Can I withdraw from RRSPs to pay bills? + MORE Apr 13th

TSX getting you down? There are always sound investment alternatives.
Latest News

TFSA contribution room calculator Jan 1st

Find out your current tax-free savings account (TFSA) contribution limit by using this calculator. powered by Tax-free savings account is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like&nb.... More »

As Switch Hardware Sales Slow, How Long Can Nintendo Delay 'Switch 2'? - Nintendo Life May 10th

As Switch Hardware Sales Slow, How Long Can Nintendo Delay 'Switch 2'?  Nintendo LifeSwitch Is Still Outselling Everything Else Despite Ongoing Chip Shortage  KotakuNintendo Switch shipments drop 20 percent year-over-year  MobileSyrupNintendo achieves their highest annu.... More »

Investing in GICs? Here’s why to buy them from an online bank Jul 14th

In today’s harsh investing climate, it’s nearly impossible to avoid volatility. What’s been particularly painful about the instability of this past year is the range of different asset classes hit. Whether you’ve been investing in stocks, gold or cryptocurrencies, your portfolio has likely s.... More »
 financial consultant

Buying ETFs in Canada Tool: The MoneySense ETF Screener + MORE Oct 20th

If you’re researching ETFs to buy, you’ve come to the right place. Below you will see the tables for different ETF categories, offering ETF options from some of the best ETF providers in Canada. We’ve included some helpful ETF asset class, geography, provider, tickers, as well as one-year retu.... More »
 dividend

The 7 best low-interest credit cards in Canada for August 2023 + MORE Aug 5th

Spend The 7 best low-interest credit cards in Canada for August 2023 Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required. Find my perfect card* .... More »
10 Smart Eco-Friendly Swaps for Items You Use Every DayWe’d all like to do better when it comes to our purchasing power, and even small steps can lead us to more mindful shopping. Since there’s a wealth of innovative, sustainable products on the market, consider narrowing your scope and supporting Canadian brands the next time you want to update your wardrobe, bar cart, workout routine or mode of transport.

In honour of Earth Month, we’ve rounded up 10 items—from a yoga mat to gin to household cleaning products—offered by local companies that want to make a difference.

Made-to-last running shoes

The apparel industry is notoriously hard on the planet. If you’re in the market for new running shoes, opt for Norda’s sleek, neon-accented kicks. Crafted using Dyneema (a fibre made from polyethylene, a common plastic), this Montreal brand’s runners also boast durable rubber Vibram soles (known for their water-resistance and flexibility), and have laces made with recycled polyester.

001 LTD Edition running shoe, $295, nordarun…

Continue Reading On canadianbusiness.com »

What are the cons to withdrawing RRSP savings of $25,000 to pay off some unexpected bills I have incurred?—Anonymous

Withdrawing RRSPs when you’re not retired

Ahh, the unexpected bills.

Anonymous, I’ll give you my initial thoughts first, and then I’ll review the cons of withdrawing from your registered retirement savings plan (RRSP) to pay off unexpected bills.

Assuming you’ve incurred the debt yourself and you’re not desperate—and I mean really desperate—don’t pay your bills with an RRSP withdrawal.

You acquired the debt on your own, so I recommend figuring out a way to pay it off without cashing in investments or consolidating loans.

When unexpected bills arrive, cash flow issues are normally the underlying culprit; either not enough income or too much spending. 

What can you do to increase your income or reduce your spending so you can pay off your bills? 

Withdrawing from your RRSP may seem like the easy way out. Paying off a debt by cashing in an RRSP or consolidating loans is just a temporary fix, and it starts a cycle…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!