Personal Savings getting you down? There are always smart ways to increase your savings.
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Can we retire with $6,500 a month? Aug 17th
Randy and Sandra Luke
Up until last year, Sandra and Randy Luke were focused on paying off their mortgage. With that goal behind them, they’re ready for their next challenge: to retire in 10 years. But can they save enough to build a portfolio capable of delivering a monthly net income of $6.... More »
CPP payment dates this year, and more to know about the Canada Pension Plan + MORE Aug 6th
In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too..... More »
How to stake Cardano (ADA) in Canada + MORE Nov 14th
Like other cryptocurrencies, ADA, the native coin of the Cardano blockchain, has been in a bear market since October 2021—meaning a recent pattern of price declines. Despite this downturn in crypto prices, Cardano seems to be a strong player among the public blockchains that offer smart contract f.... More »
Financial planning in your 70s + MORE Feb 13th
When most people think about financial planning, they think about saving and investing for retirement. That is a part of it, but financial planning is much more holistic.
Here are a few financial planning strategies for those approaching or into their 70s. If you’re not there yet, bookmark this fo.... More »
The best TFSA investments in Canada for 2020 May 23rd
Table of contents
GICs
Bonds
ETFs
Mutual Funds
If you’re using your tax-free savings account solely to deposit cash over the long term, Certified Financial Planner Trevor Kearns says you’re not using the TFSA to its full potential.
You have more options (and better potential gains) than th.... More »
Be Mine, Bank Account
– ratesupermarket.ca
What’s that sound? It’s the rush of significant others snapping up roses, reservations, and other sweet treats to celebrate this Hallmark of holidays. But whether you’re paying big bucks – or eschewing Valentine’s Day altogether – the reality is relationships do cost money.
This week, we’re all about finding harmony between your sweetie and your savings. Read on for the full story.
The Cost of Love in Canada: $50,339.21
The results are in from our third annual Cost of Love study – and they’re up 11.4% from last year! Shelling out for a year of dating, popping the question and the big day now rival the cost of the average home down payment. But there’s no need to break up with your bank account. Read on for our top tips on affording the Cost of Love.
Read Penelope’s Blog | The Cost of Love in Canada
Do You Need to Have the Money Talk?
It’s no secret that financial disagreements are the leading cause of divorce – in fact, according to a BMO poll, money mismanagement is worse than cheating on your spouse!
Open communication about financial goals is the best way to avoid becoming another divorce statistic…
Juggling personal and workplace RRSPs
– moneysense.ca
This family finds themselves juggling personal and workplace RRSPs (Photograph by Matt Ramage)Q: My husband and I participate in workplace RRSP top-up programs, and we have an RRSP loan to maximize my husband’s RRSP contribution. We’re not sure if this is a good plan, especially considering we’re nowhere near maxing out our annual mortgage contributions or TFSAs.”—Vanessa McCubbing Saskatoon, Sask.
A: Group retirement plans tend to have matching contributions from employers. Investment options are usually good, primarily due to fees being lower than what you’d pay on retail investments. So this is where your primary focus should likely be.
I wouldn’t be worried about your TFSAs if you have RRSP room. RRSPs are likely a better choice than TFSAs for most people, unless you’re in a low tax bracket, close to retirement or may need some of your savings in the short term.
I’m on the fence about the TFSA versus mortgage debate. Studies have shown that the vast majority of TFSA investments in Canada are in savings accounts and GICs…
Will Greece Leave the Euro?
– ratesupermarket.ca
Greece’s €240-billion ($342 billion CAD) bailout loan expires at the end of February. These are loans the country has taken over the course of several years in an effort to keep its economy afloat. The money was borrowed from the Eurozone and the International Monetary Fund (IMF). Now, Greece’s newly elected government is trying to strike a deal that would extend its loan without any new austerity measures. In fact, new Prime Minister Alexis Tsipras wants to reinstate 70 per cent of the services that were taken away when the bailout money was awarded. This is leading many to question Greece’s membership in the European Union (EU) and how it continues to be drag on the Euro currency. Some are suggesting it’s time for Greece to leave the EU – but what would that mean to the rest of the world, and to Canada?
What’s at Stake?
Greece represents a very small part of the world economy – less than 1 per cent. But its exit would be a huge blow to the EU, which is the largest economy in the world, even larger than the U…
How I Used RSPs To Buy A Home
– ratesupermarket.ca
The Canada Revenue Agency’s Home Buyers’ Plan (HBP) allows first-time home buyers to borrow up to $25,000 from their RRSP savings to help pay for their first home purchase. It was also a tactic used by MoneyWise writer Rubina when purchasing her current home. Read on for her story.
Want to learn more about the HBP? Click here>
When my husband and I bought our first home together in 2009, we wanted to make sure we had a 20 per cent down payment in order to avoid Canada mortgage and housing corporation (CMHC) insurance. It also made us feel better knowing we were starting home ownership with a substantial amount of equity in our home. The house we fell in love with was over our budget, so that meant scrambling to find the extra money to put down. We turned to the Home Buyers’ Plan, which allows you to use your already-saved registered retirement savings plans (RRSP) money to fund the purchase of a house. Since this was my husband’s first home purchase, we decided at the time to take $15,000 out of my husband’s RRSP that we would then add to our down payment…
