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The best high-interest savings accounts in Canada for 2025 + MORE Jan 7th
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Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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RESP guide: Making the shift from saving for your child’s post-secondary education, to funding it Jul 18th
A Registered Education Savings Plan is a government-sponsored investment account that’s designed to help adults save towards post-secondary education costs for the children in their lives.
Canadians contributed $5 billion to RESPs in 2019, bringing total assets to $63.7 billion, according to the.... More »
Should you max out your RRSP before converting it to a RRIF? Apr 30th
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My husband and I retired last September. We have moved into a condo and are now travelling. Enjoying life but I’m concerned about his RRIF. My husband turns 71 in June 2025. So, I understand we can contribute to his RRSP for 2025 before he turns 71 and claim the contribution for the.... More »
The best high-interest savings accounts in Canada for 2023 + MORE Jan 9th
The rates in the finder tool below are offered by Ratehub partners. Keep scrolling for information about additional product options.
Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “hol.... More »
U.S. bank Wells Fargo to cap use of subprime auto loans + MORE Mar 3rd
One of the U.S. biggest banks, Wells Fargo, has said it will cap the amount of money it lends as subprime auto loans, according to the New York Times..... More »
A Better Poverty Fighter Than Raising the Minimum Wage
– online.wsj.com
Expanding the Earned Income Tax Credit for childless adults would put money in pockets without hurting jobs.Do You Feel the Love From Your Lender?
– ratesupermarket.ca
Could your bank be doing better? That’s the golden question this week, as we explore bank loyalty in Canada. One survey finds Canadians value personal customer service and convenience the most, while another blogger shares his experience of leaving his bank for better savings. Would you do the same? Read on for the full story.
Is YOUR Bank a Customer Service Winner?
What makes for a satisfied Canadian banking customer? According to The Canadian Retail Banking Customer Satisfaction Study, no-fee banking tops the list. The survey, now in its ninth year, was released this week by JD Power and Associates. In it, customers were asked to rank their level of satisfaction with their lender. The winner? No-fee giant Tangerine was top scorer with 836 out of 1000, with PC Financial in second at 782.
Read Rubina’s Blog | Is YOUR Bank a Customer Service Winner?
Book Review: Well-Heeled: The Smart Girl’s Guide to Getting Rich
Calling all money-conscious mavens – looking to really get a leg up on your finances? Lesley-Anne Scorgie’s latest money-smarts tome is full of savvy tips for smart frugal living, investing and saving…
Is YOUR Bank a Customer Service Winner?
What makes for a satisfied Canadian banking customer? According to The Canadian Retail Banking Customer Satisfaction Study, no-fee banking tops the list. The survey, now in its ninth year, was released this week by JD Power and Associates. In it, customers were asked to rank their level of satisfaction with their lender. The winner? No-fee giant Tangerine was top scorer with 836 out of 1000, with PC Financial in second at 782.
Read Rubina’s Blog | Is YOUR Bank a Customer Service Winner?
Book Review: Well-Heeled: The Smart Girl’s Guide to Getting Rich
Calling all money-conscious mavens – looking to really get a leg up on your finances? Lesley-Anne Scorgie’s latest money-smarts tome is full of savvy tips for smart frugal living, investing and saving…
How to avoid Ponzi and pyramid schemes
– moneysense.ca
MONTREAL – Time has yet to heal the painful financial and emotional wounds inflicted on a victim of one of Canada’s most notorious Ponzi fraudsters.
“It’s five years ago now that it happened to us with Earl Jones and we’re still feeling the effects,” says Joey Davis, whose 84-year-old mother, Margaret, lost $200,000 of her retirement nest egg.
The Montreal man behind a $50-million scam that cost many people their life savings was recently released from prison after serving one-third of his 11-year sentence for defrauding 158 investors.
Davis said it was devastating for his mother to lose 90 per cent of her life’s savings, almost throwing her into “a survival mode of existence.”
Like many others, she also endured the shock of having her trust broken by someone who had provided financial advice to her for 27 years.
