Personal Savings getting you down? There are always smart ways to increase your savings.
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How much total ‘credit’ should a couple have? Aug 3rd
Q: I’m wondering how much total ‘credit’ I should have? My husband and I have a few credit cards and two Line of Credit (LOCs) between us totalling about $50,000. We don’t have a habit of maxing it out and we pay it off fairly regularly. I’m being offered another LOC f.... More »
How to stake Cardano (ADA) in Canada + MORE Nov 14th
Like other cryptocurrencies, ADA, the native coin of the Cardano blockchain, has been in a bear market since October 2021—meaning a recent pattern of price declines. Despite this downturn in crypto prices, Cardano seems to be a strong player among the public blockchains that offer smart contract f.... More »
“Which reverse mortgage is right for me?” Sep 12th
When Vancouver condo owners Maggie and Rob found out they were on the hook for $400,000 in improvement costs to their building and unit as required by an assessment from their Strata Council, they weren’t sure what to do. (We’ve changed their names and some details to protect their privacy.)
.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Mar 18th
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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How much money should I have saved by age 25? + MORE Jul 30th
Financial experts suggest 25-year-olds save 20% of their annual income. But if you’re in your 20s and just starting your career, saving might not be a high priority. Expenses like rent, groceries and car payments seem more pressing—not to mention having a life and planning for big events like an.... More »
Choosing the right executor
– moneysense.ca
Q: I have to choose an executor for my will. What qualities should I look for and should it be a family member?
—Nick P., Waterloo, Ont.
A: Choosing executors is an important decision everyone needs to make. Costly mistakes can hurt your family and your money. And getting rid of rotten or hostile executors is difficult and expensive. So you need to protect your loved ones from bad executors. They can rob your estate, destroy your family and cause costly legal battles.
Why? Because bad executors can waste your life’s savings. Trustworthy family members, even those without experience, are good choices. Why? Because family members are:
Also beneficiaries;
Won’t ask to be paid;
Will act efficiently and economically.
And for tax reasons, your executors need to reside in Canada.
10 tips for choosing an executor wisely
Family comes first—unless you have good reasons to avoid them. Still, make sure you ask them if they want the job.
You name executors in your will, which is a legal document you sign…
RRSPs, DCPPs, CPP, oh my!
– moneysense.ca
Q: I’m 56 and would like to retire at 60. I have a defined contribution pension plan. Would it be wise to draw RSP only until 65 and leave CPP and DCP to grow?
—Daniel
A: I find there can be a lot of confusion around Defined Contribution (DC) pension plans, so let’s seek to clarify some things, Daniel.
First off, you ask about whether you should start to draw from your RRSP at age 60 when you retire. You don’t have to take any withdrawals before age 72, at which point a minimum annual withdrawal is required based on a percentage of the account value. Sometimes, you need to take withdrawals early because you simply need the cash flow, but sometimes, even if you have other non-registered savings or investments, early RRSP withdrawals can be wise to smooth your income and tax payable during retirement.
I think it’s important to target the least amount of lifetime tax as opposed to the least amount of tax today without regard for the future. This is particularly important when you might not only be paying more tax with delaying RRSP withdrawals, but also losing entitlement to government benefits like Old Age Security (OAS) and Guaranteed Income Supplement (GIS)…
How to Save for Your Golden Years … Right Now!
– ratesupermarket.ca
Saving for retirement is not exactly a sexy subject to discuss. People of all ages don’t tend to get excited or worked up about how much they’re putting aside each month for their future. Honestly, if I were to ask random people on the street right now, they could probably easily tell me the details of Brangelina’s divorce, yet they might have no idea how their retirement portfolio is doing.
Sounds a bit crazy, but the truth is most of us aren’t paying much attention to our savings. But what we have to remember is the lifestyle we have during our golden years will depend greatly on how much money we’re putting away now.
If you don’t have enough saved, you might have to rely on your family or even the government to get through retirement. Or you may decide to continue working past the age of 65. I’m not sure if those are the best plans, so here are some tips to help ensure that you won’t be working until the end of your life.
Start to Save Now
In an ideal situation, you start saving money steadily from a young age all the way until you retire…
