How to go about securing the best savings strategy in Canada.
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What to do about your debt after the interest rate hike + MORE Jan 18th
TORONTO — Many consumers will soon find their debt loads heavier now that Canada’s central bank and the country’s biggest commercial lenders have raised their benchmark rates by one-quarter percentage point.
The country’s biggest banks raised their prime rates after the Bank of C.... More »
Compare the best savings accounts in Canada for 2023 + MORE Sep 11th
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The best savings accounts in Canada for 2023
Here are the best accounts to hold your savings.
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Scan the savings account comparison table above to view interest rates offered by financial institu.... More »
Four smart things to do with your income tax refund + MORE Apr 19th
You might be tempted to spend your refund on a new TV set, but there are financially smarter options, writes Gordon Pape..... More »
Tax refunds 2026: How to make every dollar count + MORE Apr 22nd
For many Canadians, a tax refund feels like a bonus—a bit of extra cash that shows up each spring. In reality, it’s your own money being returned after a year of overpaying taxes, and how you think about it often determines how far that money goes.
The difference comes down to mindset. When a.... More »
2022 Income Tax Guide for Canadians: Deadlines, tax tips and more + MORE Feb 13th
It’s been quite a year for numbers, hasn’t it? From rising interest rates to steep stock market drops, finances have been headline news throughout 2022. It’s almost enough to make you forget about tax season. But with the tax deadline approaching, you have a few reminders (see the dates below).... More »
7 things I’ve learned about managing money: Roseman
– thestar.com
Columnist Ellen Roseman pays bills when they arrive, automates her savings and tries not to keep up with the Joneses.Who’s The Best Finance Resource? Vote Now!
– ratesupermarket.ca
Greetings, Money Wise readers,
Where do you turn for money management guidance? Whether it’s cutting coupons or trying out a new investing strategy, Canadians prove to be a knowledge-hungry bunch. We’re always looking to improve our personal finance game!
Fortunately for us, Canada is incredibly rich in finance resources – and the information landscape is always changing. Now, Canadians can read the latest savings strategy best seller, download their economic news via podcast, and check on their stocks with the latest apps.
What are the best finance resources for Canadians? We want to hear from you! Take our poll below to vote for your favourites!
Take Our Poll And You Could WIN A $100 Gift Card!
The post Who’s The Best Finance Resource? Vote Now! appeared first on RateSupermarket.ca Blog.
TFSA: Our number-one tax shelter
– moneysense.ca
One of the first acts of the new year for our family was topping up our Tax Free Savings Accounts or TFSAs. You’ll see a number of TFSA stories running this week on this web site, some of them from the most recent edition of the magazine. Julie Cazzin’s feature story on the Great TFSA Race should whet your appetite on the potential of this vehicle, with the winner racking up an incredible $300,000 in his TFSA, and runnerups at $72,212 and $61,700.
Of course, such returns can come only from capital gains on shrewdly picked stocks, and probably concentrated positions in relatively risky smaller stocks. If you make the mistake of parking your TFSA in GICs or some version of cash, your growth will be negligible. Assuming you put in $5,000 in January 2009 and maxed out every year thereafter, with $5,500 a year ago and $5,500 early in 2014, you would now have $31,000 cumulative contribution room: six years worth. Of course, if you’re one half of a couple, then your spouse also has $31,000 room for a combined $62,000…
Of course, such returns can come only from capital gains on shrewdly picked stocks, and probably concentrated positions in relatively risky smaller stocks. If you make the mistake of parking your TFSA in GICs or some version of cash, your growth will be negligible. Assuming you put in $5,000 in January 2009 and maxed out every year thereafter, with $5,500 a year ago and $5,500 early in 2014, you would now have $31,000 cumulative contribution room: six years worth. Of course, if you’re one half of a couple, then your spouse also has $31,000 room for a combined $62,000…
7 things I’ve learned about managing money: Roseman
– thestar.com
Columnist Ellen Roseman pays bills when they arrive, automates her savings and tries not to keep up with the Joneses.Ontarians Are Choosing Debt Over Retirement Savings
– ratesupermarket.ca
Should I pay off my debts or save for retirement? It’s a dilemma faced by many Canadians, and in Ontario, debt repayment is winning the battle. Forty per cent of Ontarians say paying off debt is their top financial priority, with 19 per cent prioritizing their mortgages, according to a study by Meridian Credit Union. Even more worrisome is the fact that 10 per cent listed stop living paycheque-to-paycheque as their top financial priority.
Retirement Savings Taking a Back Seat
We all know we need to save for retirement, but knowing and putting those plans into action are two separate things. Twenty one per cent of Ontarians haven’t even started building their nest egg! So what’s their reason for putting retirement savings on hold? Fifty two per cent said they were focused on paying off debt, 51 per cent said they couldn’t afford it, and 49 per cent said saving for retirement is not a priority for them at the moment.
“As household debt in Canada hits a new high, it’s encouraging to see Ontarians recognizing how important debt repayment is to their financial future,” says Bill Maurin, Meridian’s acting chief executive officer and chief financial officer…
