Pay Attention to Your RRSP Fees, and How You Pay Them + MORE Mar 14th

How to go about securing the best savings strategy in Canada.

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Should you transfer property to a child and then rent it from them? Jul 31st

I would like to know if transferring our home into our daughter’s name—can we stay and pay rent and get a rental home credit? Is it valid?—Satyesh Tax credits when renting property from a family member There is a lot to unpack with your question, Satyesh, but I will address your direct q.... More »

Moving money from RRSPs, RRIFs and TFSAs in retirement + MORE Jan 14th

Ask MoneySense My husband and I are retired with $200,000 in our TFSAs, $230,000 in our RRSPs and RRIFs, and we have an emergency fund. Our household income is $85,000 a year. My husband may need nursing home care at some point, so I have been moving assets from the RRSPs to our TFSAs for flexibi.... More »

2020 Income Tax: What you can’t—and can—claim for your work-from-home office during the COVID-19 pandemic Dec 5th

You furnished a functional home office, you’ve got face masks ready by the door for when you need to run an errand, and you bought sanitizer (so many bottles of sanitizer). You’ve done your part to stay home and help flatten the coronavirus curve. The question now is: Can you write off working f.... More »

Inflation: How It Affects Your Finances + MORE Jun 13th

Much of Canada’s economy has ground to a halt amid the COVID-19 pandemic. One of the effects of this has been a drop in prices for many items. Most notably, gas. As a result of consumer prices dropping, Canada’s inflation rate went negative to -0.2% in April, according to Statistics Canada, whi.... More »

2021 tax season primer: Our roundup of the best tax tips for Canadians + MORE Nov 21st

Doing your taxes can be a bit like building IKEA furniture. There are lots of different pieces, the instructions aren’t always clear, and it’s often feels like it could be easier just to call in the hired pros. That’s why we rounded up our favourite expert tax advice. Whether you’re going fu.... More »

Canadians Are Picking Price Over Personalized Mortgage Advice

– ratesupermarket.ca

Canadian homebuyers are seeking the best mortgage price, even if that means sacrificing personalized mortgage advice, according to a recent survey conducted by Rates.ca. Of those mortgage shoppers, 63% admit they are open to using online lenders if the price is right.

How Low Can You Go?
Nearly half (45%) of mortgage shoppers say they would need to save at least 0.05 to 0.20 percentage points on the rate to use an online lender. While 18% of shoppers say they wouldn’t need any incentive. Only 16% of Canadians say they won’t use an online lender.
A further breakdown reveals just how much Canadians are hoping to save.

The Interest Rate Savings Needed to Sway Canadians to Use an Online Lender
Percentage of Canadians

0.05%-points
11%

0.10%-points
8%

0.15%-points
7%

0.20%-points or more
19%

Compare mortgage rates from Canada’s most-trusted lenders at RateSupermarket.ca.
Mortgage Shopping Key Considerations
When it comes to shopping for everyday items, brand names can play an important factor…

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Pay Attention to Your RRSP Fees, and How You Pay Them

– ratesupermarket.ca

No one likes to pay fees, but the rate you pay for your investments and how you pay them can be especially troublesome. Making the right decision for your portfolio can be the difference in how much money you earn over the long haul.
When it comes to your Registered Retirement Savings Plans (RRSPs), you will want to watch those fees carefully so you can secure the most income for your golden years. Let’s take a look at some different RRSP accounts and the associated costs.

RRSP Fees Explained
How to Pay RRSP Fees
Why Fees Matter
Paying Your RRSP Fees From Outside the Account
Paying Your RRSP Fees From Inside the Account
A Note on TFSAs

RRSP Fees Explained
RRSPs fees depend on the type of account you have, whether it’s a self-directed plan with a discount brokerage, a simple plan of exchange-traded funds (ETFs) with a robo-advisor, or a more elaborate plan managed by a financial adviser or financial institution.
Self-directed RRSPs
Self-directed accounts are for individuals who are comfortable with managing their own investments and take the time to research and establish their portfolio…

Continue Reading On ratesupermarket.ca »

Getting a great Savings account in Canada can be tricky – let us help! Visit our Savings page for the latest advice and articles.

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