Not sure how to make a savings plan? Read on…
Latest News
Premier Brad Wall invites Calgary energy companies to relocate to Saskatchewan + MORE Mar 29th
Saskatchewan Premier Brad Wall is taking a turf war with Alberta to its economic heart, inviting energy companies based in Calgary to move their headquarters to his province.
In a letter to Whitecap Resources (TSX:WCP) dated Monday, Wall offers to subsidize relocation costs, trim taxes and royalties.... More »
What it takes to retire at 45 + MORE Feb 8th
Q: I’m 27 years old with a relatively healthy income of around $125,000. I’m aiming to get on the early retirement track with any luck and retire around the age of 45.
I’ve been aggressively in the investing game for a few years now and have been putting money into my RRSP, which now has a bal.... More »
How a young couple can kill $142,000 in debt and start investing + MORE Mar 22nd
iStock
Julie and David live in Calgary with their two daughters, ages 10 and 7. David, 40, is a cable technician earning $150,000 annually while Julie, 37, works part-time at a retail store near home earning $6,000 annually. In 2014, their lives changed when David fell on the job and injured his lef.... More »
“My financial advisor overcontributed to my TFSA—now what?” Oct 24th
My financial advisor asked me for more money than the allowable contribution room of my TFSA, causing a CRA penalty. I did tell him that I could only contribute the $6,000, but he asked me for $28,500. I paid a fine of $2,000 to CRA.
What happens now? Do I ask him to repay the commissions he.... More »
The best high-interest savings accounts in Canada for 2023 + MORE Jan 9th
The rates in the finder tool below are offered by Ratehub partners. Keep scrolling for information about additional product options.
Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “hol.... More »
Tax-Free In Canada Doesn't Mean Uncle Sam Agrees
– walletpop.ca
IRS requires gains from certain Canadian accounts to be reported annually
Registered Retirement Savings Plans (RRSPs), Registered Education Savings Plans (RESPs) and Tax-Free Savings Accounts (TFSAs) are three tax shelters available to Canadian taxpayers. They all offer different benefits while providing the opportunity to save some tax dollars. And many taxpayers have taken advantage of one or more of these accounts.
But some of the tax benefits take a hit at the border. The good news for U.S. citizens living in Canada is RRSPs are treated similarly to the 401k retirement plans in the U.S. and are allowed to grow tax-free until retirement without any special reporting. But there are differences between personal RRSPs and employer sponsored RRSPs.
Personal RRSPs may not be taxed in the U.S. until you start to withdraw money from the plan but you cannot deduct contributions from your U.S. taxable income to get tax savings. They only create tax savings in Canada.
But employer sponsored RRSPs plans are deductible against your U…
The TD Bank survey also found that many young Canadians believed they could use RRSP savings to pay for many things that are not allowed.Microchip Technology to buy Atmel for $3.56B
– canadianbusiness.com
WASHINGTON – Microchip Technology Inc. says it has a deal to acquire rival chipmaker Atmel for roughly $3.56 billion in cash and stock.
Atmel Corp., which is based in San Jose, California, said it broke off its merger with Dialog Semiconductor from September. It called Microchip’s offer “superior.”
Microchip and Atmel say their agreement is worth $8.15 per share, or $3.4 billion, excluding $155 million in Atmel’s cash and investments.
The deal has been approved by each company’s board of directors and is expected to close in the second quarter. It still needs the backing of Atmel’s stockholders.
Microchip said the combined company is expected to generate $170 million in savings and increased revenue beginning in fiscal 2019.
Chandler, Arizona-based Microchip makes semiconductors used in a variety of computers and electronic devices.
The post Microchip Technology to buy Atmel for $3.56B appeared first on Canadian Business – Your Source For Business News.
Atmel Corp., which is based in San Jose, California, said it broke off its merger with Dialog Semiconductor from September. It called Microchip’s offer “superior.”
Microchip and Atmel say their agreement is worth $8.15 per share, or $3.4 billion, excluding $155 million in Atmel’s cash and investments.
The deal has been approved by each company’s board of directors and is expected to close in the second quarter. It still needs the backing of Atmel’s stockholders.
Microchip said the combined company is expected to generate $170 million in savings and increased revenue beginning in fiscal 2019.
Chandler, Arizona-based Microchip makes semiconductors used in a variety of computers and electronic devices.
The post Microchip Technology to buy Atmel for $3.56B appeared first on Canadian Business – Your Source For Business News.
A Chilly Time for Canadian Cash
– ratesupermarket.ca
It hasn’t exactly been a good-news month; January has brought about higher mortgage rates, growing economic uncertainty, and a lagging loonie. Feeling like your personal finances have been put on ice? You’re not alone – a recent survey finds Canadians feel overall less optimistic about their money this year, while a 2015 mortgage study calls for a cooler market in 2016.
New Year, New Rate Trends
New-year home buyers may face a tougher sell this month, as several mortgage lenders have hiked rates for their fixed and variable loans. Could more be on the way – and could a Bank of Canada rate cut further shake up the economy? Read on for our expert panels’ full January forecast.
Read Penelope’s Blog | New Year, New Rate Trends
The Top Reasons For Not Buying a Home
The majority of Canadians still feel real estate is a solid investment, according to an annual housing market study from Mortgage Professionals Canada. But some would-be buyers aren’t yet ready to take the plunge…
Nearly a third of millennials are uninformed about RRSPs
– moneysense.ca
OTTAWA – Nearly a third of young Canadians admit they are “not at all knowledgeable” about retirement savings plans, according to a survey done for TD Bank.
The report also suggested that a large proportion of those aged 18 to 33 are uninformed about what registered retirement savings plans can and cannot be used for.
Only half of those surveyed knew that money in an RRSP could be used to help buy their first home, while just 28 per cent knew it could be used to help further their education later in life under the lifelong learning plan.
The survey also found that many young Canadians believed they could use RRSP savings to pay for many things that are not allowed.
Sixty-four per cent were unaware that RRSP savings could not be used to make a charitable donation and 60 per cent mistakenly believed that they could be used to pay childcare expenses.
Credit card mistakes millennials are making »
Fifty-two per cent also incorrectly believed money in an RRSP could be used to finance a car and half wrongly thought it could be used to help buy a second home…
The report also suggested that a large proportion of those aged 18 to 33 are uninformed about what registered retirement savings plans can and cannot be used for.
Only half of those surveyed knew that money in an RRSP could be used to help buy their first home, while just 28 per cent knew it could be used to help further their education later in life under the lifelong learning plan.
The survey also found that many young Canadians believed they could use RRSP savings to pay for many things that are not allowed.
Sixty-four per cent were unaware that RRSP savings could not be used to make a charitable donation and 60 per cent mistakenly believed that they could be used to pay childcare expenses.
Credit card mistakes millennials are making »
Fifty-two per cent also incorrectly believed money in an RRSP could be used to finance a car and half wrongly thought it could be used to help buy a second home…
