Not sure how to make a savings plan? Read on…
Latest News
Her transfer from one digital bank to another got lost — in the mail. Here’s why that can still happen + MORE May 30th
An industry slow to embrace new ways involves all the old risks — like misplacing a woman’s life savings..... More »
What types of Tax-Free Savings Accounts (TFSAs) exist? + MORE Feb 8th
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 »
How do you take RDSP withdrawals? Jun 17th
Registered disability savings plans (RDSPs) were created in the 2007 federal budget, and the first accounts were opened in December 2008. It took a while for financial institutions to offer them and, even now, you cannot open RDSPs everywhere.
Most Canadians with RDSPs have only ever deposi.... More »
“My financial advisor overcontributed to my TFSA—now what?” Oct 24th
My financial advisor asked me for more money than the allowable contribution room of my TFSA, causing a CRA penalty. I did tell him that I could only contribute the $6,000, but he asked me for $28,500. I paid a fine of $2,000 to CRA.
What happens now? Do I ask him to repay the commissions he.... More »
What does a weak Canadian dollar mean for your savings? Feb 25th
It’s the financial news story that everyone is talking about: The Canadian-to-U.S.-dollar exchange rate has been very unfavourable for the loonie lately.
How unfavourable? Since the beginning of the year, the Canadian dollar’s trading value has fluctuated between roughly USD$0.69 and $0.70—.... More »
Organize Your Spending With These Great Financial Apps
– ratesupermarket.ca
Your phone can answer your questions in the amount of time it takes you to type it in or, quite literally, ask it. It wakes you up in the morning, tells you the weather, and keeps you connected. It can even pay for your morning coffee. But, if you can pay with your phone in an instant, you had better be able to track those purchases just as quickly. This mindless spending could create bad financial habits.
Here are five financial apps that can help you organize your spending and capitalize on your rewards.
KOHO
When you download the free KOHO app you can sign up for a Personal or Joint spending account. KOHO works like a debit card, but is accepted everywhere Visa is, allowing you to stick to your goals and never pay interest.
KOHO allows users to preload their budget, automate savings, set goals, and track spending. KOHO rewards users with 0.5 percent cashback on all purchases, up to 12.5 percent cashback when referring friends and family, and can help you save with RoundUps.
RoundUps can be set to the nearest $1, $2, $5 or $10…
