Watch: The differences between a TFSA and RRSP + MORE Sep 22nd

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As we begin the new year, it’s natural to start thinking about what the future holds and how we can set ourselves up for financial success in the year ahead. If you’re an investor with a Tax-Free Savings Account (TFSA), you may be wondering how recent changes in the financial landscape w.... More »
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The top 5 questions about RESPs + MORE Sep 7th

An RESP, short for registered education savings plan, is a powerful tool that families can use to save for a child’s post-secondary education. RESPs have many great benefits, including tax-deferred growth and access to thousands of dollars’ worth of free government grants and bonds. But… using.... More »

How much to take out of your RRSP in your 60s + MORE Nov 3rd

Many retirees have the bulk of their retirement savings in registered retirement savings plans (RRSPs) or similar tax-deferred registered accounts. RRSPs need to be used to buy an annuity or more commonly converted to a registered retirement income fund (RRIF) by Dec. 31 of the year someone turns 71.... More »
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Key financial habits of self-made millionaires Jul 3rd

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Stock futures nudge higher to start the week with Fed meeting, key inflation data on deck - CNBC Dec 12th

Stock futures nudge higher to start the week with Fed meeting, key inflation data on deck  CNBCDow futures slip, CPI and Fed meeting in focus By Investing.com  Investing.comCNN Fear & Greed Index In 'Neutral' Zone After Dow Tumbles 300 Points - Blue Bird (NASDAQ:BLBD), Coupa .... More »
Canadians have many different reasons to hunt for a second property. Some want the source of income that an investment property can provide; others want to secure housing for a child during post-secondary education. There are those who simply want a rural retreat, like a country home or cottage.

Whatever the reason for having a second property, there are in fact many multiple-property owners in Canada. In British Columbia and Nova Scotia, for instance, owners with multiple properties represent 15% and 22% of all home owners, respectively, according to Statistics Canada. That’s more than one in 10 home owners in British Columbia, and almost one in five in Nova Scotia.

If you’re hoping to be among the growing number of Canadians who own a second property, or if you want to add a third or fourth, it’s essential that you become familiar with the mortgage rules.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense…

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A tax-free savings account (TFSA) is a registered account that holds investments and allows you to grow your money tax-free and withdraw it tax-free. That means you don’t have to report any income earned in the account on your personal tax returns. A registered retirement savings plan (RRSP) is also a registered account, but it works differently than a TFSA, in that you defer reporting the income earned in an RRSP until you withdraw the funds—likely when you’re retired and in a lower tax bracket than when you were working. But that’s not all. Watch to find out more.

Watch: The differences between a TFSA and RRSP

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You know both can help lower how much income tax you pay—both are registered accounts, after all—but how do you decide whether to put your money into a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP)? Watch this video to learn about the four things to consider before putting your money into a TFSA or an RRSP.

Watch: 4 things to consider before putting your money in a TFSA or RRSP

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