How to go about securing the best savings strategy in Canada.
Latest News
Can I afford that mortgage? Here’s how much you can safely borrow to buy your first house + MORE May 1st
Talk to a mortgage broker and do a personal budget assessment before you start house hunting, expert says..... More »
How much income do you need to buy a home in Canada? A look at home affordability in March 2025 + MORE Apr 30th
Canada’s spring housing market is missing in action. That’s what the latest March data from the Canadian Real Estate Association (CREA) reveals. Home sales plunged to a low not seen for the month since 2009, with transactions down 9.3% year over year.
The sideline approach taken by buyers isn.... More »
A TFSA plan to help fund retirement—without losing any sleep May 10th
RANDALL BAKER
Age: 65
Location: Winnipeg
Occupation: Worked in manufacturing and safety deficiencies but now retired
TFSA total: $29,632
RANDALL’S TFSA HOLDINGS
iShares Canadian financial monthly ETF (FIE.TO) $29,632
TOTAL: $29,632
Randall Baker .... More »
How much credit card debt does the average Canadian have? Oct 9th
As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these .... More »
How much cash should you keep in your portfolio? + MORE Jun 24th
Cash is rarely going to remain steady within your accounts, but you may want to have a target for it, just the same as you would for stocks and bonds. How much depends on several factors and can be a percentage or a dollar amount.
Accumulating
If you are in the accumulation phase, new deposits.... More »
Can I have a multi-generational RESP?
– moneysense.ca
Q: I have an existing RESP for my children, but they may not use all the money. Can I add grandchildren (once born) to the same RESP and keep this going in terms of growth and returns?
— Frank
A: A Registered Education Savings Plan (RESP) is a great way to save for a child or grandchild’s post-secondary education. Eligible studies include college and university, as well as trade schools and similar post-secondary programs.
There are potential federal and provincial government grants and bonds when contributing to a RESP, the most common of which is the Canada Education Savings Grant (CESG). A RESP beneficiary can receive a 20 per cent grant on up to $2,500 per year of contributions ($5,000 if catching up on a previous year of missed grants). These grants get deposited to a RESP account by the government after a contribution is made.
Ask a Planner: Leave your question for Jason Heath »
A total of $7,200 in lifetime CESG grants can be earned by a beneficiary, and a total of $50,000 in contributions can be made…
— Frank
A: A Registered Education Savings Plan (RESP) is a great way to save for a child or grandchild’s post-secondary education. Eligible studies include college and university, as well as trade schools and similar post-secondary programs.
There are potential federal and provincial government grants and bonds when contributing to a RESP, the most common of which is the Canada Education Savings Grant (CESG). A RESP beneficiary can receive a 20 per cent grant on up to $2,500 per year of contributions ($5,000 if catching up on a previous year of missed grants). These grants get deposited to a RESP account by the government after a contribution is made.
Ask a Planner: Leave your question for Jason Heath »
A total of $7,200 in lifetime CESG grants can be earned by a beneficiary, and a total of $50,000 in contributions can be made…
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…
Sponsored: Can I Claim Insurance on My Taxes?
– ratesupermarket.ca
*Sponsored by TurboTax
With the 2019 tax deadline fast approaching many Canadians are focused on maximizing their tax return. The Canadian Revenue Agency (CRA) requires all private income tax returns to be filed , while self-employed have until June 17, 2019 to file.
If you do think you’ll owe taxes, however, or you may incur penalties.
For a full list of deductions you may be eligible to claim it’s important to seek financial advice, or use a tool like TurboTax.
TurboTax is a tax software that makes filing your taxes online easy, and is supported by real-life tax specialists who can step in to advise if needed. After signing up online, TurboTax can guide you through your entire 2019 return, prompting you with questions and advice at every step, to ensure you get the maximum refund.
One often overlooked deduction on anyone’s tax return is insurance. The list of insurance deductions for salaried individuals is very short. Individuals can often deduct private health insurance premiums on your tax returns, as well as any medical expenses…
