cent grant on up to $2,500 per year of contributions ($5,000 if catching up on a previous year of missed grants). These grants get deposited to a RESP account by the government after a contribution is made.
Ask a Planner: Leave your question for Jason Heath »
A total of $7,200 in lifetime CESG grants can be earned by a beneficiary, and a total of $50,000 in contributions can be made…
Why the $35,000 RRSP Home Buyers’ Plan won’t be much help
– moneysense.ca
It’s been about a week since federal budget day and I still have questions about some of the things the government announced. For instance, why did they introduce a deferred annuity, which will allow Canadians to put 25% of their RRSP or RRIF into an annuity that must start paying out by 85 at the latest, instead of pushing back the RRIF withdrawal age limit? With more people working past 65, changing the withdrawal limit from 71 to, say, 75, would have allowed people to invest longer and then drawdown savings later in life when they really need it.
The biggest head-scratcher for me, though, was around the RRSP Home Buyers’ Plan. I still can’t figure out why the Liberals decided that letting first-time homebuyers withdraw $35,000 from their RRSP, which they still have to pay back over 15 years, instead of $25,000 is the answer to Canada’s housing problems. It seems to me that it only benefits professionals in Toronto and Vancouver who are already making good money and can afford a home whether they’re saving in their RRSP or not…
The biggest head-scratcher for me, though, was around the RRSP Home Buyers’ Plan. I still can’t figure out why the Liberals decided that letting first-time homebuyers withdraw $35,000 from their RRSP, which they still have to pay back over 15 years, instead of $25,000 is the answer to Canada’s housing problems. It seems to me that it only benefits professionals in Toronto and Vancouver who are already making good money and can afford a home whether they’re saving in their RRSP or not…
Sponsored: Can I Claim Insurance on My Taxes?
– ratesupermarket.ca
*Sponsored by TurboTax
With the 2019 tax deadline fast approaching many Canadians are focused on maximizing their tax return. The Canadian Revenue Agency (CRA) requires all private income tax returns to be filed , while self-employed have until June 17, 2019 to file.
If you do think you’ll owe taxes, however, or you may incur penalties.
For a full list of deductions you may be eligible to claim it’s important to seek financial advice, or use a tool like TurboTax.
TurboTax is a tax software that makes filing your taxes online easy, and is supported by real-life tax specialists who can step in to advise if needed. After signing up online, TurboTax can guide you through your entire 2019 return, prompting you with questions and advice at every step, to ensure you get the maximum refund.
One often overlooked deduction on anyone’s tax return is insurance. The list of insurance deductions for salaried individuals is very short. Individuals can often deduct private health insurance premiums on your tax returns, as well as any medical expenses…
