Personal Savings getting you down? There are always smart ways to increase your savings.
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House rich: How to access the equity in your home + MORE Nov 21st
With the national average home price up a record 18.5% in August 2020 compared to the same time last year, more Canadians than ever have a significant portion of their wealth tied up in their homes.
Who are these “house rich” homeowners? They range widely—from retirees on a fixed income, to ba.... More »
Downloadable RRIF withdrawal rates chart 2024 May 7th
The minimum age at which you can convert a registered retirement savings plan (RRSP) to a registered retirement income fund (RRIF) varies by province: it’s 50 in some, and 55 in others. But starting the year after conversion, you must begin to make minimum withdrawals from your RRIF. The table bel.... More »
How do you take RDSP withdrawals? Jun 17th
Registered disability savings plans (RDSPs) were created in the 2007 federal budget, and the first accounts were opened in December 2008. It took a while for financial institutions to offer them and, even now, you cannot open RDSPs everywhere.
Most Canadians with RDSPs have only ever deposi.... More »
The best high-interest savings accounts in Canada for 2025 Jul 9th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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Look outside the Big Banks box for best savings rates + MORE Nov 21st
Small financial institutions, ETFs and investment savings accounts offer the best interest rates around.... More »
Which savings plans should a 37-year-old with a military disability income contribute to, and when?
– moneysense.ca
Q. I am 37 with a military disability income that will pay monthly until I die. Could you give your advice on which savings plans I should be investing in, and the order in which I should make my investments?
To date, I contribute to my and my spouse’s registered disability savings plan (RDSP), then our TFSAs. When I max out these savings plans, should I contribute to a RRSP, or should I use an unregistered trading account?
–Jason
A. Structuring your cash flow so that you have more money coming in than going out is an important first step in the retirement planning process. But once you have that extra cash flow, deciding the best ways to allocate it is not always simple.
I would generally prioritize paying off high interest-rate debt like credit cards before saving, but I will assume that is not a consideration for you and your wife, Jason.
It sounds as though you both qualify for the disability tax credit (DTC), which is a requirement to open a registered disability savings plan (RDSP)…
To date, I contribute to my and my spouse’s registered disability savings plan (RDSP), then our TFSAs. When I max out these savings plans, should I contribute to a RRSP, or should I use an unregistered trading account?
–Jason
A. Structuring your cash flow so that you have more money coming in than going out is an important first step in the retirement planning process. But once you have that extra cash flow, deciding the best ways to allocate it is not always simple.
I would generally prioritize paying off high interest-rate debt like credit cards before saving, but I will assume that is not a consideration for you and your wife, Jason.
It sounds as though you both qualify for the disability tax credit (DTC), which is a requirement to open a registered disability savings plan (RDSP)…
Beyond RESPs: How to Save for Your Child’s Education
– ratesupermarket.ca
First smile. First word. First steps. First degree.
In this age of lifelong learning, a post-secondary degree or diploma is not only important for future prospects but may also be one step among many in your child’s educational experiences after high school.
Your child may get an undergraduate degree, then add a college diploma in a specialized field. Your child may go on to graduate studies or want to gain international experience and study abroad. There are several scenarios that you need to plan for because making sure your child gets the necessary education does not come cheap. Many parents want to help ease the financial debt burden on their kids, which stands at an average of $28,000 for an undergraduate, according to the latest numbers from Statistics Canada.
Fortunately, for parents who start early, the savings can add up to giving your child a leg up on paying for it.
The costs
RESPs
Additional benefits of RESPs
Withdrawing from an RESP
Saving for education beyond an RESP
Tips for saving
The student’s responsibility
The costs
Here are some of the figures for Canadian students to give you a sense of what you may be looking at down the line…
