There are plenty of bank savings account options in Canada! Stay on top of the best plans right here.
What the Bank of Canada Rate Increase to 1.5% Means for Canadian Home Owners and Home Buyers Jul 19th
From personal loans to mortgages, simply put, it’s now more expensive and more difficult for Canadians to borrow money. At the beginning of 2018, new mortgage rules raised the bar for qualification. Under federal law, all financial institutions are now required to put any new applicants under a.... More »
Regardless of whether you’re saving for a new home, a business venture, or setting up for a family, planning for your financial future (and the financial future of your significant other) is crucial. Sure, you can set up automatic deposits to your savings account for long-term goals, but look.... More »
TurboTax or SimpleTax—which program should you consider to file your taxes online?.... More »
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 »
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…