All about Canadian Savings. Learn the ins and outs and get the latest news.
Latest News
How to open an RDSP Dec 19th
Jason Heath gets a lot of calls from clients about registered disability savings plans (RDSPs). Many are interested in setting up the plan, a tax-deferred savings vehicle for people with disabilities, because they’ve heard about the generous grants they can qualify for. The Canadian government wil.... More »
’Tis the season for tax-loss selling in Canada + MORE Dec 11th
With 2023’s year-end fast approaching, late December is a critical period for Canadian investors and their money managers. Now that we’re in the fourth quarter, this is the time to take inventory of your investments—and specifically taxable non-registered investment accounts—with an eye to m.... More »
Best FHSAs in Canada: Where to get the new first home savings account + MORE May 8th
First home savings account (FHSA) highlights
The FHSA is a type of registered account that allows you to contribute up to $8,000 annually, up to a lifetime limit of $40,000, to save for the purchase of your first home.FHSAs became available on April 1, 2023. However, availability is currently limite.... More »
Making sense of the markets this week: August 16 + MORE Aug 15th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
Come on, tax me. I’m Canadian.
Will taxes go up in Canada? How will we pay for the pandemic? There are many guesses and rumblings about upcoming tax hikes. In a previous p.... More »
Here’s what’s changed — and what hasn’t — in a pandemic RRSP season + MORE Jan 23rd
If you’ve been earning a good salary from a secure job, investing your savings in a tax-advantaged RRSP is a good idea. But if your income has suffered or your job security is uncertain, keeping what money you have saved in a TFSA is a better bet..... More »
Should You Accept That Pre-Approved Credit Limit Increase?
– ratesupermarket.ca
If you faithfully pay your loans, mortgage and credit cards each month, then you’ve probably received a call or letter from your bank with the news that you were pre-approved for a credit increase or a line of credit.
You might be thinking, I don’t even use all the credit I currently have. I don’t need an increase.
But guess what? Turning down a pre-approved credit increase may actually hurt your credit score.
Why you were offered an increase
If you already have an account with a bank, and it pre-approves you for a credit increase or new line of credit, it’s typically because you are being recognized for being a good customer. By diligently paying off your card every month and staying on top of your current loans, your bank now trusts that you will pay them back if they increased your limit.
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