How to go about securing the best savings strategy in Canada.
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How to Improve Your Employees’ Financial Wellness + MORE Apr 9th
In today’s challenging economy, Canadians seek ways to stretch their hard-earned dollars and minimize financial strain. But learning how to make the most of every paycheque isn’t always clear or easy, which can cause added stress. Employers can help empower their employees to achieve financial w.... More »
What types of tax-free savings accounts (TFSAs) exist? + MORE Jun 19th
A tax-free savings account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a registered retirement savings plan (RRSP), you cannot deduct contributio.... More »
What is a line of credit and what is it best used for? We make it make sense + MORE Oct 10th
If people are interested in opening a line of credit, money expert Jessica Moorhouse emphasizes the importance of gaining a full understanding of what you are signing on to before having it set up.... More »
Stock news for investors: Air Canada profit drops more than 50% in Q2 amid “challenging environment” + MORE Aug 6th
Here’s a round-up of news for Canadian investors this week.
Air Canada
George Weston
Lightspeed
Bombardier
Gildan Activewear
TFI
Algoma Steel
Featured RRSP Accounts
featured
EQ Bank
.... More »
This millennial has $100,000 in savings and wants to leave Toronto to buy a cheaper house. With help from parents, is it possible? + MORE Jun 12th
“After looking at all these properties, my boyfriend and I realize that we have to be realistic and find a place further out,” Vanessa said..... More »
7 things I’ve learned about managing money: Roseman
– thestar.com
Columnist Ellen Roseman pays bills when they arrive, automates her savings and tries not to keep up with the Joneses.Who’s The Best Finance Resource? Vote Now!
– ratesupermarket.ca
Greetings, Money Wise readers,
Where do you turn for money management guidance? Whether it’s cutting coupons or trying out a new investing strategy, Canadians prove to be a knowledge-hungry bunch. We’re always looking to improve our personal finance game!
Fortunately for us, Canada is incredibly rich in finance resources – and the information landscape is always changing. Now, Canadians can read the latest savings strategy best seller, download their economic news via podcast, and check on their stocks with the latest apps.
What are the best finance resources for Canadians? We want to hear from you! Take our poll below to vote for your favourites!
Take Our Poll And You Could WIN A $100 Gift Card!
The post Who’s The Best Finance Resource? Vote Now! appeared first on RateSupermarket.ca Blog.
TFSA: Our number-one tax shelter
– moneysense.ca
One of the first acts of the new year for our family was topping up our Tax Free Savings Accounts or TFSAs. You’ll see a number of TFSA stories running this week on this web site, some of them from the most recent edition of the magazine. Julie Cazzin’s feature story on the Great TFSA Race should whet your appetite on the potential of this vehicle, with the winner racking up an incredible $300,000 in his TFSA, and runnerups at $72,212 and $61,700.
Of course, such returns can come only from capital gains on shrewdly picked stocks, and probably concentrated positions in relatively risky smaller stocks. If you make the mistake of parking your TFSA in GICs or some version of cash, your growth will be negligible. Assuming you put in $5,000 in January 2009 and maxed out every year thereafter, with $5,500 a year ago and $5,500 early in 2014, you would now have $31,000 cumulative contribution room: six years worth. Of course, if you’re one half of a couple, then your spouse also has $31,000 room for a combined $62,000…
Of course, such returns can come only from capital gains on shrewdly picked stocks, and probably concentrated positions in relatively risky smaller stocks. If you make the mistake of parking your TFSA in GICs or some version of cash, your growth will be negligible. Assuming you put in $5,000 in January 2009 and maxed out every year thereafter, with $5,500 a year ago and $5,500 early in 2014, you would now have $31,000 cumulative contribution room: six years worth. Of course, if you’re one half of a couple, then your spouse also has $31,000 room for a combined $62,000…
7 things I’ve learned about managing money: Roseman
– thestar.com
Columnist Ellen Roseman pays bills when they arrive, automates her savings and tries not to keep up with the Joneses.Ontarians Are Choosing Debt Over Retirement Savings
– ratesupermarket.ca
Should I pay off my debts or save for retirement? It’s a dilemma faced by many Canadians, and in Ontario, debt repayment is winning the battle. Forty per cent of Ontarians say paying off debt is their top financial priority, with 19 per cent prioritizing their mortgages, according to a study by Meridian Credit Union. Even more worrisome is the fact that 10 per cent listed stop living paycheque-to-paycheque as their top financial priority.
Retirement Savings Taking a Back Seat
We all know we need to save for retirement, but knowing and putting those plans into action are two separate things. Twenty one per cent of Ontarians haven’t even started building their nest egg! So what’s their reason for putting retirement savings on hold? Fifty two per cent said they were focused on paying off debt, 51 per cent said they couldn’t afford it, and 49 per cent said saving for retirement is not a priority for them at the moment.
“As household debt in Canada hits a new high, it’s encouraging to see Ontarians recognizing how important debt repayment is to their financial future,” says Bill Maurin, Meridian’s acting chief executive officer and chief financial officer…
