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Latest News
What types of tax-free savings accounts (TFSAs) exist? + MORE Nov 20th
A tax-free savings account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a registered retirement savings plan (RRSP), you cannot deduct contributio.... More »
Your Guide to Guaranteed Investment Certificates in 2019 Aug 30th
How do you find the best Guaranteed Investment Certificate rates? What even is a GIC anyway? Maybe a financial planner or someone at your bank told you to take a look at GICs as a way to save more money. But not everyone knows what a GIC is, how it accrues interest or how to shop for the best GI.... More »
Student Money Guide: How to pay for school and have a life—for both students and parents + MORE Jun 12th
There’s more to college and university than the classes. Navigating the costs that come with a post-secondary program is just as much a learning experience as Psych 101—for both students and their parent(s) and/or guardian(s). And with that in mind, this comprehensive guide includes articles for.... More »
CPP payment dates this year, and more to know about the Canada Pension Plan + MORE Aug 6th
In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too..... More »
The scoop: What Canadian investors need to know now + MORE Sep 19th
For those who like surprises, the stock markets have not disappointed in 2020. The S&P 500 surged to new heights despite the economy-clenching COVID-19 pandemic powering around the globe, and individual investors’ participation in trading reached a 10-year high during the first half of this ye.... More »
Is an Energy Star dryer worth the cost?
– moneysense.ca
Starting in January, new Energy Star-certified clothes dryers will become available in Canada. These machines—equipped with moisture sensors that shut off machines when clothes are dry and pumps to recycle hot air back into the drum—promise to use 20% less energy than older models. Just don’t expect to save money right away if you’re shopping for a new machine. With prices starting at $1,200, Energy Star dryers will cost about $400 more than conventional dryers. But if your old machine has gone kaput, go ahead and shell out the extra money for the Energy Star model. Dryers typically last up to 15 years, and you’ll make up the $400 price difference within 12 to 13 years of electricity savings.
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Best of Finance 2014: Best Bank Accounts in Canada
– ratesupermarket.ca
When it comes to money management, the right bank account can make a big difference. Whether you’re socking away for a vacation, building your retirement fund, or simply looking to conveniently access your cash, a no-fee option with high performing interest can really put your money to work.
To help Canadians make the best decisions for their banking products, RateSupermarket.ca is pleased to reveal our top picks for high-interest savings, chequing and guaranteed income certificates.
Read on for the best bank accounts in Canada.
The Best High Interest Savings Accounts in Canada 2014
Savings have come a long way from the humble piggy bank. Maximize your stash with one of the highest interest rates in Canada. Here, we’ve rounded up the best-performing high interest savings accounts.
How We Did It
To find the best on the market, we compared the following:
A savings amount of $2,500
Savings Term: 5 Years
Total Interest Earned Over 5 Years
Is interest compounded over time?
Interest Earned
Interest Rate
Monthly Fee
Other Fees
Availability
Max / Min Balance
$259…
CRA TFSA Audits: Are You a Target?
– ratesupermarket.ca
Since the Tax Free Savings Account (TFSA) was created in 2009 by the Federal Government it has been touted as a tax-free method to grow your investments, as long as the return on your investment happens within the registered account. Now, reports say the Canada Revenue Agency (CRA) wants to crack down on individuals who they say are using this account as a vessel for trading business. Reports say the CRA has been auditing individuals who use the account for frequent trading and have seen significant growth in their investments. If you have a TFSA and are worried that you may be targeted by CRA, here is what you need to know.
Understanding TSFA Rules
Six years after the TFSA was created, the rules are still murky on how this account can be used. It was launched as an option for Canadians to save for more of their immediate needs. But, some savvy investors have used its tax-free capability to significantly grow their investments. According to the CRA website, “All income earned and withdrawals from a TFSA are generally tax-free…
Understanding TSFA Rules
Six years after the TFSA was created, the rules are still murky on how this account can be used. It was launched as an option for Canadians to save for more of their immediate needs. But, some savvy investors have used its tax-free capability to significantly grow their investments. According to the CRA website, “All income earned and withdrawals from a TFSA are generally tax-free…
