Best high-interest savings accounts in Canada 2021 + MORE Jan 5th

There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
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“Why do I need a financial plan?” + MORE Jan 12th

Q. I am in my early 50s, have a steady job, I’m not a big spender, and I make RRSP contributions. Why would I need a financial plan? I don’t see how it could help me. –Tom A. To answer your question (and it’s a good one!), let’s think about why people get a plan, the benefits of having a p.... More »
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How much has the pandemic hurt your retirement plans? We delve into the retirement portfolios of two couples hit hard by COVID-19 to see what damage was done + MORE Feb 16th

We start with Deborah and Daryl Burton, a Toronto twosome in their early 70s who both contracted COVID-19 early in the pandemic..... More »

Marriage or mortgage: Which is the better investment? Mar 30th

Weddings can be expensive, but so can many of the things that come after a wedding—like a home purchase, starting a family and saving for retirement. And so money is an important relationship issue even before a couple ties the knot.  Both weddings and home purchases can both cause people to thin.... More »
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Women, here’s how to save more for retirement — or you’ll live to regret it + MORE Mar 2nd

The right adviser and the right habits can impose discipline, writes Lesley-Anne Scorgie..... More »

Maximizing spousal RRSP contributions in your 70s + MORE Mar 23rd

Q. My wife will turn 71 in 2022. She has three spousal RRSPs that we will arrange to mature on the same day: Feb. 8, 2022. On that day, we will convert all the RRSPs into a RRIF. Between now and then, I wish to take full advantage of my ability to continue making contributions to spousal RRSPs. I am.... More »
The robos have invaded. What was once a little-known investing tool for tech-savvy investors is now so commonplace, everyone from newbie savers to retired boomers using robo advisors to help manage their money.  
While advisors and traditional fund companies still manage the majority of money in Canada, with people paying more attention to fees and with interest in exchange-traded funds (ETFs) increasing, robo advisors will only see their assets under management continue to rise. According to the research aggregator Statista, Canadian robos will hold an estimated US$8.1 billion in assets under management in 2020, which, it predicts, will rise to US$16.6 billion by 2023, for a 26.7% compound annual growth rate.
As time goes on, these companies are also getting more sophisticated in their offerings. Some robos now offer chequing accounts, others let you pick stocks or buy insurance or offer real-life financial advice. You can invest in all kinds of accounts too, including tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs), registered retirement income fund (RRIFs), registered education savings plans (RESPs) and others…

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Some people plan to downsize in retirement, either because they will be empty nesters and no longer need the space, or because they need or want the proceeds from selling their current home to help fund retirement. Whatever their individual reasons, some Canadians want to consider buying the home they will retire to in the future, today. 
A cottage or a condo down south are options for some, but these properties are often owned in addition to a “city home.” A more complicated consideration is buying a condo now in anticipation of someday moving into it as your principal residence. 
Buying a condo now, and renting it out in the meantime
You can generally buy a property you intend to rent out with at least a 20% down payment and borrowing up to 80% of the purchase price as a mortgage. Depending on where it’s located, a rental property may or may not have positive cash flow with a 20% down payment. For that reason, it’s important for those with tight cash flow to run the numbers, so they can budget properly if they choose this option…

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Regular savings accounts offer very low interest rates, so if you want to earn on your deposits (rather than simply use your account as a temporary “holding tank” for funds you’ll soon be using for purchases, or directing to longer-term saving and investing vehicles), a high-interest savings account is a no-brainer. When shopping for the best high-interest account (HISA) for your needs, there’s more to consider than just the interest rate. So you can make an informed decision, in addition to using the finder tool to compare the fees and features of several different options available, you can scroll down to read seven editors’ picks for the best high-interest savings accounts in Canada.
These are rates offered by Ratehub partners. You can find information about additional product options below.

You can compare high-interest rates in the table above or input your estimated account balance to compare the growth between high-interest savings accounts, Tax-Free Savings Accounts, Registered Retirement Savings Plans and youth savings accounts…

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