Tangerine Bank review: Everything you need to know Jun 20th
RRSPs: Your Essential Questions Answered + MORE Feb 22nd
Her transfer from one digital bank to another got lost — in the mail. Here’s why that can still happen + MORE May 30th
Personal Income Tax Guide: The deadline for filing your 2021 return, tax brackets and more + MORE Dec 12th
Should you leave corporate savings in your company? + MORE Mar 6th
10 things you can do to save money and eliminate debt
– moneysense.ca
1. Set a goal
If you’re serious about saving you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving for retirement, having a very specific goal will help you stay motivated and on track.
2. Track your dollars
The best way to get on track to saving is to spend less than you earn. Tracking your spending—either through a daily journal or an app—can help you do this.
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3. Trim spending
Consider trimming expenses. Once you know how much you’re spending monthly, you can decide what areas you’d like to cut back on so you can meet your savings goal.
4. Kill two birds with one stone
For those with low to moderate incomes, paying off debt—including the mortgage—is the best tax-planning you can do…
Compare the Best Savings Accounts in Canada
– moneysense.ca
Best Savings Account Finder
Traditional 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 product for your needs, there’s more to consider than just the interest rate…
Best high-interest savings accounts in Canada 2019
– moneysense.ca
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 product 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.
Our pick for the best high-interest savings accounts in Canada 2019
Best high-interest savings account rate: LBC Digital High Interest Savings Account*
Best regular interest rate at an online bank: Motive Financial Savvy Savings Account
Best regular interest rate at a credit union: MAXA Financial High Interest Savings Account
Best for interest rates and no service fees: EQ Bank Savings Plus Account*
Best e-savings account: Alterna Bank High Interest eSavings Account*
Best promotional rate: Tangerine Savings Account
Best tiered interest product: Scotiabank Momentum Savings Account*
Best high-interest savings account rate
LBC Digital High Interest Savings Account*
Since 2003, Laurentian Bank has been available only in Quebec, but with the recent launch of a new digital offering at LBCDigital…
Who’s afraid of big, bad debt?
– moneysense.ca
There are plenty of stats to back up their pessimism. Canada’s household debt service ratio stands at 14.93% of household disposable income, as of the second quarter of 2019. In other words, after income tax has been deducted from earnings, $14.93 out of every $100 goes to debt payments. That’s a record high, and not the kind of record any of us wants to brag about.
“The amount of debt held by Canadian households has been rising for about 30 years, not just in absolute terms but also relative to the size of the economy,” the Bank of Canada’s Governor, Stephen S…