There are plenty of bank savings account options in Canada! Stay on top of the best plans right here.
Credit card rewards come in many forms. From points to statement credits to cold-hard cash, a good rewards card maximizes on your everyday purchases and ultimately helps you save. Reward credit cards generally offer different amounts of rebates for particular spending categories (gas, grocery, phar.... More »
Drivers can pocket their savings by allowing their insurer to come along for the ride + MORE Jun 21st
Driver monitoring programs are generally delivered in two ways, by a smartphone app that “sleeps” until it senses driving has started, or by a telematics device plugged into the car’s diagnostic port..... More »
Bank of Canada Governor Stephen Poloz at a press conference following an interest rate announcement in April. After months of speculation, indeed, the Bank of Canada decided to raise its benchmark interest rate by 25 basis points this morning. This quarter-point hike brings the target for the ov.... More »
The Power of Points: CIBC Survey Shows Canadians Missing Out on Valuable Reward Point Redemptions Jul 26th
Canadians are missing out on some major savings on merchandise, travel, and even chances to pay down their debt. And the answer to “why?” is right under their noses, or at least, right on their monthly bank statement. According to a recent CIBC survey that reviewed if and how Canadians are usin.... More »
With the Canadian dollar hovering around $0.78 U.S., those who travel frequently to the U.S. (or just about every other country that accepts U.S. dollars over Canadian) are likely taking a financial hit with every purchase. If the cost of exchanging money back and force between currencies is putt.... More »
Q: I retired in May 2009 and was under the impression that I could no longer contribute to an RRSP. I just found out I could, and my 2016 notice of assessment shows I have available contribution room for 2017 of $25,749. Also, my RRSP/PRPP deduction limit for 2017 is $25,749. My pension income for 2017 is roughly $50,000. I split with my wife $20,000 of that total. My question is can I purchase and claim RRSPs to the maximum amount
A: Most people don’t envision contributing to their Registered Retirement Savings Plan (RRSP) in retirement, Tom. But usually that’s because most retirees don’t have money sitting around that could be used and are instead drawing down their RRSPs. It doesn’t mean you can’t contribute though.
First, I’d like to help you decipher your notice of assessment. Canada Revenue Agency (CRA) does a horrible job, in my opinion, of explaining RRSPs on an annual tax assessment. I find lots of people get confused and some even end up putting too much into their RRSPs because the CRA’s info is so unclear…