How to protect your crypto from hacks + MORE Oct 28th

There are more investment options in Canada than you can shake a stick at! Stay on top of the best returns right here.
Latest News
 wealth

Blocked Activision Deal Hits VMware Stock - TipRanks + MORE Apr 26th

Blocked Activision Deal Hits VMware Stock  TipRanksBritish regulators nix Microsoft's $69B takeover of video game maker Activision  CBC NewsMicrosoft-Activision Deal Blocked By UK Is No Disaster for the Gaming Giant  BloombergUK regulator blocks Microsoft’s acquisitio.... More »
 canadian savings bond

The best TD credit cards in Canada + MORE Nov 1st

Spend The best TD credit cards in Canada Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required. Find my perfect card* Yo.... More »

Are you worried about your financial situation? - Poll - Castanet.net Jan 17th

Are you worried about your financial situation? - Poll  Castanet.netBritish Columbians' debt anxiety mounting amid inflation, interest rate hikes: surveys | Globalnews.ca  Global NewsCanadians more worried about rising debt amid high cost of living: MNP  BNN BloombergIn.... More »
investment

I make little to no income. Do I still need to file a tax return? Mar 20th

Experts say it’s always best to file a tax return to build up RRSP contribution room and set up eligibility for certain credits and benefits..... More »
 financial advisor

The best student credit cards in Canada for 2023 + MORE Sep 13th

Credit Cards The best student credit cards in Canada for 2023 Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required. Find my perfect card* .... More »
2022 has been a tumultuous year for cryptocurrency markets. Significant and sustained price declines have shrunk the overall crypto market value below $1 trillion—a significant retreat from its all-time high of $3 trillion in November 2021. (All values in U.S. dollars.)

What has intensified investor pain further is the unabated cyber-theft that has drained billions of dollars from crypto holders’ accounts. Since crypto transactions are usually irreversible, stolen coins are nearly impossible to reclaim.

Cybercriminals pilfered roughly $4.5 billion worth of digital currency in 2021, more than twice the 2020 total. In the first half of this year alone, nearly $2 billion worth of crypto has been lost to hacking, clocking a 60% jump in such instances.

Crypto theft remains a growing problem. As more investors turn to digital assets for wealth creation or to diversify their portfolios, learning how to protect crypto holdings has become a crucial part of investing. Here’s your essential guide to keeping your crypto safe…

Continue Reading On moneysense.ca »

If I have $25,000 contribution room left in my RRSP, can I take that all at once plus my regular RRSP contribution of $27,230 for the tax year 2020? Effectively making a contribution of $57,230 to my RRSP?— Lorraine

The rules around RRSP contribution room 

As soon as a taxpayer starts to earn income—like employment income, self-employment income, royalties, research grants or net rental income—they accumulate room for their registered retirement savings plan (RRSP). There are no age limits, so a teenager with a part-time job can start to build their RRSP room as long as they file a tax return to report their earned income. 

How does RRSP carry forward work?

Your RRSP room carries forward, meaning the amount is cumulative. So, 18% of your earned income for the previous year, up to the current year’s maximum contribution limit, becomes your RRSP room for the year. For 2022, the maximum is $29,210 for taxpayers with at least $162,278 of earned income in 2021. This gets added to any previously unused RRSP room from the past…

Continue Reading On moneysense.ca »

The speed and extent of the crypto market crash in 2022 has rattled many devout cryptocurrency enthusiasts. But such steep and extended downturns, known as “bear markets,” are an unavoidable and normal part of investing.

However, at a time like this, and as much as we try to stay level-headed, emotions can play a significant role in determining investing outcomes. Let’s look at how to navigate a bear market and invest strategically for the longer term—and where to buy crypto, if you plan to add to your holdings.

What is a bear market?

“A bear market is defined as any market or asset that sees a 20%-plus decline over a short period of time,” says Brian Mosoff, chief executive officer of crypto investment firm Ether Capital Corp. in Toronto.

Given the precipitous crypto market decline over the past few months, “crypto certainly fits this definition,” he adds.

This downturn isn’t specific to crypto, though. The stock market is also in the middle of a broad-based sell-off, led by tech stocks, many of which have lost 40% to 50% of their value this year…

Continue Reading On moneysense.ca »

As the crypto market descended into bear territory this year, the steep plunge dragged down the entire spectrum of virtual currencies—from the king of the hill, bitcoin, to ether and the gamut of altcoins.

The digital currencies market has shrunk from USD$3 trillion in November 2021 to less than USD$1 trillion by late September 2022.

On the bright side, the lower valuations have once again made some of the biggest and most popular cryptocurrencies more affordable, with all blue-chip coins now trading at prices far below their peaks.

Of course, bitcoin remains the largest and best-known cryptocurrency, but there are thousands of others that claim to be better and faster with broader applications.

So, how can Canadian investors choose? Here’s a handy guide that explores the different factors that can influence a crypto coin’s value; risks and opportunities that affect the entire crypto market; and where to buy crypto coins.

Canadians can buy and sell crypto on CoinSmart*
Go to Site

How to pick a digital coin?

A great deal of a crypto’s value is baked into its utility…

Continue Reading On moneysense.ca »

A registered retirement savings plan (RRSP) is an investment that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribution. However, you will have to pay income tax when you withdraw money during your retirement. The advantage is built on the assumption that your income is higher now than it will be in retirement. If you plan things right, you will be in a lower tax bracket in retirement, meaning that you pay less tax on your withdrawals than you saved initially by stashing your money inside an RRSP. 

You can open an RRSP and contribute income up until the year you turn 71, at which point it has to become a registered retirement income fund (RRIF) and you must begin to withdraw the money as taxable income. Read on to learn about the best RRSP accounts in Canada.

The best RRSP accounts in Canada for 2022

Best RRSP savings account: EQ Bank RSP Savings Account* (2…

Continue Reading On moneysense.ca »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!