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Latest News
How to gift an RESP to a child Jan 13th
Q: Can an aunt, uncle or grandparent open an RESP or RRSP for a grandchild, niece, nephew or child as a gift?
—Liz A
A: Giving the gift of investing can be much better than an ugly Christmas sweater. It’s kind of like a gift card that can be redeemed for life experiences like education or re.... More »
Trans-Pacific Partnership unlikely to lower grocery or car costs much + MORE Oct 6th
The Trans-Pacific Partnership trade and investment deal is unlikely to pass on significant cost savings to Canadian shoppers buying groceries or cars, experts say, despite opening up more free-trade in those industries..... More »
Inflation: How It Affects Your Finances + MORE Jun 13th
Much of Canada’s economy has ground to a halt amid the COVID-19 pandemic. One of the effects of this has been a drop in prices for many items. Most notably, gas.
As a result of consumer prices dropping, Canada’s inflation rate went negative to -0.2% in April, according to Statistics Canada, whi.... More »
Behind In Your Taxes? What You Need to Know + MORE Apr 12th
If filing your taxes over the next few weeks isn’t on your calendar, it certainly should be. Tempting as it may be, this is one area where procrastinating can only make things worse.
Unlike sales tax, which is a pay-at-the-pump proposition, Canada’s income tax system is based on self-assessment.... More »
Video: How to close a bank account + MORE Sep 12th
Pretty much every Canadian has a bank account. So it makes sense to ensure that you have the best savings account for you (and chequing too) by shopping around. So if you’ve decided to move on from your current bank, you will want to close your old account and ensure that nothing gets lost in the .... More »
Is an Energy Star dryer worth the cost?
– moneysense.ca
Starting in January, new Energy Star-certified clothes dryers will become available in Canada. These machines—equipped with moisture sensors that shut off machines when clothes are dry and pumps to recycle hot air back into the drum—promise to use 20% less energy than older models. Just don’t expect to save money right away if you’re shopping for a new machine. With prices starting at $1,200, Energy Star dryers will cost about $400 more than conventional dryers. But if your old machine has gone kaput, go ahead and shell out the extra money for the Energy Star model. Dryers typically last up to 15 years, and you’ll make up the $400 price difference within 12 to 13 years of electricity savings.
Order MoneySense as a gift »
The post Is an Energy Star dryer worth the cost? appeared first on MoneySense.
Best of Finance 2014: Best Bank Accounts in Canada
– ratesupermarket.ca
When it comes to money management, the right bank account can make a big difference. Whether you’re socking away for a vacation, building your retirement fund, or simply looking to conveniently access your cash, a no-fee option with high performing interest can really put your money to work.
To help Canadians make the best decisions for their banking products, RateSupermarket.ca is pleased to reveal our top picks for high-interest savings, chequing and guaranteed income certificates.
Read on for the best bank accounts in Canada.
The Best High Interest Savings Accounts in Canada 2014
Savings have come a long way from the humble piggy bank. Maximize your stash with one of the highest interest rates in Canada. Here, we’ve rounded up the best-performing high interest savings accounts.
How We Did It
To find the best on the market, we compared the following:
A savings amount of $2,500
Savings Term: 5 Years
Total Interest Earned Over 5 Years
Is interest compounded over time?
Interest Earned
Interest Rate
Monthly Fee
Other Fees
Availability
Max / Min Balance
$259…
CRA TFSA Audits: Are You a Target?
– ratesupermarket.ca
Since the Tax Free Savings Account (TFSA) was created in 2009 by the Federal Government it has been touted as a tax-free method to grow your investments, as long as the return on your investment happens within the registered account. Now, reports say the Canada Revenue Agency (CRA) wants to crack down on individuals who they say are using this account as a vessel for trading business. Reports say the CRA has been auditing individuals who use the account for frequent trading and have seen significant growth in their investments. If you have a TFSA and are worried that you may be targeted by CRA, here is what you need to know.
Understanding TSFA Rules
Six years after the TFSA was created, the rules are still murky on how this account can be used. It was launched as an option for Canadians to save for more of their immediate needs. But, some savvy investors have used its tax-free capability to significantly grow their investments. According to the CRA website, “All income earned and withdrawals from a TFSA are generally tax-free…
Understanding TSFA Rules
Six years after the TFSA was created, the rules are still murky on how this account can be used. It was launched as an option for Canadians to save for more of their immediate needs. But, some savvy investors have used its tax-free capability to significantly grow their investments. According to the CRA website, “All income earned and withdrawals from a TFSA are generally tax-free…
