There are plenty of bank savings account options in Canada! Stay on top of the best plans right here.
Q: Our 19-year-old son has been accepted into an aviation program. The cost of the program is $100,000. Government Student Loan funding is not enough to cover the program cost, therefore we looked into a student line of credit. Unfortunately, a pilot was not listed as a profession that would ge.... More »
Why is everyone always rushing to contribute to RRSPs this time of year? And does it makes financial sense for you to make extra contributions before the March 1 deadline? This time of year is often referred to as RRSP season, as many of us rush to make contributions before the RRSP contribution.... 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 »
If 2019 is the year you promised to stop your bad spending habits in their tracks and ensure your savings go untouched, then maybe the old proverb “failing to plan is planning to fail” hits home for you. But what about the things that don’t make it into the plan? You know, those expenses tha.... 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…