How to go about securing the best savings strategy in Canada.
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3 financial goals to kick-start the new year + MORE Jan 21st
Over the holidays, many Canadians made new year’s resolutions related to their career, health and family. If you haven’t added any financial goals to your list, now is the perfect time. Let’s look at three things you can do that could significantly impact your financial well-being this year—.... 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 »
How to fill out a personal tax return for 2023 + MORE Dec 18th
Whether it’s your first time or if you’re a newcomer to Canada, you’ve come to the right place. This step-by-step guide will help you navigate through filling out your tax return.
The most popular method to file your tax return is by using online tax software. According to the Canada Revenu.... More »
A parents’ guide to home down payment gifts and loans + MORE Aug 20th
It used to be that parents budgeted for post-secondary education or contributing to the costs of a child’s wedding. But now, I am increasingly finding parents planning for home down payment gifts.
The statistics support this and show an increase in down payment help in recent years. A CIBC stud.... More »
What new bare trust tax filing rules mean for Canadians Mar 12th
Ask MoneySense
I would like some clarification on the T3 tax return for the year 2023. Whom does this rule apply to and can you clarify whether all the persons on the account have to complete T3 tax returns?
—Chander
Some people set up trusts that come into effect during their lives or upon.... More »
What Are the Best Investments to Hold in Your RRSP?
– ratesupermarket.ca
The goal for your Registered Retirement Savings Plan (RRSP) is for it to grow steadily during your working years so that it’s there to support you when you retire.
But to make that happen, you need to choose investments carefully to ensure that your nest egg continues to build and is well protected.
It can all seem confusing, but it doesn’t need to be. To help you out, we’re going to look at what investments you are allowed to hold in your RRSP, what to consider when choosing investments, which ones are best for your RRSP and why, and which investments are best to be left out entirely.
What Types of Investments Can I Hold in My RRSP?
Investments that can be held in an RRSP include stocks traded on major exchanges, dividend stocks, bonds, mutual funds, exchange-traded funds (ETFs), guaranteed investment certificates (GICs), cash, savings deposits, savings bonds and treasury bills. There are also a few others that are more uncommon.
Factors to Consider When Choosing Investments
As you choose RRSP investments, a key issue to look at is your time horizon before you need the money — which hopefully is a long one as an RRSP is meant for future retirement savings, not short-term savings…
