How to go about securing the best savings strategy in Canada.
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What is a line of credit and what is it best used for? We make it make sense + MORE Oct 10th
If people are interested in opening a line of credit, money expert Jessica Moorhouse emphasizes the importance of gaining a full understanding of what you are signing on to before having it set up.... More »
The best RRSP investments 2022 + MORE Jun 26th
A registered retirement savings plan (RRSP) is an investment that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribution. .... More »
TFSAs & RRIFs: What’s the difference between beneficiaries, successor holders and successor annuitants? + MORE Jan 23rd
A MoneySense reader writes:
I’m writing to ask about beneficiaries, successor holders and successor annuitants for TFSAs and RRIFs. What is the difference between these, and how do you choose the right one for each account?
FPAC responds:
When you have a registered account, su.... More »
The best high-interest savings accounts in Canada for 2023 + MORE Jan 30th
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The best savings accounts in Canada for 2023
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Gas Prices Are High. Would a Federal Tax Break Make a Difference at the Pump? Jul 3rd
With U.S. president Joe Biden calling on Congress to pause federal taxes on gas and diesel for three months to help Americans, some Canadians are wondering if a similar initiative may offer a temporary reprieve from high prices north of the border.
As of May, gas prices in Canada are up 48 .... More »
How to open an RDSP
– moneysense.ca
Jason Heath gets a lot of calls from clients about registered disability savings plans (RDSPs). Many are interested in setting up the plan, a tax-deferred savings vehicle for people with disabilities, because they’ve heard about the generous grants they can qualify for. The Canadian government will pay matching grants of 300%, 200% or 100% into an RDSP—to a maximum of $3,500 a year and $70,000 in a lifetime—depending on the beneficiary’s adjusted family net income and the amount that has been contributed. The government will also pay bonds to low-income individuals.
But many clients are also confused about the myriad steps to set up an RDSP. “I recently opened one up myself for a family member,” says Heath, managing director of Objective Financial Partners, Inc. in Markham, Ont., and a columnist with MoneySense. “I’m well versed in this area and it was still painful. There are lots of steps. For a lot of people, it makes their heads spin.”
Despite the complexity of setting up an RDSP, Heath is a big believer in the benefits of the plan…