How to go about securing the best return for your investment in Canada.
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Food is getting more expensive. The Star’s Millennial Money financial expert offers tips on how to manage your food budget + MORE Dec 28th
In this special edition of Millennial Money, coach Jason Heath shares how his family handles grocery shopping and takeout amid rising food costs..... More »
Before you borrow: Navigating back-to-school financial aid in Canada + MORE Jun 26th
Each year, more than half a million Canadians take out student loans to cover tuition, books, and living costs. But according to some recent research, including a study from Royal Bank of Canada (RBC), many students are unprepared for how these loans work and how to manage repayment.
Understandin.... More »
How to read your investment statements Oct 16th
Failing to read your investment statements that arrive each month creates unnecessary risk and missed opportunities to catch errors, track progress, and stay aligned with your financial goals. Learning how to read your investment statement takes only a few minutes each month and provides important o.... More »
“A way to leapfrog”: AWS executive says regulated industries moving fastest on AI + MORE Jul 5th
As a wave of companies rush to embed artificial intelligence into their operations, Matt Wood has noticed the technology’s fastest adopters are businesses more typically described as slow to change.
Matt Wood, Amazon Web Services global VP of AI products (The Canadian Press / HO-Amazon Web Serv.... More »
Premarket: Stocks down, gold up after aborted Russian mutiny ignites safe-haven push - The Globe and Mail + MORE Jun 26th
Premarket: Stocks down, gold up after aborted Russian mutiny ignites safe-haven push The Globe and MailHere we go, oil prices now higher after the failed coup attempt in Russia ForexLiveRussian Unrest Throws New Risk Into Already Volatile Gas Market BNN BloombergOil .... More »
Beyond financial planning: How to achieve the lifestyle you want
– moneysense.ca
Q. I have just turned 40, am single, and earn $86,000 a year. I also have zero debt. I just finished paying off my house, worth $315,000, and I would like to continue to put away my mortgage payment of $1,000 every two weeks as savings.
Because all money went to debt repayment, I’ve never really invested before, but I do have $20,000 in my RRSP that a family member manages for me. I also have a small amount in my TFSA. I will receive a pension upon retirement, but as I would like to retire early, I won’t receive the full amount, and the pension payments will not fully sustain my lifestyle. So some advice on how I should invest the $26,000 in annual disposable income would be appreciated.
– Mara
A. Despite your lack of investing experience, Mara, your instincts are right on target. Most of us don’t want financial independence, which can easily be achieved by selling everything we own and buying a hut in an impoverished country; we want to achieve and maintain our desired lifestyle…
Because all money went to debt repayment, I’ve never really invested before, but I do have $20,000 in my RRSP that a family member manages for me. I also have a small amount in my TFSA. I will receive a pension upon retirement, but as I would like to retire early, I won’t receive the full amount, and the pension payments will not fully sustain my lifestyle. So some advice on how I should invest the $26,000 in annual disposable income would be appreciated.
– Mara
A. Despite your lack of investing experience, Mara, your instincts are right on target. Most of us don’t want financial independence, which can easily be achieved by selling everything we own and buying a hut in an impoverished country; we want to achieve and maintain our desired lifestyle…
What is an RESP?
– moneysense.ca
With the sleepless nights that come with a newborn it can be hard to plan even one week in the future, let alone grappling with how to save up enough money for when that little bundle of joy heads off to college or university in 18 years. Fortunately Canadian parents have a powerful savings tool at their disposal: the Registered Education Savings Plan (RESP)
Below we’ll take a look at some of the most common questions people have about RESPs to help you get started.
Here’s what you’ll learn:
Below we’ll take a look at some of the most common questions people have about RESPs to help you get started.
Here’s what you’ll learn:
What is an RESP?
How does an RESP work?
Why should you open an RESP?
How do you open an RESP?
What if you have more than one child?
Is there a contribution limit?
How do you get the RESP grant?
How should you invest an RESP?
How are RESPs taxed?
What if your child doesn’t go to school?
What if there’s leftover money in an RESP?
What is an RESP?
A Registered Education Savings Plan is, like the name suggests, an investment account geared towards saving for a child’s education…
