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The best high-interest savings accounts in Canada for 2025 Dec 17th
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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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How to invest as a teenager in Canada + MORE Aug 13th
If you’re starting to save the money you’ve received from birthdays, holidays and part-time jobs, you may be wondering how you can invest your savings. An important life lesson for any young person is the habit of saving—so, investing those savings for some teenagers can be the next step. .... More »
A tax guide for Canadians with disabilities + MORE May 6th
It is the understatement of the century to say that being disabled is expensive. Many advocates refer to the added financial burden as the “disability tax”—the extra, unavoidable costs of living with a disability. In Canada, where about 27% of people identify as disabled according to Statistic.... More »
Stock news for investors: Goeasy shares plunge nearly 60% after lender suspends dividend + MORE Mar 18th
Here’s a round-up of news for Canadian investors this week.
Goeasy
Algoma Steel
Transat
RBC
MDA Space
Empire
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EQ Bank
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You may be able to claim these commonly overlooked medical expenses on your tax return + MORE Feb 27th
Whether you do your own taxes or enlist professional help, you want to avoid leaving money on the proverbial table. Yet, a number of medical expenses are commonly overlooked by taxpayers when filing their tax returns.
Medical expenses may be eligible for a federal non-refundable tax credit on your t.... More »
RRSP advice for investors young and old
– moneysense.ca
TORONTO — RRSPs play a major role in paving the way to retirement for many Canadians, but strategies for using the long-term savings account will evolve throughout the course of life.
Certified financial planner Jason Heath of Toronto’s Objective Financial Partners provides advice to two investors on opposite ends of the spectrum:
Young money: Starting RRSPs on a limited budget
Mark Ocampo, a 33-year-old project manager in Toronto, feels he’s falling behind at setting aside money for retirement.
Ocampo says his RRSP contributions are pretty small right now, as he and his partner are more focused on chipping away at the mortgage on their condominium. They’re also thinking about a move and trying to save for a down payment on a ground level home.
Certified financial planner Jason Heath of Toronto’s Objective Financial Partners provides advice to two investors on opposite ends of the spectrum:
Young money: Starting RRSPs on a limited budget
Mark Ocampo, a 33-year-old project manager in Toronto, feels he’s falling behind at setting aside money for retirement.
Ocampo says his RRSP contributions are pretty small right now, as he and his partner are more focused on chipping away at the mortgage on their condominium. They’re also thinking about a move and trying to save for a down payment on a ground level home.
RRSP advice for investors in their 20s »
“I’m putting in a little bit per month into my RRSP, about $50,” Ocampo says. “In my 40s, I plan on getting more serious about RRSP investing once we have a house…
How to Save in Your Retirement with Spousal RRSPs
– ratesupermarket.ca
The Canadian government offers plenty of incentives for long-term savers, including couples saving for retirement. Sure, both of you can still open your own individual Registered Retirement Savings Plans (RRSP). But if you are looking for a way to manage your tax bill as a couple, as well as build a bigger nest egg for your partner, spousal RRSPs can make a lot of sense. Here’s what you need to know about using this tool.
What is a spousal RRSP?
A spousal RRSP is a qualified retirement savings plan that you set up for your partner. You are able to make contributions to the RRSP, however, your spouse is the actual owner. The point of the spousal RRSP is to help you even out any gap in income between the two of you during retirement, while allowing you a tax break right now.
So you can contribute to the RRSP and receive the tax deduction today. During retirement, your partner withdraws the money and pays the income tax that results from the withdrawal.
Who would benefit from a spousal RRSP? Who wouldn’t?
You’ll likely get the best results from a spousal RRSP if there is a large disparity in income between you and your partner…
Pack up the savings
– moneysense.ca
The post Pack up the savings appeared first on MoneySense.
Save $500 in 30 Days Challenge
– ratesupermarket.ca
Maybe you want to go on a last-minute vacation next month or you just anticipate more expenses than usual.
Saving an extra $500 in a month may sound easy to some, or impossible to others. But the fact is, saving money is more than being thrifty and not spending the money you already have. Whether $500 is chump-change to you or a large portion of your take-home pay, it’s possible for almost anyone to save that much in just 30 days.
Sometimes you need that extra boost to get you started on your short-term goals, including saving, so here are some tips and tricks to get you there.
Cut back spending on food and entertainment
Depending on your particular financial circumstance, you may have to make some big cuts to your budget in order to save $500 in one month. Start by looking for potential savings in areas of discretionary spending like your food, entertainment, and incidental budget items. These are budget categories where you have a significant amount of control over how much you spend…
5 common RRSP mistakes to avoid
– moneysense.ca
TORONTO — It’s been 60 years since the RRSP was introduced as a retirement savings tool. But that doesn’t mean Canadians have learned all the lessons of the past. Here’s a look at five common mistakes investors make with their RRSPs:
Dipping into the funds
Carol Bezaire, the vice-president of tax, estate and strategic philanthropy at Mackenzie Investments, says the No. 1 blunder is dipping into an RRSP for expenses other than retirement income.
“People are making random withdrawals out of it for vacation or whatever,” she says. “And what they end up with in April is an unexpected tax bill.”
Financial institutions withhold some of the withdrawal— between five and 30 per cent depending on the province and total sum—and, depending on a person’s marginal tax rate, there may be more owed come tax time.
The two exceptions are for the first-time homebuyers’ plan and lifelong learning plan. No tax is withheld for withdrawals for those purposes and investors don’t count them as income…
Dipping into the funds
Carol Bezaire, the vice-president of tax, estate and strategic philanthropy at Mackenzie Investments, says the No. 1 blunder is dipping into an RRSP for expenses other than retirement income.
“People are making random withdrawals out of it for vacation or whatever,” she says. “And what they end up with in April is an unexpected tax bill.”
Financial institutions withhold some of the withdrawal— between five and 30 per cent depending on the province and total sum—and, depending on a person’s marginal tax rate, there may be more owed come tax time.
The two exceptions are for the first-time homebuyers’ plan and lifelong learning plan. No tax is withheld for withdrawals for those purposes and investors don’t count them as income…
