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What does high inflation mean for your retirement savings?
– moneysense.ca
After decades of steady inflation that more or less stayed within the Bank of Canada’s target range of 1% to 3%, inflation soared to a decades-high rate of 8.1% in June 2022. The central bank cranked up interest rates to squash inflation, but the rate of price growth stayed stubbornly above the 2% target for another two years.
Thankfully, this past August’s inflation print hit the bull’s-eye of 2%, and September’s CPI was even lower, at 1.6%. With the inflation beast finally tamed, the Bank of Canada and its American counterpart, the U.S. Federal Reserve, have started lowering interest rates in hopes of avoiding a recession and nailing a so-called “soft landing.”
With that ugly period of high inflation now in the rearview mirror, what’s an investor to do with their portfolio?
How inflation can affect an investment portfolio
Historically, stock and bond returns have beat inflation over long periods of time, but both assets tend to perform poorly during periods of high inflation…
The best high-interest savings accounts in Canada for 2024
– moneysense.ca
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
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Best high-interest savings account rates in Canada
Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest rate is a no-brainer…
25 personal finance highlights from the last 25 years
– moneysense.ca
Over the last 25 years, personal finance in Canada has transformed enormously. Major economic shifts, new technology and evolving consumer behaviour have led to new policies and events. Here are some of the most interesting personal finance developments in the last two and a half decades:
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1. 1999: No longer did Canadians have to wait until they retired to access their registered retirement savings plans (RRSPs). The government introduced the Home Buyers’ Plan, whereby first-time home buyers can make a tax-free withdrawal from their retirement savings to fund a down payment on a home…
The best GIC rates in Canada for 2024
– moneysense.ca
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
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Frequently asked GIC questions
Here you’ll find the answers to common GIC questions, along with information on the best GIC rates available right now. If GICs are new to you, and you want to learn everything there is to know, start by reading our guide below.
Where are GIC rates headed during the end of 2024?
On Sept…
