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What types of tax-free savings accounts (TFSAs) exist? Dec 19th
A tax-free savings account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a registered retirement savings plan (RRSP), you cannot deduct contributio.... More »
Rethinking rentership: How to get ahead financially while renting Oct 26th
Getting ahead financially while renting may be your new, realistic, goal. Considering that for roughly three-quarters of Canadians, owning property has become virtually unattainable, the concept that homeownership is the marker of financial success might need an update. We’ve all read about it in .... More »
This Marketing Pro Increased Their Salary by $100K by Moving From Sports to Start-Ups + MORE Apr 17th
Want to make more money at work? Of course you do. For our series The Top Up, Canadians across different industries tell us exactly how much they earn—and how they navigated every raise, promotion and job change to get it. Each month, a different executive shares their journey and their .... More »
How to invest in Canadian bank ETFs + MORE May 22nd
Though they’re well represented in Canadian stock indices, you can see why some investors would want even more exposure to Canadian banks. They have enviable dividend growth histories and ample current yields. They offer relatively stable earnings that are not vulnerable to global tariffs or suppl.... More »
Here is the state of electricity outages on P.E.I. Monday morning - CBC.ca + MORE Sep 26th
Here is the state of electricity outages on P.E.I. Monday morning CBC.caDay after Fiona: Eastern Canada takes stock of post-storm damage as conditions ease Global NewsCouple doesn't let Fiona spoil wedding, already postponed by pandemic The Globe and MailBody of miss.... More »
Money Matters: What advice would you give someone who wants to start building wealth?
– moneysense.ca
In our 12-part video series, Money Matters, we interviewed the top voices in Canadian personal finance about money issues that affect all Canadians. For our seventh video of the series, we asked: What advice would you give someone who wants to start building wealth? Listen to what some of our partners have to say.
Watch: Money Matters Question 07—What advice would you give someone who wants to start building wealth?
Follow us on YouTube to catch all 12 videos in this series. We’d love to hear your feedback in the comments.
The post Money Matters: What advice would you give someone who wants to start building wealth? appeared first on MoneySense.
Asset location: Everything in its place
– moneysense.ca
If you’ve ever put together an investment plan, you’re familiar with asset allocation. That’s the mix of stocks, bonds, real estate and other investments driving the expected risk and return of your portfolio. But you may have given less thought to asset location, or how those assets are distributed among your registered and non-registered investment accounts. As any home buyer will tell you, though, location means a lot.
Here’s why. Investment returns—bond interest, Canadian and foreign stock dividends, capital gains—are taxed in different ways, says personal financial planner Chris Markou of Alithea Financial Wellness in Hamilton. And each of your accounts—such as RRSPs, TFSAs and taxable accounts—is governed by different tax rules. Savvy investors know if they hold assets in the wrong account type they’ll pay much more tax than necessary.
How much more? That depends on your portfolio size and tax rates, but smart asset location decisions can easily save you tens of thousands of dollars over an investing lifetime—and that number could easily top $100,000 for wealthier investors…
Here’s why. Investment returns—bond interest, Canadian and foreign stock dividends, capital gains—are taxed in different ways, says personal financial planner Chris Markou of Alithea Financial Wellness in Hamilton. And each of your accounts—such as RRSPs, TFSAs and taxable accounts—is governed by different tax rules. Savvy investors know if they hold assets in the wrong account type they’ll pay much more tax than necessary.
How much more? That depends on your portfolio size and tax rates, but smart asset location decisions can easily save you tens of thousands of dollars over an investing lifetime—and that number could easily top $100,000 for wealthier investors…
