All about Canadian Savings. Learn the ins and outs and get the latest news.
Latest News
Can You—And Should You—Co-sign on a Mortgage? + MORE Mar 28th
As average home prices in Canada top $500,000 (and rise above $1 million in cities like Toronto and Vancouver), some Canadians may wonder if they’ll ever be able to buy the place of their dreams. One option for some is to find another person—a parent, sibling or another close relative—to .... More »
Is an Energy Star dryer worth the cost? + MORE Dec 23rd
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 .... More »
The best high-interest savings accounts in Canada for 2023 + MORE Jun 26th
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The best high-interest savings accounts in Canada for 2023
Here are the accounts offering the highest interest rates and lowest fees.
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Five retirement savings tips for Millennials + MORE Jul 28th
A couple of years ago, Emilie Hunt had to go to the emergency room with a stomach virus. The bill took a huge chunk of money out of her savings, more than $800, and kept her from saving for a couple of months..... More »
Time to Get RRSP-Ready! + MORE Mar 2nd
There’s only a few weeks left of winter… and that means tax time is nearly upon us! The season kicks off with the RRSP contribution deadline on Monday. Not sure if you’re ready? Read on for this week’s top tips, including tackling retirement savings confusion.
How to Overcome RRSP Confusion.... More »
UBI Auto Insurance: Big Savings or Big Brother?
– ratesupermarket.ca
Usage-based or ‘pay how you drive’ insurance could fundamentally alter the auto insurance business in the coming years, industry experts predict.
By combining a GPS system with on-board diagnostics, it’s possible to record exactly where a car is and what’s happening with it, providing auto insurance carriers an opportunity to change drivers’ behaviour and reduce subsequent costs.
Such telematics could be used to combat insurance fraud, such as staged accidents or bogus damage claims. The devices could also record information on collisions, similar to a black box in an airplane.
Monitoring Individual Driving Styles
The principal attraction is to use them to monitor individual driving styles – including the speeds at which you drive, the time of day you make your trips and how long you’re behind the wheel – and then feed this data back to your insurer for assessment.
Insurance companies are attracted to the technology, because it’s a more accurate and more equitable way to price auto insurance risk…
Lower RRIF withdrawals a hit with readers: Roseman
– thestar.com
The C.D. Howe Institute wants more flexibility in how retirees cash in their tax-deferred savings plans. Many Star readers like the idea.Lower RRIF withdrawals a hit with readers: Roseman
– thestar.com
The C.D. Howe Institute wants more flexibility in how retirees cash in their tax-deferred savings plans. Many Star readers like the idea.Would RRIF Reform Help Canada’s Retirement Crisis?
– ratesupermarket.ca
A longer life expectancy and all-time low investment returns have created the perfect storm for retiring Canadians, as their life savings are put at risk of running out.
The issue lies in outdated rules regarding Registered Retirement Income Funds (RRIFs), according to a new report released by the C.D. Howe Institute.
For two-thirds of Canadians without a workplace pension plan, RRIFs will be vital to providing income in retirement, but current withdrawal rules mean seniors run the risk of depleting their funds in their 90’s, when they need it most for health and general care.
What is a RRIF?
A RRIF is like your own personal pension plan and is an extension of the RRSP. While your RRSP is used to save for retirement during your working years, your RRIF is used to drawdown those savings as income in retirement.
“If you think of an RRSP as a bucket of tax deferred money, a RRIF is simply a bucket with a hole in it,” says financial educator Jim Yih, owner of Retirehappy.ca. “The hole forces to you withdraw money and any withdrawals are taxable…
Remarrying in retirement can be financially complicated
– thestar.com
If divorced seniors remarry in retirement there can be complications with ex-spouses, step children and retirement savings.
