All about Canadian Savings. Learn the ins and outs and get the latest news.
Latest News
I need to take out a short-term loan. What are my options? + MORE Aug 28th
With inflation at 7.6 per cent, many Canadians are turning to short-term loans to pay for necessities. Experts point out several options..... More »
This 31-year-old is about to finish her PhD. Making $60,000 a year, she’s hoping to buy a bigger place and have a child. How can she start? + MORE Oct 10th
A dedicated and frugal saver, U of T graduate student Cecily has amassed significant savings along with substantial equity in a downtown condo. Her goal is to stay on track financially as her life moves to a new stage..... More »
Video: How to find the best online account + MORE Feb 13th
The best online bank account for you is one that’s suited to your unique needs. Here’s how to determine what those personal banking are and how to find an account that’s the perfect fit.
Watch: How to find the best online bank account.
More on banking:
How fintech—and neobanks i.... More »
Stock news for investors: Earnings from BlackBerry and Alimentation Couche-Tard + MORE Jul 2nd
Here’s a round-up of news for Canadian investors this week.
BlackBerry
Alimentation Couche-Tard
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 2.00% in.... More »
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 »
Missing Out on the Market: New Report Finds Millennials Simply Aren’t Investing
– ratesupermarket.ca
In the minds of millennials, saving up for a home and paying down debt seem to take priority by far over investing.
This is according to the Missing Out: Millennials and the Market report by the Ontario Securities Commission, which surveyed more than 1500 Ontarians aged 18 to 36 about their feelings towards saving and investing.
This age cohort has been called the most fiscally-conservative generation since the Great Depression and currently makes up more than a third of the Canadian labour force. Of the group surveyed, 80 per cent have savings accounts, and many of them either have automatic withdrawals or manually set aside money from their pay cheque each month. However, only about half of those millennials are investing those savings and, of those surveyed, 42 per cent have less than $25,000 in the markets.
Saving for a home, instead
More than half of millennials who don’t invest say they’re using their savings for other things, such as saving up for a home. And while one third of this age group already own a property, over half of those who don’t own a home say purchasing a home is one of their top three financial priorities…
How can I use my extra RRSP room when I retire?
– moneysense.ca
Q: In 2019, I will retire. I will contribute $26,000 to my RRSP in 2018, but I will have ~$26,000 of contribution room available from my 2018 income in 2019. Is there any way to use this RRSP room and enable a deduction against my 2018 income?
For example, could I contribute an additional $26,000 to my RRSP in January 2019, have it be a deduction off of my 2018 income, and still be within my 2019 contribution limit?
—Bill
A: Good question, Bill. I’ll give you a little primer on registered retirement savings plan (RRSP) room and deductions.
RRSP room is generated from earned income like employment income, self-employment income and even net rental income. Your RRSP room for this year is equal to 18% of your earned income for last year, up to a maximum.
Ask a Planner: Leave your question for Jason Heath »
For 2018, the income required to generate the maximum 2019 RRSP room of $26,500 is $147,222. So, assuming you have $147,222 or more of earned income for 2018, you will have $26,500 of RRSP room for 2019…
