The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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Why workplace well-being is a priority we can’t afford to ignore Oct 9th
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Raise your hand if you are tired of the coronavirus, and all the ways it has affected how we work, live and play. Masks. Soap. Physical distancing. The pandemic has pu.... More »
Employer debt repayment benefits look to retain employees, alleviate financial stress + MORE Sep 6th
There are more investment options in Canada than you can shake a stick at! Stay on top of the best returns right here.
Employer debt repayment benefits look to retain employees, alleviate financial stress - thestar.comContinue Reading On thestar.com »
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‘Death by a thousand cuts’: How to take stock of your subscriptions + MORE Dec 29th
With subscription services offered in almost every category these days, it can be hard to keep track of exactly how much you’re spending on a monthly basis..... More »
Can you survive on Canada’s government pension alone in retirement? Experts say you might be surprised + MORE May 8th
Until fairly recently, CPP replaced a quarter of your average work earnings — but it’s already providing more. We asked experts what to do if CPP and OAS will make up most of your retirement income..... More »
Stock market news for Canadian investors: Cineplex, Sun Life Financial and more Feb 13th
Companies that reported earnings this week
Restaurant Brands International
Cineplex
McDonald’s
Canadian Tire
Sun Life Financial
RBI-owned Tim Hortons has eye on consumer demand as U.S. tariff uncertainty weighs
Source: Google
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What would a crash in real estate prices mean for Canadians and the country’s economy?
Ford plans job cuts to boost profits
– cbc.ca
Ford is reported to be planning substantial job cuts in order to boost profits and raise its stock price.
4 things to get right when tapping RESP savings
– moneysense.ca
When your kids are on the cusp of starting university and you’re eyeing a hefty tuition bill, you are no doubt thankful for a sizeable balance in your Registered Education Savings Plan (RESP). Sure, it’s a sweet program—but now you have to master the complexities of taking the money out.
Here are four key things you should do with your kids’ RESP when they approach university or college age: Stop contributions when it makes sense; adjust your asset allocation; structure withdrawals to minimize tax; and deplete your RESP at the right time.
By now you probably know the RESP basics. You can earn up to 20% in “core” grants (termed “Canada Education Savings Grants” or CESGs) on your contributions to a maximum lifetime CESG grant total of $7,200 per child. (There are additional grants for low-income families and in certain provinces.) The grants, contributions and investment income are all tax-sheltered until you take the money out.
If you withdraw the money while your kids (the “beneficiaries”) are in post-secondary education, then “grants” and “income” are taxable in your kids’ hands, which generally means little or no tax if you do it right…
Here are four key things you should do with your kids’ RESP when they approach university or college age: Stop contributions when it makes sense; adjust your asset allocation; structure withdrawals to minimize tax; and deplete your RESP at the right time.
By now you probably know the RESP basics. You can earn up to 20% in “core” grants (termed “Canada Education Savings Grants” or CESGs) on your contributions to a maximum lifetime CESG grant total of $7,200 per child. (There are additional grants for low-income families and in certain provinces.) The grants, contributions and investment income are all tax-sheltered until you take the money out.
If you withdraw the money while your kids (the “beneficiaries”) are in post-secondary education, then “grants” and “income” are taxable in your kids’ hands, which generally means little or no tax if you do it right…
Home Capital wakes Canadians to all kinds of investment risks
– theglobeandmail.com
Smart questions are being asked
Can you have RRSPs and RRIFs at the same time?
– moneysense.ca
Q: I have various RRSP accounts and am considering converting some (all) to RRIFs. Must I convert all my RRSP accounts to RRIF at the same time for the total amounts? I am 68.
—Jerry
A: By the end of the year that you turn 71, you need to either convert your RRSP to a RRIF or use your RRSP to purchase an annuity. A Registered Retirement Income Fund (RRIF) is like an RRSP in reverse – you take withdrawals instead of making deposits. Those withdrawals are based on age, with minimum mandatory withdrawal rates rising over time.
At 68, you can still have an RRSP account or even multiple RRSP accounts, Jerry. You can contribute to your own RRSP up to and including the year you turn 71, subject to your RRSP room. If you have a spouse under the age of 71, you can even contribute to a spousal RRSP after you’re age 71 to the extent that you still have RRSP room of your own.
When you convert an RRSP to a RRIF account, Jerry, it’s an election you make by account. In other words, you don’t have to convert all of your RRSP accounts to a RRIF…
