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Which free software should you use to file your income tax return? + MORE Apr 19th
TurboTax or SimpleTax—which program should you consider to file your taxes online?.... More »
How to invest as a teenager in Canada + MORE Dec 5th
If you’re starting to save the money you’ve received from birthdays, holidays and part-time jobs, you may be wondering how you can invest your savings. An important life lesson for any young person is the habit of saving—so investing for some teenagers can be the next step.
In Canada,.... More »
Advice for cash-strapped renters and landlords during COVID-19 + MORE May 16th
When the COVID-19 pandemic swept across North America in early 2020, it created a wave of income loss that impacted people from all walks of life. While some individuals have been hit harder than others, it’s difficult to find a group or industry that hasn’t been affected. A small segment of the.... More »
Canadian Dividend All-Stars 2024: Past performance Jan 16th
Overview
Top 100 Dividend Stocks
Past Performance
Methodology
It’s all very well to recommend a list of dividend sto.... More »
Canada’s best credit cards 2021 + MORE May 8th
Finding the right credit card could save you hundreds, if not thousands, of dollars a year. Whether you’re looking for lower fees, more rewards or simply valuable perks like travel medical insurance or rental car savings, every dollar counts. If you use your credit card wisely, pay off your balanc.... More »
What is the Difference Between Personal Loans and Payday Loans?
– ratesupermarket.ca
While they may seem like a quick and easy way to access cash, payday loans (or cash advance loans) are high-risk products that have the potential to lead borrowers into a never-ending spiral of debt and interest payments. A payday loan may be the quick fix that provides instant cash with minimal questions asked, but it can quickly lead the borrower into massive amounts of debt. In many cases, the borrower gets caught up in a vicious cycle of applying for more payday loans just to pay down the interest on their initial loan.
Why do people get payday loans?
Payday loans are typically marketed through smart and often misleading advertising campaigns as a sensible way to see consumers through until their next paycheque. However, these types of loans often come with exorbitant interest rates. Lenders don’t typically ask many questions and don’t generally conduct a credit check, so payday loans may seem enticing to vulnerable people who likely have a bad credit score and are under significant financial stress…
RRSP withdrawals in your 40s
– moneysense.ca
Q: I’m a federal government employee and was thinking about take some time and using my RRSPs to live on during that time (1 year). My bank said I could turn my RRSPs into a RRIF and withdraw monthly from that for income. I’m only 40. Is this possible? I’ve read online that you must be at least 65 to withdraw from a RRIF.
—CL
A: You can certainly take Registered Retirement Savings Plan (RRSP) withdrawals to fund your leave, CL, subject to a few conditions.
First, if your RRSP is just a regular, personal RRSP account, there should be no limitations. You can take withdrawals at any point regardless of your age. Your online research is incorrect.
READ MORE: Should I convert my RRSP to a RRIF early?
If it’s a locked-in RRSP that has come from a pension plan transfer, the locked-in status should prevent you from taking withdrawals prior to age 55 unless you have financial hardship or a shortened life expectancy. Presumably, neither is the case as your leave sounds voluntary…