Not sure how to make a savings plan? Read on…
Latest News
Detox your spending and experience better financial health + MORE Jan 2nd
Using your creativity and resourcefulness to stop spending for a week on anything but essentials will give you more savings and less stress; you win both ways, Lesley-Anne Scorgie writes..... More »
The best TFSAs in Canada for 2024 + MORE Jan 9th
Tax-free savings accounts (TFSAs) are more than a simple tax-sheltered savings account. TFSAs allow Canadians to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds within a structure backed by the government. Any interest made during you.... More »
Life insurance for kids: Do you really need it? Jul 24th
Buying life insurance for kids is probably the last thing on your mind when you’re in the throes of diaper changes and round-the-clock feedings. But the early stages of parenthood don’t last forever—and it’s never too early to start planning for your little one’s (or ones’) future.
W.... More »
TFSA contribution room calculator + MORE Jan 16th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
TFSA is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds .... More »
How to build a credit history while renting in Canada + MORE Oct 2nd
Being a young adult may afford you the freedom to live on your own. But for most people, that means renting a space—more than 80% of individuals aged 25 to 29 are renters. What’s more, younger Canadians who live in urban areas make up the largest group of renters, according to a study by RBC.... More »
RESP investing for busy parents
– moneysense.ca
Saving for university isn’t always top of mind when you’re a busy new parent, knee-deep in diapers. Add the steep cost of daycare along with the stress of trying to juggle work and toddlerhood, and setting aside funds for your child’s post-secondary education can feel like an insurmountable task parents have neither time nor money for. And, so, it gets put off. According to an August 2020 report from Statistics Canada, 50% of all post-secondary students graduate with a median debt of $17,500.
Faced with the economic uncertainty brought about by the COVID-19 pandemic, longer-term financial planning may not feel like a priority for some families. But the truth is that putting a plan in place for your child’s post-secondary education is more important than ever now; with the end of the pandemic still uncertain, it’s a way to start getting ahead of future uncertainty. The good news is that CST Spark makes setting up a Registered Education Savings Plan (RESP) a snap. Parents can control exactly how much or how little they want to contribute at any given time…
Faced with the economic uncertainty brought about by the COVID-19 pandemic, longer-term financial planning may not feel like a priority for some families. But the truth is that putting a plan in place for your child’s post-secondary education is more important than ever now; with the end of the pandemic still uncertain, it’s a way to start getting ahead of future uncertainty. The good news is that CST Spark makes setting up a Registered Education Savings Plan (RESP) a snap. Parents can control exactly how much or how little they want to contribute at any given time…
The best banks in Canada
– moneysense.ca
Most Canadians are aware of the Big Five banks: RBC, TD, Scotiabank, BMO and CIBC. And some may even know that occasionally National Bank of Canada sneaks in and expands that list to six. But even with these accounted for, there are dozens of banks in this country, each offering its own suite of personal banking products and services. Finding the “best” is tricky, especially because it depends on the individual’s needs. Nonetheless, there are some standouts. In this article, we take a look at customer offerings from some of the best, so you can decide which works for your personal banking needs.
Summary
Best best banks in Canada
Scotiabank — Best big bank
Tangerine — Best for no-fee banking
EQ Bank — Best for everyday savings
PC Financial — Honourable mention
The best big bank for everyday banking: Scotiabank
Scotiabank was founded in 1832 and has since grown its assets to more than $850 billion, which puts it in the number three spot among the Big Five by asset size…
How to make your retirement savings go farther and last longer
– moneysense.ca
If you are like most Canadians, the investment choices you make during your working years may have a significant impact on your retirement. But the importance of smart investing doesn’t end when you retire. In fact, post-retirement investing can have an even larger impact on your retirement well-being. There are two reasons why.
First, retirements are much longer now. Many Canadians are living well into their late 80s and 90s. At the same time, many are retiring, semi-retiring or switching to less remunerative pursuits earlier. So, those leaving full time work at age 60 or 65 must consider the potential for a retirement of 30 years or more. As a result, many will be investing for a longer time period after their retirement date than during their working years.
Second, there is more money at stake. Hopefully your nest egg will grow as you approach retirement (assuming decent market conditions). Also, at some point you may receive a large cash infusion from an inheritance, from downsizing your residence, or selling a business…
First, retirements are much longer now. Many Canadians are living well into their late 80s and 90s. At the same time, many are retiring, semi-retiring or switching to less remunerative pursuits earlier. So, those leaving full time work at age 60 or 65 must consider the potential for a retirement of 30 years or more. As a result, many will be investing for a longer time period after their retirement date than during their working years.
Second, there is more money at stake. Hopefully your nest egg will grow as you approach retirement (assuming decent market conditions). Also, at some point you may receive a large cash infusion from an inheritance, from downsizing your residence, or selling a business…