How to go about securing the best savings strategy in Canada.
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The best RRSP investments 2022 + MORE Oct 31st
A registered retirement savings plan (RRSP) is an investment that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribution. .... More »
Look outside the Big Banks box for best savings rates + MORE Nov 21st
Small financial institutions, ETFs and investment savings accounts offer the best interest rates around.... More »
The Best Rewards Credit Cards of 2019 Nov 2nd
Whether it’s rebating you in points, a statement credit, or cash-back in your bank account, a good rewards card maximizes on your everyday purchases and ultimately helps you save.
To determine which card will provide you with the most in savings, you must first evaluate your spending patterns to .... More »
CPP vs RRSP: Can you transfer your CPP to an RRSP? Dec 26th
I’m 40 years old. Can I transfer my accumulated CPP to an RRSP?
—Franco
I am going to cut to the chase here, Franco. You cannot transfer your Canada Pension Plan (CPP) to a registered retirement savings plan (RRSP). Some pensions can be transferred to an RRSP, and there are ways .... More »
This 33-year-old analyst makes $100,000 a year including bonus. She paid off her student loans and wants to buy a home. Is now the right time? + MORE Jul 25th
Like many millennials, Anna’s main long-term goal is to save up for a down payment. Now, because of the pandemic, she’s looking to buy sooner than later because of the real estate market..... More »
The Power of Points: CIBC Survey Shows Canadians Missing Out on Valuable Reward Point Redemptions
– ratesupermarket.ca
Canadians are missing out on some major savings on merchandise, travel, and even chances to pay down their debt. And the answer to “why?” is right under their noses, or at least, right on their monthly bank statement.
According to a recent CIBC survey that reviewed if and how Canadians are using their credit and reward card points, one in five people didn’t know how many points they earned on their cards and 37 per cent rarely or never redeemed their points. When you factor in that, for about half of those surveyed (47 per cent), their primary credit card used for everyday purchases is a rewards card, that equals some major missed savings. While many Canadians that earn reward points say they’re as good as cash, 64 per cent also say they don’t think of them as a financial asset.
Canadians are missing out on a big opportunity with these cards, says Jamie Golombek, the managing director, Tax & Estate Planning, with CIBC Financial Planning and Advice. “It’s important to think of your points as any other asset, and use them to achieve a financial goal,” he said…