’Tis the season for tax-loss selling in Canada + MORE Dec 11th
RESP vs RRSP and TFSA: What’s the best option for education savings? + MORE Aug 28th
You opened an RESP—now what? Nov 27th
How annuities work in Canada + MORE Jul 17th
Best FHSAs in Canada: Where to get the new first home savings account Jun 5th
Tennis star Vasek Pospisil on seizing investment opportunities and living without regrets
– moneysense.ca
Who are your finance heroes?
I have several. I really look up to Bill Ackman, and I know him on a personal level as well, so I’ve come to learn about his strategies…
How much to take out of your RRSP in your 60s
– moneysense.ca
Locked-in RRSPs, defined contributions (DC) pensions, and deferred profit sharing plans (DPSPs) all have the same rule requiring conversion at age 71.
The two big questions for a retiree prior to age 71 are: When should I start withdrawals? And how much should I take out each year?
If we take a simplistic approach to the RRSP drawdown, a sustainable withdrawal rate may be 2% to 5% of the account value. That is, between 2% and 5% of the starting account value may be withdrawn each year with subsequent withdrawals increased each year with inflation for life. There are many asterisks depending on age, life expectancy, investment risk tolerance, investment fees and other factors…
How much credit card debt does the average Canadian have?
– moneysense.ca
How much debt does the average Canadian carry?
The average credit card debt Canadians had in September 2022 was $2,121, according to Equifax. And another report the Canadian credit bureau, Canadian consumer debt has risen to $2.32 trillion, with an average debt load of approximately $21,000—excluding mortgages. These numbers represent an increase of 8.2% over last year, and 6.4% between the first and second quarters of 2022. And Canadians are using credit cards more, as there was a 6.4% increase in credit balances from the first quarter to the second…
How to manage and save money without a budget
– moneysense.ca
Look at how you bank
Look at the banking services available to you—these are designed to help you manage your money, as well as save more money.
Check out promotional offers
As the financial services industry has become increasingly competitive, banks have begun to offer promotions designed to attract new clients. And some are incredibly lucrative. It’s not uncommon for banks to offer hundreds of dollars in value back when you open an account…