There are plenty of bank savings account options in Canada! Stay on top of the best plans right here.
Latest News
10 simple ways to save money Aug 21st
As the cost of living increases for Canadians, having a savings strategy has never been more important to ensure you can live comfortably in the future. But many are unsure where to start. Not having a thought-through plan or having one that is too rigid and demanding can easily push you off track. .... More »
Canada’s best credit cards 2021 + MORE May 8th
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 balanc.... More »
This tech worker makes $60,000 and has no savings. He wants to travel to see his sick grandmother. What can he do? + MORE Mar 13th
Peter had $5,000 saved up for a trip to Colombia and a vacation to Asia later on, but after his car broke down his savings disappeared..... More »
What types of tax-free savings accounts (TFSAs) exist? + MORE Nov 20th
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 »
Will credit card debt affect my mortgage application? Mar 27th
If you’re shopping around for a mortgage, you probably already know that lenders ask for a ton of financial information before determining how much you can borrow. That list includes your household income and how much you owe—including credit card debt, car payments and unsecured personal loans..... More »
The best ways to help kids financially
– moneysense.ca
As a father of three and a financial professional, the coming school year, and the uncertainty attached to it, is very much on my mind. Even if your children, like mine, are still years away from post-secondary tuition fees, the sooner you start saving, the better your chances of reaching your financial goals. Money also gives you options should your child need tutoring (or, as is being hotly debated, you want to be able to consider opting out of public school during the COVID-19 pandemic).
Here are a few ways to help your children financially, regardless of their age or stage.
RESP
The most common saving tool for minor children is a Registered Education Savings Plan. An RESP is a tax deferred savings plan used to fund post-secondary education costs like trade school, college or university tuition and other expenses.
There are no tax deductions when a parent makes a RESP contribution, but the government provides a Canada Education Savings Grant (CESG) of 20% on contributions of up to $2,500 per year, per child (each named as a beneficiary in the plan), resulting in up to $500 in grants annually…
Here are a few ways to help your children financially, regardless of their age or stage.
RESP
The most common saving tool for minor children is a Registered Education Savings Plan. An RESP is a tax deferred savings plan used to fund post-secondary education costs like trade school, college or university tuition and other expenses.
There are no tax deductions when a parent makes a RESP contribution, but the government provides a Canada Education Savings Grant (CESG) of 20% on contributions of up to $2,500 per year, per child (each named as a beneficiary in the plan), resulting in up to $500 in grants annually…