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Do You Need Loan Insurance? + MORE May 31st
Managing debt can be a challenge. Sometimes that challenge is driven by circumstances out of your control. Critical illness or disability can put a huge strain on your finances, making it hard to pay off a credit line or loan.
Those times of distress are what loan insurance is designed for. .... More »
The best high-interest savings accounts in Canada for 2025 Aug 20th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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Nominees for the 2018-2019 Best of Finance Awards Oct 4th
Every year, RateSupermarket.ca carefully analyzes the Canadian credit card and banking industry and awards the best products at its Best of Finance Awards.
There will come various points in every person’s life when they’ll be required to make a financial choice. But when there are hundreds of b.... More »
Should you max out your RRSP before converting it to a RRIF? Apr 30th
Ask MoneySense
My husband and I retired last September. We have moved into a condo and are now travelling. Enjoying life but I’m concerned about his RRIF. My husband turns 71 in June 2025. So, I understand we can contribute to his RRSP for 2025 before he turns 71 and claim the contribution for the.... More »
Negotiate rent with your landlord to reap savings + MORE Apr 3rd
When working out a better rental rate, know your local market and keep emotion out of it, Lesley-Anne Scorgie advises..... More »
RRSP top-ups in retirement could cost you
– moneysense.ca
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
—Tom
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…
