Do RRSPs Save You Taxes in the Long Run? + MORE Jan 25th
Know your TFSA contribution limit + MORE Dec 19th
What new bare trust tax filing rules mean for Canadians Mar 12th
The best high-interest savings accounts in Canada for 2025 + MORE Feb 11th
The best way to transfer RESP money to an RRSP + MORE Jan 4th
It’s never too late to catch up on your TFSA
– moneysense.ca
Tom O.
AGE: 53
PLACE: Saskatoon
TFSA TOTAL: $60,000
STRATEGY: Blue chip stocks with a few small cap/penny shares
Me and my TFSA
As recently as 10 years ago Tom O. felt as if he’d never have the cash to warrant opening a TFSA, let alone max out his contribution room. At that time Tom was in his 40s, with kids and a stay-at-home spouse, which is to say there was little left over at the end the month for savings. It was discouraging, but a little advice from his in-laws gave him hope.
Their advice: there’s still time to catch up on his saving. “One day the kids will be gone, your house will be paid and you will be earning more that you ever had before and by investing wisely, you can make up a ton of ground in a very short period of time,” he recalls his in-laws telling him.
More of Me and my TFSA »
That advice paid off. Tom opened his TFSA six years ago, maintaining a small balance for the first few years. For Tom he saw those funds as a vehicle to learn more about investing, applying what he’s learned by reading articles (mainly from MoneySense)…
How to Refinance Your Debt When You Have Bad Credit
– ratesupermarket.ca
How to Improve Your Credit Score: This series by personal finance specialist Amanda Reaume focuses on how to improve something that many people overlook: your credit score. These posts will give you tips and tricks to improve your chances of getting approved for better rates when you apply for credit – leading to better student loans, car loans and even mortgages.
If you have a significant amount of debt, it’s easy to feel discouraged about your future finances. After all, a nice chunk of your income is likely being put towards repaying your debt each month and you might not even be seeing much progress. That’s why it’s so important to refinance your debt at a lower interest rate in order to repay it faster.
But many people with significant amounts of debt face a catch-22: Because they have so much debt, their credit score likely isn’t very high – which can make it difficult to qualify for refinancing.
Here are some tips on how to improve your credit quickly in order to refinance your debt and a look at the pros and cons of some commons ways to refinance debt…
