There are plenty of bank savings account options in Canada! Stay on top of the best plans right here.
Latest News
This 31-year-old is about to finish her PhD. Making $60,000 a year, she’s hoping to buy a bigger place and have a child. How can she start? + MORE Oct 10th
A dedicated and frugal saver, U of T graduate student Cecily has amassed significant savings along with substantial equity in a downtown condo. Her goal is to stay on track financially as her life moves to a new stage..... More »
Ways to “unlock” retirement savings in a LIRA Dec 12th
Q. When I retired at age 63, the financial institution that managed my DPSP account paid the company-contributed portion (approximately $30,000) into a LIRA.
Given all the constraints related to drawing down a LIRA/LIF, I am now 65, living in BC, and have two questions:
Since I was already at re.... More »
What happens to your spouse’s TFSA if they die + MORE Jan 11th
Q: My brother recently died and my sister-in-law is his beneficiary. We are unclear what happens with his TFSA, i.e. how can it be turned over ‘in kind’ to her if her TFSA is already maximized?
Wouldn’t it have to be cashed out for her to invest as she wishes, she just wouldn’t have to cla.... More »
The best high-interest savings accounts in Canada for 2023 + MORE Jun 26th
Save
The best high-interest savings accounts in Canada for 2023
Here are the accounts offering the highest interest rates and lowest fees.
Compare now
Tap the button for more details.
The rates i.... More »
How to withdraw RESP funds + MORE Aug 27th
For years, you’ve saved up for your child’s college or university education with a registered education savings plan (RESP). Now, your kid is getting ready to start classes.
As the RESP’s subscriber (the person who opened and contributed to the account), you may have questions about h.... More »
As the price of bitcoin tops $15,000 US, some Canadians are looking for new ways to cash in on its climb.
Is an RRSP worth it if you’re retiring abroad?
– moneysense.ca
Q: I am a permanent resident living in Canada. Is it worth me investing in an RRSP, when chances are I will be back in my home country in say 10 years?
What would be the penalty of withdrawing my RRSP on my return home?
—Tim
A: People who are living temporarily in Canada or Canadians who are planning to retire abroad often wonder if they should contribute to an Registered Retirement Savings Plan (RRSP). Likewise, Canadian expats often end up on temporary work assignments in other countries and must navigate foreign retirement and tax planning.
In your case, Tim, while you are a Canadian resident, you must file a Canadian tax return. Canada taxes its residents on their worldwide income. To the extent that you have earned income like employment or business income, you will generate RRSP room. RRSP deductions can be deducted against other sources of income and are tax deductible on your tax return. RRSPs grow tax-deferred until you take withdrawals.
Ask a Planner: Leave your question for Jason Heath »
If your taxable income is $50,000, your marginal tax bracket ranges from 28-37% depending on your province of residence…
Why the Feds are afraid of expanding the Home Buyers’ Plan
– moneysense.ca
OTTAWA — The federal Liberals are having second thoughts about a 2015 campaign promise out of concern that expanding the popular Home Buyers’ Plan would throw fuel on overheated housing markets.
An internal document suggests high housing prices are a key reason the Liberals don’t appear to be in a hurry to fulfil an election pledge that would enable Canadians to dip back into their registered retirement savings to help pay for a home.
The detail surfaces as policy-makers consider new measures aimed at cooling real estate markets and to slow rising household debt loads, which have climbed to historic levels.
READ: Can I use the HBP a second time?
During the election campaign, the Liberals promised to expand the Home Buyers’ Plan to allow those affected by major life events — death of a spouse, divorce or taking in an elderly relative — to borrow a down payment from their RRSPs without incurring a penalty.
The current plan enables first-time buyers to borrow up to $25,000 tax-free from their RRSPs to put towards the purchase of a home…
An internal document suggests high housing prices are a key reason the Liberals don’t appear to be in a hurry to fulfil an election pledge that would enable Canadians to dip back into their registered retirement savings to help pay for a home.
The detail surfaces as policy-makers consider new measures aimed at cooling real estate markets and to slow rising household debt loads, which have climbed to historic levels.
READ: Can I use the HBP a second time?
During the election campaign, the Liberals promised to expand the Home Buyers’ Plan to allow those affected by major life events — death of a spouse, divorce or taking in an elderly relative — to borrow a down payment from their RRSPs without incurring a penalty.
The current plan enables first-time buyers to borrow up to $25,000 tax-free from their RRSPs to put towards the purchase of a home…
Swoop to target millennials, young families and cross border travellers: WestJet
– canadianbusiness.com
WestJet Airlines Inc. plans to target millennials, young families and frugal travellers for its discount carrier Swoop which launches service next summer.
The Calgary-based airline (TSX:WJA) said it expects to offer fares that are about half the level of the mainline carrier, but come with hefty extra fees for bags and other ancillary services.
It estimates the net savings should be 30 to 40 per cent.
“The core of the brand is going to be low fares and enabling people to travel that wouldn’t be able to travel otherwise or travel more often,” WestJet executive vice-president Bob Cummings said Wednesday during an investor day presentation.
About 60 per cent of Swoop passengers are expected to fly for leisure travel, 30 per cent to visit friends and family and 10 per cent for business or in groups.
Cummings said WestJet “ripped apart” discount airline models used in the United States and Europe and looked at lessons they learned when designing Swoop.
The key is to cut costs to their absolute lowest by outsourcing jobs where possible, obtaining low airport charges and restricting sales to online transactions…
The Calgary-based airline (TSX:WJA) said it expects to offer fares that are about half the level of the mainline carrier, but come with hefty extra fees for bags and other ancillary services.
It estimates the net savings should be 30 to 40 per cent.
“The core of the brand is going to be low fares and enabling people to travel that wouldn’t be able to travel otherwise or travel more often,” WestJet executive vice-president Bob Cummings said Wednesday during an investor day presentation.
About 60 per cent of Swoop passengers are expected to fly for leisure travel, 30 per cent to visit friends and family and 10 per cent for business or in groups.
Cummings said WestJet “ripped apart” discount airline models used in the United States and Europe and looked at lessons they learned when designing Swoop.
The key is to cut costs to their absolute lowest by outsourcing jobs where possible, obtaining low airport charges and restricting sales to online transactions…
