All about Canadian Savings. Learn the ins and outs and get the latest news.
You spent decades scrimping and saving to build up your retirement nest egg. And yet a lot of Canadians let inflation eat into their precious portfolio by leaving too much of it exposed, in cash. Sure, there is a role for some cash. You’ll want to keep some accessible for household emergencies. A.... More »
TORONTO — Four in 10 Canadians say that if interest rates rise any further they fear they will be in financial trouble, a new poll suggests. The survey conducted for insolvency firm MNP Ltd. also found one in three Canadians say they are already feeling the effects of increasing interest rates. &.... More »
In the minds of millennials, saving up for a home and paying down debt seem to take priority by far over investing. This is according to the Missing Out: Millennials and the Market report by the Ontario Securities Commission, which surveyed more than 1500 Ontarians aged 18 to 36 about their feeling.... More »
1. Set a goal If you’re serious about saving you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving for retirement, having a very specific goal will help you stay motivated and on track. 2. Track your dollars.... More »
Q: When transferring my unused RESP accumulated income into my RRSP, am I able to do it as is, i.e. bank stocks, or do I have to cash them in and transfer as cash? —Johanna A: If you end up with money in a Registered Education Savings Plan (RESP) that you can’t use for a child’s education, .... More »
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…
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.
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…