There are more investment options in Canada than you can shake a stick at! Stay on top of the best returns right here.
Latest News
Carney government to reveal economic statement on April 28 Apr 15th
Last year, the Liberals changed Canada's financial reporting schedule moving budgets to the fall and smaller fiscal updates to the spring..... More »
Know your TFSA contribution limit + MORE Oct 6th
For Canadian investors and savers, it’s always some of the best news to come each year: new TFSA room that becomes available each January 1. And for 2022, the TFSA contribution limit is $6,000.
The actual TFSA yearly limit was set at $5,000 back in 2009 when the investment account was first create.... More »
Fixed mortgage rates are likely at their 'lowest point this year,' experts say Oct 29th
"We're seeing the weaker economy, paradoxically, is allowing more people into the real estate market," said Phil Soper, president and CEO of Royal LePage..... More »
Can you change your mind about taking CPP early? Aug 4th
Q. I am 62 years, 10 months of age, and still working but plan to retire (early) at the end of November 2021 with an unreduced employer pension.
I have been collecting CPP for 28 months because I needed the extra money at the time, but I am in a better financial position now.
Can I ask to stop col.... More »
RBC hikes dividend as fourth-quarter profit holds steady on interest-rate boost - The Globe and Mail Nov 30th
RBC hikes dividend as fourth-quarter profit holds steady on interest-rate boost The Globe and MailRBC reports $3.88B Q4 profit, raises quarterly dividend BNN BloombergNational Bank raises dividend but misses expectations Yahoo Canada FinanceScotiabank's fourth-quarte.... More »
The great escape
– moneysense.ca
You’ve probably thought about the best way to get money into your RRSP, but have you thought about the best way to get your money out? If you haven’t pondered this issue, you should. Otherwise, you could run headfirst into a nasty tax bill.
The people who get swiped the hardest are diligent savers. They’re so successful at preparing for retirement that they don’t need to tap their RRSPs the moment they hit 65. They just let their money sit there. Then they’re surprised to discover that when you turn 71, the government forces you to start withdrawing money from your RRSP, whether you want to or not.
What really stings is that you have to pay taxes on the money you withdraw. If you have a seven-figure RRSP, or if your total income is high because of other investments, you could lose more than 40% of your hard-earned RRSP savings to the taxman. Nothing incenses a 71-year-old more.
The good news is that you can avoid this problem by implementing an RRSP “meltdown strategy” long before you hit your 70s…
The people who get swiped the hardest are diligent savers. They’re so successful at preparing for retirement that they don’t need to tap their RRSPs the moment they hit 65. They just let their money sit there. Then they’re surprised to discover that when you turn 71, the government forces you to start withdrawing money from your RRSP, whether you want to or not.
What really stings is that you have to pay taxes on the money you withdraw. If you have a seven-figure RRSP, or if your total income is high because of other investments, you could lose more than 40% of your hard-earned RRSP savings to the taxman. Nothing incenses a 71-year-old more.
The good news is that you can avoid this problem by implementing an RRSP “meltdown strategy” long before you hit your 70s…
The best TFSAs in Canada for 2021
– moneysense.ca
A tax-free savings account, known better as a TFSA, is a savings vehicle available to Canadians aged 18 and up who have a valid social insurance number (SIN). It was launched by the federal government in 2009 as a way to encourage Canadians to save and invest.
As the name suggests, TFSAs offer a tax break on contributions—meaning that, unlike with a regular savings account or non-registered investment account, what you earn inside your TFSA isn’t taxed, even when you make a withdrawal. TFSAs are flexible, too, allowing you to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds, so you can tailor your account to different financial strategies and goals. The TFSA contribution limit for 2021 is $6,000, but keep in mind that if you qualified to make a contribution in 2020, but didn’t that contribution room is still available to you. For those who turned 18 in the year 2009 or prior, the lifetime contribution limit is $75,500…
As the name suggests, TFSAs offer a tax break on contributions—meaning that, unlike with a regular savings account or non-registered investment account, what you earn inside your TFSA isn’t taxed, even when you make a withdrawal. TFSAs are flexible, too, allowing you to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds, so you can tailor your account to different financial strategies and goals. The TFSA contribution limit for 2021 is $6,000, but keep in mind that if you qualified to make a contribution in 2020, but didn’t that contribution room is still available to you. For those who turned 18 in the year 2009 or prior, the lifetime contribution limit is $75,500…
