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Latest News
Time to Get RRSP-Ready! + MORE Mar 2nd
There’s only a few weeks left of winter… and that means tax time is nearly upon us! The season kicks off with the RRSP contribution deadline on Monday. Not sure if you’re ready? Read on for this week’s top tips, including tackling retirement savings confusion.
How to Overcome RRSP Confusion.... More »
Why You and Your Partner Should Open a Spousal RRSP + MORE Feb 8th
The Canadian government offers plenty of incentives for long-term savers, including couples saving for retirement. Sure, both of you can still open your own individual Registered Retirement Savings Plans (RRSP). But if you are looking for a way to manage your tax bill as a couple, as well as build .... More »
The best high-interest savings accounts in Canada for 2025 + MORE Jun 25th
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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What the Bank of Canada Rate Increase to 1.5% Means for Canadian Home Owners and Home Buyers Jul 19th
From personal loans to mortgages, simply put, it’s now more expensive and more difficult for Canadians to borrow money.
At the beginning of 2018, new mortgage rules raised the bar for qualification. Under federal law, all financial institutions are now required to put any new applicants under a.... More »
Black Friday: How To Cross The Border For Cheap + MORE Dec 2nd
Black Friday is bedlam.
If you’ve never been, by all means take part – but prepare yourself for a swirling mass of bodies clambering over one another to get to the best deals. According to a BMO poll, 47 per cent of respondents planned to cross the border for Black Friday in 2013. That.... More »
UBI Auto Insurance: Big Savings or Big Brother?
– ratesupermarket.ca
Usage-based or ‘pay how you drive’ insurance could fundamentally alter the auto insurance business in the coming years, industry experts predict.
By combining a GPS system with on-board diagnostics, it’s possible to record exactly where a car is and what’s happening with it, providing auto insurance carriers an opportunity to change drivers’ behaviour and reduce subsequent costs.
Such telematics could be used to combat insurance fraud, such as staged accidents or bogus damage claims. The devices could also record information on collisions, similar to a black box in an airplane.
Monitoring Individual Driving Styles
The principal attraction is to use them to monitor individual driving styles – including the speeds at which you drive, the time of day you make your trips and how long you’re behind the wheel – and then feed this data back to your insurer for assessment.
Insurance companies are attracted to the technology, because it’s a more accurate and more equitable way to price auto insurance risk…
Lower RRIF withdrawals a hit with readers: Roseman
– thestar.com
The C.D. Howe Institute wants more flexibility in how retirees cash in their tax-deferred savings plans. Many Star readers like the idea.Lower RRIF withdrawals a hit with readers: Roseman
– thestar.com
The C.D. Howe Institute wants more flexibility in how retirees cash in their tax-deferred savings plans. Many Star readers like the idea.Would RRIF Reform Help Canada’s Retirement Crisis?
– ratesupermarket.ca
A longer life expectancy and all-time low investment returns have created the perfect storm for retiring Canadians, as their life savings are put at risk of running out.
The issue lies in outdated rules regarding Registered Retirement Income Funds (RRIFs), according to a new report released by the C.D. Howe Institute.
For two-thirds of Canadians without a workplace pension plan, RRIFs will be vital to providing income in retirement, but current withdrawal rules mean seniors run the risk of depleting their funds in their 90’s, when they need it most for health and general care.
What is a RRIF?
A RRIF is like your own personal pension plan and is an extension of the RRSP. While your RRSP is used to save for retirement during your working years, your RRIF is used to drawdown those savings as income in retirement.
“If you think of an RRSP as a bucket of tax deferred money, a RRIF is simply a bucket with a hole in it,” says financial educator Jim Yih, owner of Retirehappy.ca. “The hole forces to you withdraw money and any withdrawals are taxable…
Remarrying in retirement can be financially complicated
– thestar.com
If divorced seniors remarry in retirement there can be complications with ex-spouses, step children and retirement savings.
