There are plenty of bank savings account options in Canada! Stay on top of the best plans right here.
There are steps you can take to make sure you don’t outlive your retirement savings, writes Ellen Roseman..... More »
As the saying goes – it takes a village. Even when embarking on your home purchase, it’s essential to put together a dream team of mortgage professionals to make the process as smooth as possible. Connecting with a real estate agent is step one for many prospective buyers, but there are a numbe.... More »
If there’s any way to describe the 2018 Ontario budget, it’s the word “free”. From free preschool daycare to free university tuition, to free drugs for those age 65 and over, there’s freebies for everyone—and lots of tax credits too. Low-income earners and social assistance recipients .... More »
Beware of the clawback!(Shutterstock) Q: I have been trying to find out how much extra income a person can earn without having to report the income while drawing OAS and CPP. I have tried looking this up online, but every site I have been to wants to charge me just to get the answer or does not answ.... More »
If you faithfully pay your loans, mortgage and credit cards each month, then you’ve probably received a call or letter from your bank with the news that you were pre-approved for a credit increase or a line of credit. You might be thinking, I don’t even use all the credit I currently have. I do.... 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…