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Latest News
What to do when you overcontribute to your RRSP + MORE Jun 22nd
Ask MoneySense
I overcontributed to my RRSP by accident, and I am looking for some advice on how to deal with it. I contributed $3,550 to my 2022 RRSP in October 2022. I then forgot I made this contribution and again in February 2023 I made a $3,550 contribution.
What options to I have to address.... More »
Online “finfluencers” grow up + MORE Jul 4th
If you’re someone near or at retirement, has a column like the one you’re now reading ever “finfluenced” any of your financial decisions? Increasingly, many Canadian investors are turning to a new generation of voices online, a trend that regulators are starting to watch more closely.
.... More »
Stock news for investors: Quarterly profits up at Shopify, Brookfield; down at Suncor, Reuters Aug 8th
Here’s a round-up of news for Canadian investors this week.
Shopify
Suncor Energy Inc.
Brookfield Asset Management
Parkland Corp.
Thomson Reuters
Featured RRSP Accounts
featured
EQ Bank
.... More »
Can you survive on Canada’s government pension alone in retirement? Experts say you might be surprised + MORE May 10th
Until fairly recently, CPP replaced a quarter of your average work earnings — but it’s already providing more. We asked experts what to do if CPP and OAS will make up most of your retirement income..... More »
Stock news for investors: Dollarama, Transat and Roots release earnings Jun 13th
Here’s a round-up of news for Canadian investors this week.
Dollarama
Transat
Roots
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 2.00% interest, t.... More »
Why contributing to a TFSA is a good resolution
– moneysense.ca
If nothing else, tax-free savings accounts (TFSAs) have been a boon to Canadian financial writers and bloggers. Two noteworthy examples: A blog on Boomer & Echo by CFP Robb Engen (also a MoneySense ETF expert panelist for the annual Best ETFs in Canada feature) comparing TFSAs to registered retirement savings accounts (RRSPs), and a Cash Flows & Portfolios blog that goes so far as to declare that the TFSA may be all one needs to retire on.
I don’t know about the second post, but I do agree we’ve come a long way from 2009. It was then when my wife and I made our own first tentative $5,000 contributions to our TFSA, thinking at the time it seemed like a mere drop in the bucket. Even then, right at the start of the new year, we maximized contributions to all our newly opened TFSAs, including our daughter’s, who was fortunate enough to have turned 18 just in time to qualify.
Every year since, as close to January 1st as possible, we faithfully add the maximum contribution amount (initially $5,000, briefly $10,000 and currently $6,000) to each of those accounts…
