How to go about securing the best savings strategy in Canada.
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OAS payment dates in 2025, and more to know about Old Age Security + MORE Apr 2nd
If you’re approaching or planning for retirement, you may have questions about Old Age Security (OAS) benefits, like: Do I need to apply for OAS? How much will I receive in OAS? When do OAS payments go out? We cover these questions and more below. But first, here’s a quick overview of how OAS wo.... More »
So you fell short of your financial goals in 2025—here’s how to do better + MORE Dec 31st
Did you fall behind on your financial goals for 2025? If so, you’re not alone. According to a survey by online estate planning platform Willful, 58% of Canadians reported postponing financial tasks they’d earmarked for the year, such as paying down debt, contributing to registered savings and in.... More »
When will I receive my Old Age Security benefits? OAS payment dates for 2026 + MORE May 27th
If you’re close to retirement or are a pensioner trying to manage your monthly budget, it helps to know when your Old Age Security (OAS) benefits are paid out. The government publishes the payment dates and provides a wealth of information about the program, but you may still have questions. We’.... More »
Can I afford that mortgage? Here’s how much you can safely borrow to buy your first house + MORE May 1st
Talk to a mortgage broker and do a personal budget assessment before you start house hunting, expert says..... More »
25 timeless personal finance tips from MoneySense + MORE Jan 30th
To help celebrate MoneySense’s 25th anniversary, we are republishing (and updating) an article from the June 2014. The editors collected some timeless financial advice and money tips from the archives. Editor- and expert-approved, and fit for 2023 and beyond.
1. Pay yourself first
.... More »
RESP advice for Canadian citizens living in the U.S.
– moneysense.ca
Q. I opened a RESP account while I was living in Canada, as a Canadian citizen. A few years back, we moved to the U.S., where my kids are going to college and university. I still have an active RESP account and make regular monthly contributions.
We file our tax returns in the U.S. only, since we declared ourselves as non-resident Canadian citizens in 2014.
Please let me know if we are still entitled to receive the Canadian government’s grant on RESP contributions, and what is the procedure to withdraw the funds.
–Sohail
A. When you become a non-resident of Canada, you can generally continue to maintain Canadian registered investment accounts like a Registered Education Savings Plan (RESP). You may not be able to buy new mutual funds as a non-resident, but can continue to hold existing mutual funds, sell those mutual funds, or buy other investments, like stocks, bonds and exchange-traded funds (ETFs).
There are a couple issues to be aware of in your case, Sohail. A U.S. taxpayer, whether a U…
We file our tax returns in the U.S. only, since we declared ourselves as non-resident Canadian citizens in 2014.
Please let me know if we are still entitled to receive the Canadian government’s grant on RESP contributions, and what is the procedure to withdraw the funds.
–Sohail
A. When you become a non-resident of Canada, you can generally continue to maintain Canadian registered investment accounts like a Registered Education Savings Plan (RESP). You may not be able to buy new mutual funds as a non-resident, but can continue to hold existing mutual funds, sell those mutual funds, or buy other investments, like stocks, bonds and exchange-traded funds (ETFs).
There are a couple issues to be aware of in your case, Sohail. A U.S. taxpayer, whether a U…
The GIC Laddering Strategy: Reach for Returns with Safety
– ratesupermarket.ca
When you save for retirement through investing, you have two main goals: to grow your money but also to protect what you put in from being wiped out.
So, for most people, it makes sense to put a portion of their money into fixed-income products that keep their principal safe and provide a steady stream of income, usually through interest.
One type of fixed-income product is a Guaranteed Investment Certificate (GIC).
One downside is that regular GICs carry a penalty if the owner wants to “cash” them before the date they reach maturity. A strategy to consider is to “ladder” several GICs.
What is a GIC?
A GIC is an investment that has a set term, and you get repaid with interest for your trouble while protecting your principal (as long as the institution doesn’t default and is a member of the Canada Deposit Insurance Corporation).
You can get GICs with terms ranging from one month up to 10 years. Usually, the longer the term, the higher the interest rate.
A GIC can be held in several types of savings plans, such as registered accounts like an RRSP or TFSA…
As social bubbles, provinces and countries slowly open up again, many people are looking to salvage their travel plans for this summer while others think about 2021. Admittedly, there’s still a lot of uncertainty in the world, but that isn’t preventing some providers from tempting lockdown-weary Canadians with discount deals on travel and accommodations.
Locking in savings is usually a win for travellers, but is it worth buying now when there’s currently no vaccine for COVID-19 and, in some cases, no guarantee you’ll be able to travel safely? There’s no right or wrong answer, but if you do your due diligence, you may find that booking now can work to your advantage. Here’s what you need to know:
Air travel may or may not be more expensive
Some people think that flying will be more expensive in the future. The theory is that since there will be less demand and airlines will need to follow new health regulations, which may include an empty middle seat, prices will go up.
This is entirely possible, but I did a quick search of various destinations, and I have not noticed prices that I would consider higher than average…
Locking in savings is usually a win for travellers, but is it worth buying now when there’s currently no vaccine for COVID-19 and, in some cases, no guarantee you’ll be able to travel safely? There’s no right or wrong answer, but if you do your due diligence, you may find that booking now can work to your advantage. Here’s what you need to know:
Air travel may or may not be more expensive
Some people think that flying will be more expensive in the future. The theory is that since there will be less demand and airlines will need to follow new health regulations, which may include an empty middle seat, prices will go up.
This is entirely possible, but I did a quick search of various destinations, and I have not noticed prices that I would consider higher than average…
