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My three kids chose different educational paths. How do I withdraw RESP funds in a way that’s fair to them and avoids unnecessary taxes? + MORE Sep 4th
Q. I have a registered education savings plan (RESP) for my three children, the youngest of whom is starting university this fall. We have made some withdrawals for the older two kids but the plan is still well-funded. Our middle child has decided to pursue a co-op university program, which is .... More »
What happens to your spouse’s TFSA if they die + MORE Jan 11th
Q: My brother recently died and my sister-in-law is his beneficiary. We are unclear what happens with his TFSA, i.e. how can it be turned over ‘in kind’ to her if her TFSA is already maximized?
Wouldn’t it have to be cashed out for her to invest as she wishes, she just wouldn’t have to cla.... More »
Moving investments to a new country + MORE Mar 17th
Q: If you are moving out of the country, how much of your investments can legally go with you?
—Mark Scanlon, Brighton, Ont.
A: Legally, you can take whatever investments you’d like. But there are a few tax issues to consider. Toronto chartered accountant John Mott says, “If you liquidate inve.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Jan 7th
Savings comparison tool
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.
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Eight solid alternatives to the Capital One Costco Mastercard for Canadians + MORE Jun 6th
Costco wasn’t the world’s first retail warehouse club, but in the nearly 35 years since opening in Canada, it’s become a staple shopping destination for families and groups who want deep discounts on bulk buys. The way that Costco works is that it relies on membership—you can’t walk into a.... More »
2.99% Mortgage Rates Are Back!
– ratesupermarket.ca
Good things come to those who wait – and those timing the mortgage market are in for savings, as fixed mortgage rates plummet below the three per cent barrier once again.
Lenders have cut 5-year fixed mortgage rates to 2.99 per cent, not offered in Canada since August of last year. The rate, which will initially be available in Ontario, Alberta and British Columbia, will be a full featured mortgage product complete with prepayment options.
Consumers Poised To Save Big
What would you do with an extra $100 each month? Those are the savings Canadian home buyers can expect when financing their mortgage at 2.99 per cent, compared to the lowest big bank five-year fixed offering of 3.49 per cent.
- Canadians will pay $1,787 per month
- Canadians will save $98 per month
- Canadians will save $1,176 per year
- Canadians will save $29,400 over the course of a 25-year mortgage
Kelvin Mangaroo, President of RateSupermarket.ca, says lenders are taking their cue from the current economic climate…
Recent data indicate that Canadians are saving more. Statistics Canada reports the Household Savings Rate is currently 5.4%, a 0.4% increase from the previous year. Likewise, a recent BMO Bank of Montreal study found that 48% of Canadians are now investing in tax-free savings accounts, a 23% increase from 2012.
The Trouble With Tapering
– ratesupermarket.ca
The global cost of borrowing has been whipped into a frenzy this week, as the U.S. unveils its latest tapering bombshell. Be sure to check out our breakdown on why markets are reacting this way, and whether this will translate into higher rates for Canadian consumers.
The focus has also been growing on the dangers of subprime lending, particularly in the auto industry. Don’t miss our expose on how these loans work – especially if you’re on the hunt for a new car.
Tapering Round 2 Knocks Out Emerging Markets
The U.S Fed announced the second round of tapering for their bond buying program on Wednesday, a signal the country is ready to wean itself off cheap money. Emerging global economies, however, may not be so ready to go cold turkey, as markets slide and currencies drop.
What impact will this have on the Canadian cost of borrowing? Can we expect rates to rise?
Read Penelope’s Blog | Tapering Round 2 Knocks Out Emerging Markets
Is This The Beginning Of A Stock Market Correction?
2013 was a banner year for the stock market, with indexes around the world jumping up to 35 per cent! But experts cautioned such conditions were too good to be true, and called for an inevitable market correction…
Are You A Bond Investor? How Rising Interest Rates Affect You
– ratesupermarket.ca
It should come as no surprise the super low interest rate environment has made it challenging for Canadians to save for retirement.
Yet, while bond yields have dropped somewhat over the month of January, they have been trending higher over the long term. Rising interest rates generally mean higher returns for savers – but it’s important to be aware that these rising rates can pose a threat to your investment portfolio, especially if you’re invested heavily in fixed income.
Canadians Not Aware Of Rising Bond Yield Risks
Sixty per cent of Canadians with retirement portfolios are unaware of how rising interest rates can erode the value of their investments, according to a new poll from CIBC Asset Management. In fact, baby boomers who typically have a larger percentage of their portfolio in fixed income are mostly in the dark, with 65 per cent unaware of the impact of rising rates. Even more worrisome, 54 per cent of Canadians are not even considering changing their retirement savings strategy in a rising interest rate environment, with the figure jumping to 62 per cent for baby boomers…
