How to go about securing the best savings strategy in Canada.
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The best high-interest savings accounts in Canada for 2025 + MORE Feb 4th
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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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Tess, 31, is a dentist making $140,000 a year. Now she wants to buy a house to start a family — during a pandemic. Is it the right time? + MORE Jul 11th
“Last year my husband, Jin, moved to the U.S. to complete a one-year medical fellowship,” Tess says. This means for now, she’s on her own to make concrete savings plans for her future, which includes buying a home where they can settle and start a family soon..... More »
Are single seniors unfairly penalized at tax time? Apr 17th
Q. I am a senior with an income of about $115,000, single and in receipt of $7,364 in OAS benefits annually. I keep only about $200 a year out of that for myself. Yesterday, while doing my income tax return, it worked out that I ended up owing an extra $2,000 to $3,000 in income tax, although no.... More »
What Are the Best Investments to Hold in Your RRSP? Feb 15th
The goal for your Registered Retirement Savings Plan (RRSP) is for it to grow steadily during your working years so that it’s there to support you when you retire.
But to make that happen, you need to choose investments carefully to ensure that your nest egg continues to build and is well protect.... More »
Stock market news for investors: Tariff talk continues on earnings calls + MORE May 21st
Here’s a round-up of news for Canadian investors this week.
Microsoft
Honda
CAE
Walmart
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Climbing Debt, Diminishing Savings Highlighted in CBC Documentary
– ratesupermarket.ca
When it comes to debt management, many Canadians are struggling to keep up, with their housing situation being a source of stress. That was one of the key takeaways from the latest episode of CBC Television’s The Stats of Life, which focused on Canadian statistics surrounding savings (or lack thereof) and debt. The program found more than half of Canadians have their money tied up in their house, with mounting consumer debt at the same time. 41 percent of them say they simply “feel trapped.”
The program looked at families across Canada; one family, in Alberta, is facing the difficult but not uncommon problem of carrying a large debt load (in this case, $100K), which they’ve had to consolidate into their mortgage. With limited economic prospects and falling house prices in the area due to the downturn in the oil sector, their home’s value has declined significantly and simply selling off property is not the lucrative option it once was. Their existing equity has been their lifeline, allowing them to pay off other debts, but it does little to actually reduce debt load…
Q: I’m wondering if there is a simple way to calculate the tax liability to named RRIF beneficiaries upon death of the account holder?
My wife’s mother passed away in October 2018. My wife was one of 3 named beneficiaries of a RRIF worth $265,000, and her share was $117,000 (44%). There are no estate assets from which to pay the income tax liability.
My wife knows that she will need to pay the income tax payable on her share, and she wants to prepay this into her own CRA account by April 30, 2019, to avoid penalty/interest. We live in BC.
How can we calculate the amount that will be owing?
– Randy
A: I’m sorry to hear about your mother-in-law’s passing, Randy.
When someone dies and has a Registered Retirement Income Fund (RRIF) or a similar tax-deferred retirement account like a Registered Retirement Savings Plan (RRSP), there may be tax implications. If the account beneficiary is a surviving spouse or common-law partner, the tax payable may be deferred until that spouse takes withdrawals or dies…
My wife’s mother passed away in October 2018. My wife was one of 3 named beneficiaries of a RRIF worth $265,000, and her share was $117,000 (44%). There are no estate assets from which to pay the income tax liability.
My wife knows that she will need to pay the income tax payable on her share, and she wants to prepay this into her own CRA account by April 30, 2019, to avoid penalty/interest. We live in BC.
How can we calculate the amount that will be owing?
– Randy
A: I’m sorry to hear about your mother-in-law’s passing, Randy.
When someone dies and has a Registered Retirement Income Fund (RRIF) or a similar tax-deferred retirement account like a Registered Retirement Savings Plan (RRSP), there may be tax implications. If the account beneficiary is a surviving spouse or common-law partner, the tax payable may be deferred until that spouse takes withdrawals or dies…
