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RESP vs RRSP and TFSA: What’s the best option for education savings? Aug 31st
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 C.... More »
Making sense of the markets this week: September 17, 2023 Sep 21st
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.
U.S. inflation battle: Mission not accomplished
Despite increasing interest rates and hawkish talk from the U.S. F.... More »
Selling stocks at a loss in a TFSA: What it means for your contribution room Apr 12th
Ask MoneySense
I lost $20,000 dollars in my TFSA account in the market correction, and my broker sold the losing stocks. Can I put more money in to bring me back up the to the limit the government allows?—Wayne
Capital losses in a TFSA
A capital loss is when you sell an investment at a lowe.... More »
Stock news: Couche-Tard and BlackBerry post gains, Metro flags strike impact Jun 27th
Here’s a round-up of news for Canadian investors this week.
Couche-Tard
BlackBerry
Metro
Featured RRSP Accounts
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EQ Bank
Build your retirement savings with 1.50% intere.... More »
Compare the Best Savings Accounts in Canada + MORE Nov 25th
How to use this tool: You can simply scan the savings account comparison table below to view interest rates offered by financial institutions across Canada. Or, input your estimated account balance and compare between high-interest savings accounts (HISA), tax-free savings accounts (TFSA), registere.... More »
Why the $35,000 RRSP Home Buyers’ Plan won’t be much help
– moneysense.ca
It’s been about a week since federal budget day and I still have questions about some of the things the government announced. For instance, why did they introduce a deferred annuity, which will allow Canadians to put 25% of their RRSP or RRIF into an annuity that must start paying out by 85 at the latest, instead of pushing back the RRIF withdrawal age limit? With more people working past 65, changing the withdrawal limit from 71 to, say, 75, would have allowed people to invest longer and then drawdown savings later in life when they really need it.
The biggest head-scratcher for me, though, was around the RRSP Home Buyers’ Plan. I still can’t figure out why the Liberals decided that letting first-time homebuyers withdraw $35,000 from their RRSP, which they still have to pay back over 15 years, instead of $25,000 is the answer to Canada’s housing problems. It seems to me that it only benefits professionals in Toronto and Vancouver who are already making good money and can afford a home whether they’re saving in their RRSP or not…
The biggest head-scratcher for me, though, was around the RRSP Home Buyers’ Plan. I still can’t figure out why the Liberals decided that letting first-time homebuyers withdraw $35,000 from their RRSP, which they still have to pay back over 15 years, instead of $25,000 is the answer to Canada’s housing problems. It seems to me that it only benefits professionals in Toronto and Vancouver who are already making good money and can afford a home whether they’re saving in their RRSP or not…