“Of all the devastation affected I think, surprisingly, the money is the least shocking,” he said in an interview.
Davis said such fraudulent schemes are more widespread than people think…
“It’s five years ago now that it happened to us with Earl Jones and we’re still feeling the effects,” says Joey Davis, whose 84-year-old mother, Margaret, lost $200,000 of her retirement nest egg.
The Montreal man behind a $50-million scam that cost many people their life savings was recently released from prison after serving one-third of his 11-year sentence for defrauding 158 investors.
Davis said it was devastating for his mother to lose 90 per cent of her life’s savings, almost throwing her into “a survival mode of existence.”
Like many others, she also endured the shock of having her trust broken by someone who had provided financial advice to her for 27 years.
“Of all the devastation affected I think, surprisingly, the money is the least shocking,” he said in an interview.
Davis said such fraudulent schemes are more widespread than people think…
Canadians’ net worth up 8%
– moneysense.ca
TORONTO – Canadians’ fortunes appear to be in good shape, with their net worth up nearly eight per cent on higher real estate and investment values.
That’s according to data from Environics Analytics, which found that the average net worth per household last year grew by 7.7 per cent to $442,130.
Consumer debt was flat and real estate performed more predictably compared with recent years — increasing six per cent over 2012.
That suggests that although many Canadians still face higher-than-normal unemployment, they are bouncing back strongly from the 2008 economic downturn, Environics said.
Nationwide, the new data indicate that stock portfolios are growing, savings are on the rise and mortgage debt has ticked up only modestly.
The report includes 121 financial and investment statistics from a variety of sources, including the Bank of Canada and Statistics Canada.
That’s according to data from Environics Analytics, which found that the average net worth per household last year grew by 7.7 per cent to $442,130.
Consumer debt was flat and real estate performed more predictably compared with recent years — increasing six per cent over 2012.
That suggests that although many Canadians still face higher-than-normal unemployment, they are bouncing back strongly from the 2008 economic downturn, Environics said.
Nationwide, the new data indicate that stock portfolios are growing, savings are on the rise and mortgage debt has ticked up only modestly.
The report includes 121 financial and investment statistics from a variety of sources, including the Bank of Canada and Statistics Canada.
READ: The stress-free guide to retiring rich »
The post Canadians’ net worth up 8% appeared first on MoneySense.
OTTAWA – A tricky rule keeps tripping up thousands of Canadians who make withdrawals from their tax-free savings accounts, and replace the money too early.
Some 54,700 taxpayers got warning packages from the Canada Revenue Agency earlier this year about the problem affecting the 2013 taxation year, and were told they face a penalty.
The number has been dropping steadily from a peak of 103,000 in 2010, but still represents a persistent misunderstanding of TFSA rules even as the agency and financial institutions step up education measures.
The regulations say that account holders can put back the amounts they withdraw from a TFSA only in a later calendar year. Doing so in the same calendar year exposes them to a tax hit for overcontributions, even though they’re only replacing the withdrawn funds.
By the end of 2013, some 10.7 million Canadians had opened a TFSA, a savings vehicle introduced by the Conservative government in 2009 that allows money to grow inside tax-free with no income-tax hit on withdrawal…
Some 54,700 taxpayers got warning packages from the Canada Revenue Agency earlier this year about the problem affecting the 2013 taxation year, and were told they face a penalty.
The number has been dropping steadily from a peak of 103,000 in 2010, but still represents a persistent misunderstanding of TFSA rules even as the agency and financial institutions step up education measures.
The regulations say that account holders can put back the amounts they withdraw from a TFSA only in a later calendar year. Doing so in the same calendar year exposes them to a tax hit for overcontributions, even though they’re only replacing the withdrawn funds.
By the end of 2013, some 10.7 million Canadians had opened a TFSA, a savings vehicle introduced by the Conservative government in 2009 that allows money to grow inside tax-free with no income-tax hit on withdrawal…
