RESP vs RRSP and TFSA: What’s the best option for education savings? Aug 31st

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 retirement savings

How to start saving for retirement at 45 + MORE Mar 14th

Saving for retirement at age 45 means you’ll have a 20-year runway toward a traditional age 65 retirement. But what’s your starting point? The National Bank of Canada suggests that by age 40 you should have 2.1 times your annual income saved for retirement, while the U.S.-based firm Fidelity rec.... More »

Can you delay a RRIF withdrawal? Jun 6th

Ask MoneySense I read you can base your RRIF withdrawals on your wife’s age to minimize them. Can you please explain exactly what that means? My wife is seven years younger than me, and I am 68. I already have a small RRIF, set up for the pension benefit. When I hit 71, when I convert my RRSP to a.... More »

Posthaste: Retirement out of reach for almost 40% of working Canadians over 50 - Financial Post Feb 1st

Posthaste: Retirement out of reach for almost 40% of working Canadians over 50  Financial PostPosthaste: Only about a third of Canadians over 50 say they can afford to retire  Yahoo Canada FinanceRetirement ‘becoming unaffordable’ for many Canadians. What can they do? &n.... More »
 registered retirement savings plan

Making sense of the markets this week: December 10, 2023 Dec 14th

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors. Interest rates stay the same—bank accounts, not so much As was widely anticipated, the Bank of Canada (BoC) chose to k.... More »

How to plan for retirement for Canadians: A review of Four Steps to a Worry-Free Retirement course + MORE Oct 26th

With November incoming and being Financial Literacy Month in Canada, it seems appropriate to devote this edition of the Retired Money column to a new Canadian DIY retirement course created by MoneySense’s “Making sense of the markets” columnist Kyle Prevost. Entitled 4 Steps to a .... More »
Welcome to Education Money, a new column that covers the questions and concerns parents and investors have about funding their child’s education. Andrew Lo, CEO of Embark, shares his thoughts and insights on how to make the most of RESPs. To kick off the column, he explains the different options Canadian parents have to save for their children’s education.

I know you’ve heard of an RESP before. The registered education savings plan (RESP) has been around for nearly 50 years, helping Canadian parents, grandparents and guardians save up for a child’s post-secondary education. Since the RESP’s 1974 launch, however, the government has created other accounts designed to help Canadians grow their savings, like the tax-free savings account (TFSA), and many banks have launched a high-interest savings account (HISA). With all of these options, you might be wondering if an RESP is still the best way to save for your child’s education.

It’s a great question that I often hear from parents, who are understandably worried about the growing costs of higher education…

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