The best Visa credit cards in Canada for August 2023 + MORE Aug 31st
Thinking About Launching a Business Newsletter? Here’s How Wealthsimple Did It + MORE Jun 7th
Know your TFSA contribution limit + MORE Nov 2nd
Wall St ends mixed, US Treasury yields spike on robust data, solid earnings - Reuters Oct 17th
Can you survive on Canada’s government pension alone in retirement? Experts say you might be surprised + MORE May 8th
Stock market news live updates: Stocks edge higher as investors assess Powell talk, Fedspeak – Yahoo Canada Finance
– news.google.ca
Is your chequing account working hard enough?
– moneysense.ca
How does your account measure up? Look at the features and perks when comparing chequing accounts.
1. What’s the minimum balance requirement?
Some chequing accounts have a monthly fee. Banks and other financial institutions may waive the fee if you keep a minimum balance—typically a few thousand dollars—in your account. Others, like the Simplii Financial No Fee Chequing Account*, have no minimum account balance.
Even if your chequing account features no minimum balance, keep in mind how much money you need on hand to cover automatic bill payments, such as streaming subscriptions or a gym membership…
TFSA contribution room calculator
– moneysense.ca
TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds (ETFs), guaranteed investment certificates (GICs), bonds, stocks and, yes, plain-old cash. While you do have to abide by the set amount of contribution room each year, any gains you earn on those investments will not affect your contribution room for the current year or years to come. Plus, the income earned is tax-free (more on that below). Any resident of Canada who is 18 or older and has a valid social insurance number can open a TFSA.
Is a TFSA really tax free?
TFSA contributions won’t reduce your taxable income, unlike registered retirement savings plan (RRSP) contributions. (If you haven’t maxed out your RRSP, get on that before the deadline). However, where you do save on taxes with a TFSA is that the money you earn inside your TFSA is not taxable…