How to go about securing the best savings strategy in Canada.
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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 »
High interest rates and unemployment: Expectations for June’s rate announcement May 14th
The odds of a June interest rate cut from the Bank of Canada (BoC) appear to have fallen after the latest jobs report from Statistics Canada showed employment jumped by 90,000 last month. The jobs gain far surpassed forecasters’ expectations and marked the largest employment increase in more than .... More »
The best high-interest savings accounts in Canada for 2024 Jun 25th
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
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It’s possible to be a first-time home buyer twice—here’s how + MORE Sep 24th
Can you do something and then later do it again for the first time? You can if that “first time” involves buying a home.
There are a few supports and programs in place for first-time buyers in Canada, including the Home Buyers’ Plan and the first home savings account (FHSA). First-time home.... More »
How to open an RDSP Dec 19th
Jason Heath gets a lot of calls from clients about registered disability savings plans (RDSPs). Many are interested in setting up the plan, a tax-deferred savings vehicle for people with disabilities, because they’ve heard about the generous grants they can qualify for. The Canadian government wil.... More »
How to manage and save money without a budget
– moneysense.ca
“Stick to a budget” is one of the most common pieces of advice you’ll hear if you’re trying to save money. But not everyone wants to make decisions according to a spreadsheet—and there are many ways to manage your money that don’t involve a budget. Often, a simple, critical look at your regular expenses can reveal unnecessary spends or untapped rewards that can translate to serious savings. In this article, we’ve gathered some simple strategies and practices that can help you save—without necessarily giving up your daily latte.
Look at how you bank
Look at the banking services available to you—these are designed to help you manage your money, as well as save more money.
Check out promotional offers
As the financial services industry has become increasingly competitive, banks have begun to offer promotions designed to attract new clients. And some are incredibly lucrative. Take, for example, the current HSBC offer where you can earn up to $1,500 in value back when you open an account…
Asset location: Where to hold investments for tax savings
– 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…
Canada’s best credit cards for people with bad credit 2021
– moneysense.ca
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. But if you want to improve your credit score, you’ll have to show you can handle credit responsibly—and the only way to do that is (you guessed it) to have a credit card. When used properly, having and using a credit card can actually be a helpful tool to assist in rebuilding bad credit—and, luckily, there’s a whole host of products catered to people with poor credit scores. While these often come with higher interest rates and lower spending limits, they can be a good starting point to re-establishing a respectable credit score, which in turn will help you get approved down the line for loans, a line of credit or even a mortgage.Find your next credit card.What kind of credit card are you looking for? Get matched with the best cards for you in under 2 minutes at ratehub.ca. Let’s get started.I want to earn rewardsI want to pay low interestYou will be leaving MoneySense. Just close the tab to return…
