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Your home sold—now what?
– moneysense.ca
If you’ve sold your home or are planning to soon, you may have a large amount of cash that needs a temporary parking spot while you prepare for your next move. A regular savings account pays very little interest—so unless you need the money right away, it makes sense to seek higher returns.
Several options are available—but what is best for your situation? Short-term investments such as bonds and guaranteed investment certificates (GICs) pay interest but might not give you the flexibility you need. Stocks and exchange-traded funds (ETFs) offer potentially higher yields but also come with higher risk. A simpler and more accessible solution is to use a high-interest savings account (HISA), like Simplii Financial’s HISA.
Simplii is a Canadian digital bank with over two million customers. It offers 24/7 access to online and mobile banking with no monthly fees, as well as access to one of the largest national ATM networks through CIBC. With Simplii’s HISA, you can earn high interest, and you don’t have to lock in your money for a set period of time, as you would with a bond or GIC…
Canada’s income tax brackets for 2024, plus the maximum tax you’ll pay based on income
– moneysense.ca
As the year winds down, you may be wondering just how much tax you’ll be paying once you file your 2024 income tax return. Especially if you changed jobs or earned self-employment income, there may be a big difference between the taxes you’ve already remitted through payroll deductions or instal;ments and your final settlement in the spring.
Indeed, having a sense of your taxes owed or owing can inform strategies you can deploy right now to minimize your final bill or enlarge your refund, such as contributing more to your registered retirement savings plan (RRSP) or first home savings account (FHSA) or making a meaningful donation to a deserving charity sooner rather than later.
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