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Latest News
RRSP or TFSA? Here’s the simple and definitive answer Jan 20th
Should you save for retirement in an RRSP or a TFSA? For many high earners, an RRSP is your best bet, writes David Aston.... More »
How to boost your retirement income by 50% + MORE Nov 18th
Flickr
If you were told there was a way to boost your income in retirement by 50% it would no doubt get your attention. It certainly got my attention, in a paper in a recent issue of the Journal of Retirement. The paper was co-authored by one of MoneySense’s panelists for the annual ETF All Stars.... More »
Why “unretirement” may be the fate of so many Canadians Mar 14th
The idea of “unretirement” seems to be making a comeback as more Canadians find themselves under economic stress. Even before the tariff threats emerged under Trump 2.0, seniors and near-retirees were finding the economic uncertainty and rising cost of living becoming uncomfortable. No surprise .... More »
How foreign withholding taxes affect returns + MORE Jul 29th
In our newly revised white paper, Justin Bender and I explain the hidden cost of foreign withholding taxes on U.S. and international equity ETFs. I gave an overview of the most important points in my previous blog post. Now let’s look at one of the more subtle ideas: how those taxes affect your pe.... More »
Maxed out your TFSA and RRSP? Here’s where to put cash Jan 24th
Canadians have many options for saving and growing their money. They can use registered savings and investment accounts, which offer powerful tax advantages. If you’re saving up a retirement nest egg, you likely have a registered retirement savings plan (RRSP) and a tax-free savings account (TFSA).... More »
Five stories in Canada we’re watching
– macleans.ca
REUTERS/Mark BlinchONTARIO BUDGET TO FOCUS ON TRANSIT AND INFRASTRUCTURE
Today’s Ontario budget is expected to focus on the sales of Crown assets to pay for billions of dollars in new transit and infrastructure projects. The budget is also likely to include details of Ontario’s new provincial pension plan and the sale of beer in grocery stores. Premier Kathleen Wynne has also left the door open to tax hikes.
APPARENT MURDER-SUICIDE IN SASKATCHEWAN LEAVES FIVE DEAD
The RCMP may provide more information today about an apparent murder-suicide that has shocked the rural Saskatchewan community of Tisdale. They say a man killed a woman and her three children, then took a six-month baby and drove about 130 kilometres to Prince Albert. He then killed himself but spared the child.
REMOTE ONTARIO FIRST NATION BEING EVACUATED – AGAIN
Residents of a remote northern Ontario First Nation are to begin an evacuation today as the rising Albany River threatens the community. It’s the of fourth consecutive year Kashechewan – a community of 1,900 – will be evacuated…
How the federal budget affects you
– moneysense.ca
The Conservative government introduced its 2015 federal budget on Tuesday evening. While the 518-page document is chock-full of text and charts on topics ranging from foreign direct investment to energy exports, it doesn’t exactly spell out in how it affects real people.
We’ve applied the budget measures that touch individual households to four fictional scenarios. Find the scenario that best mirrors your personal living situation to learn how the federal budget hits your bottom line.
Single
Julie | $55,000 annual income; no kids; renter
Meet Julie. She’s a single divorcee. She earns approximately $55,000 at her administrative job and is diligent about putting money into her Registered Retirement Savings Plan (RRSP). She hopes to retire in five to 10 years.
She’ll benefit from just announced increases to the annual Tax Free Savings Account (TFSA).
At an annual salary of $55,000, Julie pays approximately 30% in tax each year, while her contribution to her retirement savings provides her with a 20% tax refund…
5 things to know about TFSAs
– moneysense.ca
TFSAs are now more powerful savings vehicles than ever. Make the most of them with these tips. (Push/Getty Images)OTTAWA – The federal government is raising the annual contribution limit for Tax-Free Savings Accounts for $10,000, but the rules surrounding the popular saving vehicles can be confusing. Here are five things to know about the accounts:
Who can contribute: Canadian residents who are at least 18 years old can contribute to a TFSA.
» The biggest TFSAs in Canada
How much money can I put into my TFSA account: Ottawa is increasing the annual contribution limit to $10,000, from $5,500. However, your total contribution limit is cumulative. Unused room carries forward from previous years. If you haven’t yet opened an account and were 18 in 2009, when the program started, you would be able to put $41,000 into a TFSA account this year.
» 7 things you didn’t know about TFSAs
What can I hold in a TFSA account: The investments allowed in a TFSA are generally the same as allowed in your RRSP account…
“All you need is Ecuador.” That’s the message millions of TV viewers received in February, when Ecuador became the first country to buy a commercial spot to promote tourism during a Super Bowl broadcast. But Ecuador isn’t just for tourists; it’s an incredible destination for real estate investment and retirement under the sun. And Canadian […]
Five things to know about Tax-Free Savings Accounts
– walletpop.ca
OTTAWA – The federal government is raising the annual contribution limit for Tax-Free Savings Accounts for $10,000, but the rules surrounding the popular saving vehicles can be confusing. Here are five things to know about the accounts:Who can contribute: Canadian residents who are at least 18 years old can contribute to a TFSA.How much money can I put into my TFSA account: Ottawa is increasing the annual contribution limit to $10,000, from $5,500. However, your total contribution limit is cumulative. Unused room carries forward from previous years. If you haven’t yet opened an account and were 18 in 2009, when the program started, you would be able to put $41,000 into a TFSA account this year.What can I hold in a TFSA account: The investments allowed in a TFSA are generally the same as allowed in your RRSP account. They include cash, mutual funds, stocks, guaranteed investment certificates, bonds and certain shares of small business corporations.What happens when I withdraw money from my account: You do not pay tax on any interest or investment gains when you withdraw money from a TFSA account…
