I’m about to retire and still have a mortgage. Am I in trouble? + MORE Jan 23rd
Canada’s best dividend stocks for 2023 + MORE Feb 20th
TFSA contribution room calculator + MORE Jan 16th
The one inflation tool you need for your finances + MORE Feb 6th
Why contributing to a TFSA is a good resolution
I don’t know about the second post, but I do agree we’ve come a long way from 2009. It was then when my wife and I made our own first tentative $5,000 contributions to our TFSA, thinking at the time it seemed like a mere drop in the bucket. Even then, right at the start of the new year, we maximized contributions to all our newly opened TFSAs, including our daughter’s, who was fortunate enough to have turned 18 just in time to qualify.
Every year since, as close to January 1st as possible, we faithfully add the maximum contribution amount (initially $5,000, briefly $10,000 and currently $6,500) to each of those accounts…
What does high inflation mean for your retirement savings?
In Canada and abroad, 2022 can be summed up as the year in which nothing (or almost nothing) worked. Canadian, U.S. and international stocks got clobbered, while bond returns were nearly as bad. The classic 60/40 balanced portfolio had its worst performance since 2008.
The culprits? Stubbornly high inflation, Russia’s war in Ukraine, rapidly rising interest rates, and stock markets coming back to earth after a period of greed and excess.
The result? Inflation, as measured by the Consumer Price Index (CPI), soared to 8.1% in June 2022 and is still hovering at 6.8% six months later, taking a big bite out of Canadians’ purchasing power.
The Bank of Canada (BoC) has embarked on a series of interest rate hikes designed to squash inflation and cool the economy…
The best high-interest savings accounts in Canada for 2023
Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest is a no-brainer. This type of account is referred to as high-interest savings account (HISA). We break down what you should know about HISAs and give you our picks for the most competitive interest rates in Canada.
The best high-interest savings accounts in CanadaWhat to know about HISAsAlternatives to HISAs
The best high-interest savings accounts in Canada
Best high-interest savings account rate• Saven Financial High Interest Savings Account• Motive Savvy Savings AccountBest for interest rates and no service fees• EQ Bank Savings Plus Account*Best regular interest rate at a credit union• Maxa Financial High-Interest SavingsBest e-savings account• Neo MoneyBest regular interest rate in a hybrid account• Wealthsimple CashBest promotional rate• Tangerine Savings Account• Simplii Financial High Interest Savings Account*Best tiered interest product• Scotiabank MomentumPlus Savings Account*• LBC Digital High-Interest Savings Account
Best high-interest savings account rate
Saven Financial High Interest Savings Account
This HISA may sneak under the radar, but once you see the rate you will be impressed…
A target-date mutual fund or exchange-traded fund (ETF) is basically a one-stop shop for a retirement saving strategy. Canadian investors simply choose the year they would expect to stop working, then buy a target-date fund targeting the same or nearly the same year.
At this point, target-date investors pretty much go back to whatever else they were doing. Behind the scenes, however, investment managers will be gently nursing the savings toward the investor’s retirement goal. If you decide to go with a target-date fund, your role in the process is to continue to make regular contributions and check in occasionally to ensure everything is on track according to your expectations.
Simple, right? Well, that’s the plan…
Canada’s best credit cards 2023
Best credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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Canada’s best credit cards 2023
By Lisa Hannam, Margaret Montgomery and Justin Dallaire on January 5, 2023
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 balance monthly and find the right rewards program for you, and you are sure to come out ahead. There’s a slew of credit card options out there, and it can be challenging to find the best deal—but this list of best credit cards in Canada is here to help…