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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The best 5-year fixed mortgage rates in Canada + MORE Jul 12th
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How to start an emergency fund
– moneysense.ca
Emergency fund. You’ve heard or read those two words countless times since the COVID-19 pandemic landed with an impact that’s been financially challenging, and even devastating, for many Canadians. You know you should have an emergency fund to dip into in case of job loss, illness, or another urgent need for money, but where to begin? Do you just start putting money away in an account and hope you’ve saved enough for the next crisis?
It takes a bit more planning than that and there is some math but it’s not complicated at all, says Melanna Giannakis, a financial services advisor and Meridian branch manager.
Start with the big picture
To figure out how much you should save, you should start with your net salary or what you bring in after you pay taxes and other deductions, says Giannakis. “Let’s use the average Canadian salary of about $55,000 and say that your after-tax income is $42,000 [rounded from $42,481]— keeping in mind, of course, that taxes are marginal, so a different tax rate would be different depending on the person…
It takes a bit more planning than that and there is some math but it’s not complicated at all, says Melanna Giannakis, a financial services advisor and Meridian branch manager.
Start with the big picture
To figure out how much you should save, you should start with your net salary or what you bring in after you pay taxes and other deductions, says Giannakis. “Let’s use the average Canadian salary of about $55,000 and say that your after-tax income is $42,000 [rounded from $42,481]— keeping in mind, of course, that taxes are marginal, so a different tax rate would be different depending on the person…
