Not sure how to make a savings plan? Read on…
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How much credit card debt does the average Canadian have? Oct 9th
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 »
Detox your spending and experience better financial health + MORE Jan 2nd
Using your creativity and resourcefulness to stop spending for a week on anything but essentials will give you more savings and less stress; you win both ways, Lesley-Anne Scorgie writes..... More »
Ways to “unlock” retirement savings in a LIRA Dec 12th
Q. When I retired at age 63, the financial institution that managed my DPSP account paid the company-contributed portion (approximately $30,000) into a LIRA.
Given all the constraints related to drawing down a LIRA/LIF, I am now 65, living in BC, and have two questions:
Since I was already at re.... More »
Your RRSP and TFSA are your best allies in building financial security + MORE Aug 22nd
If you’re over 18 and working, it’s time to start diverting some money into long-term savings to begin building financial security for your future. Pay the tax now in a TFSA, or pay the tax later in an RRSP. Even better? Contribute to both, Lesley-Anne Scorgie writes.... 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 »
Your Guide to Guaranteed Investment Certificates in 2019
– ratesupermarket.ca
How do you find the best Guaranteed Investment Certificate rates? What even is a GIC anyway? Maybe a financial planner or someone at your bank told you to take a look at GICs as a way to save more money. But not everyone knows what a GIC is, how it accrues interest or how to shop for the best GIC interest rates. After sorting that out, you can look at the different types of GICs that are available for short-term and long-term investing. That way you can make a sound investment and have more confidence when you set up your new GIC account.
What is a GIC?
A guaranteed investment certificate (GIC) is a safe way for Canadians to invest money. While stock market investments have their fair share of risks, GIC’s don’t. They promise a return on your investment based on the interest rate you lock-in.
A GIC is similar to a savings account. You save a specific amount of money over a set term with an interest rate that’s locked in for that particular term. When the term ends, you will get all your original money back plus the interest that is accrued…
