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Chelsea, 26, makes $85,000 as a veterinarian. Despite paying off student loans, she still has $23,000 in debt. How can she save enough to buy her first home? + MORE Apr 10th
As she works to pay off her remaining debt, Chelsea wants clarity on how to achieve her saving goals and how to be smarter with her money..... More »
Best high-interest savings accounts in Canada 2021 + MORE Jan 2nd
Regular savings accounts offer very low interest rates, so if you want to earn on your deposits (rather than simply use your account as a temporary “holding tank” for funds you’ll soon be using for purchases, or directing to longer-term saving and investing vehicles), a high-interest savings a.... More »
Tax changes you need to know for 2017 + MORE Dec 28th
MONTREAL — Canadians will ring in the new year with a number of tax changes that will affect the bottom line of federal and provincial governments. Here’s a look at some of them:
Nationally:
The federal government is ending four child tax credits this year: arts, fitness, education and text.... 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 »
Interest Rate Hike, Even A Small One, Could Be Trouble For 1 Million Canadians + MORE Sep 14th
TORONTO -- Up to one million Canadian borrowers could face problems paying their debts if interest rates rise by a full percentage point including some of the highest rated consumers, a report released Tuesday by TransUnion suggests.
The credit reporting agency said that while the majority of Canad.... More »
ORPP good for economy in the long run: Conference Board
– moneysense.ca
TORONTO – The Conference Board of Canada says the proposed Ontario Retirement Pension Plan will mean long-term increases in income that offset the small negative effect on the economy over the near-to-medium term.
In a cost-benefit analysis of the Liberal government’s pension plan, the Conference Board says the increase in mandatory savings initially results in a period of reduced household spending as pension contributions lower family income.
The negative effect on Ontario’s GDP in the near term is partially offset by the fact that individuals are expected to reduce their RRSP contributions when they start paying into Ontario’s pension plan.
ORPP: Low income, part-time workers to take home less »
The Conference Board — an independent, not-for-profit applied research organization — says the impact on overall real GDP is also offset by a fall in imports as less household spending is used to buy foreign goods and services.
Expected decreases in Employment Insurance and Workplace Safety and Insurance Board payroll premiums “further mitigate the short-term economic impact” of the Ontario Retirement Pension Plan…
In a cost-benefit analysis of the Liberal government’s pension plan, the Conference Board says the increase in mandatory savings initially results in a period of reduced household spending as pension contributions lower family income.
The negative effect on Ontario’s GDP in the near term is partially offset by the fact that individuals are expected to reduce their RRSP contributions when they start paying into Ontario’s pension plan.
ORPP: Low income, part-time workers to take home less »
The Conference Board — an independent, not-for-profit applied research organization — says the impact on overall real GDP is also offset by a fall in imports as less household spending is used to buy foreign goods and services.
Expected decreases in Employment Insurance and Workplace Safety and Insurance Board payroll premiums “further mitigate the short-term economic impact” of the Ontario Retirement Pension Plan…
Shoppers line up for Boxing Day savings
– canoe.ca
For Boxing Day shopping, Durga Baudel had a plan of attack.
Investing University: It’s Time to Get Started!
– ratesupermarket.ca
By: Pira Kumarasamy
The stock market in 2015 hasn’t been for the faint of heart, and for millennial investors, the sharp fluctuations might be intimidating enough to keep them out of the game. Fortunately, with so many investing options available, now is a great time to start. With time on their side, millennials have the opportunity to invest for the long term and ride out any temporary waves.
Below, we outline an example of the different stages of an investing career, and the range of options available. One thing to keep in mind is how to best leverage the different accounts available to Canada, including registered accounts like the tax-free savings account (TFSA) and registered retirement savings plan (RRSP). In early career stages, a TFSA may be best suited, while an RRSP is best utilized in higher income brackets. Leveraging the optimal vehicle is just as important as choosing the right investments, so it’s crucial to do research on both fronts.
Also read: How to Get Over Investor Anxiety>
Expertise Level: Freshman
Investor profile: As a novice, the freshman investor might be a recent graduate just getting into the workforce with a few hundred or thousand dollars saved that she’s itching to grow…
