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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Financial planning in your 70s Oct 7th
When most people think about financial planning, they think about saving and investing for retirement. That is certainly a part of it, but financial planning is much more holistic.
Here are a few financial planning strategies for those approaching or into their 70s. If you are not there yet, bookmar.... More »
MoneySense’s free Excel template for your monthly budget + MORE Feb 14th
Download:
MoneySense monthly budget Excel template
Instructions:
Click the link or image above to download the spreadsheet tool.
Open the file. Enter your personal and household expenses in the columns titled “Planned” and “Actual.” You can use the “Insert” functio.... 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 »
The best GIC rates in Canada for 2026 Feb 3rd
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
Anne T. Donahue: It’s Time to Re-Claim Laziness Dec 18th
Like many Millennial women, I’ve spent most of my adult life equating my self worth with my productivity. And while I’ve broken a few old habits in my career as a freelance writer—like tracking a list of all the pieces I’ve ever written, or working along to The Social Network soundtrack—I .... More »
RRSP facts and guidance for 2017
– myownadvisor.ca
Save, invest, prosper with My Own Advisor.The “RRSP season” is now in full swing but it’s important to know the ins and outs of this tax-deferred plan in order to optimize the use of this account for your financial situation. You’ll notice I didn’t write “time to buy RRSPs”. You don’t buy RRSPs friends…
Today’s post will remind you about some RRSP facts, why the RRSP is a powerful savings vehicle, why you might want to take advantage of it (and what to avoid), and share our longer term game plan for this account – for what that’s worth. Happy to hear all comments and critiques!
RRSP Fast Facts for 2017
When to contribute? The RRSP contribution deadline for the 2016 tax year is March 1, 2017. You should know this deadline is always 60 days after the end of the previous calendar year. This means RRSP contributions made in the first 60 days of 2017 can be applied to the 2016 tax year. (Note: we do this).
Who can contribute? There is no minimum age requirement to have an RRSP; a minor can set one up thanks to their parent or legal guardian…
Ten top RRSP questions answered
– macleans.ca
(Shutterstock)It’s that time of year again. RRSP season is upon us and before that March 1 deadline approaches, plenty of Canadians have questions about contributions, withdrawals and do’s and don’ts. Luckily, our experts have answered a lot of RRSP queries over the years. Are they a total waste of time? What happens if you over-contribute? How much money should you have in your account? Our friends at MoneySense have some answers.
Q: Are RRSPs ever a waste of time?
A: So, you have a Defined Benefit pension and don’t think RRSPs are worth your time? Depending on the situation (like if your spouse is out of work, or if they are in a lower tax bracket than you), contributing to an RRSP might be a great idea even if you have enough retirement savings. Here’s why.
Q: What are the differences between RRSPs and TFSAs?
A: The biggest differences are contribution limits, and how your money gets taxed upon withdrawal from the accounts. RRSP contributions are tax-deductible, whereas TFSA withdrawals are tax-free…
