Not sure how to make a savings plan? Read on…
Latest News
A wish list for Carney’s fall budget + MORE Oct 22nd
Statistics Canada’s midsummer report on Canadians’ disposable income showed an increase across all income quintiles in the first quarter of 2025, by a healthy average of 6% to 7% for the highest earners and 3.2% for the lowest. That was good news; the increases were above the inflation rate of 2.... More »
The best way to transfer RESP money to an RRSP + MORE Jan 4th
Q: When transferring my unused RESP accumulated income into my RRSP, am I able to do it as is, i.e. bank stocks, or do I have to cash them in and transfer as cash?
—Johanna
A: If you end up with money in a Registered Education Savings Plan (RESP) that you can’t use for a child’s education, .... More »
Can you transfer a RRIF to a TFSA—and what are the tax implications? + MORE May 28th
Ask MoneySense
What is the implication of transferring money from my RRIF to TFSA on my income and taxes? Do I need to allow for a 30% deduction when I withdraw and it becomes income to be taxed at the end of the year? Or it doesn’t affect my income?
—Soheir
Transfers between registered a.... More »
2025 tax credits, due dates, and when you can file: Your 2025 income tax return guide + MORE Jan 28th
Tax season is once again nigh. The Canada Revenue Agency’s deadline (for most of us) is fast approaching on April 30. Bookmark this page for easy access to key dates and deadlines, tax rates, tips, and links to help you prepare your 2025 personal income tax return. We will be updating it as new in.... More »
Laurentian Bank mortgage probe continues, price tag expands + MORE Mar 1st
Laurentian Bank says it expects to finish its review of problematic loans sold to an unnamed lender by the fiscal second quarter, and will fix or repurchase any mortgages that failed to meet the proper criteria..... More »
Money for the taking
– moneysense.ca
After 15 years in the corporate benefit industry, Katherine Rapp is pretty astute when it comes to predicting how many employees will show up for her volunteer sessions on workplace group benefits. If she offers free lunch, she’ll get more takers. Contests draw people, too. But if she is perfectly honest, Rapp, a vice president of retirement services for Corporate Benefit Analysts in Kitchener, Ont., will tell you that only 10% to 15% of eligible workers bother to attend. If the low numbers once surprised her, they don’t anymore. “You know, the biggest problem companies have is engaging their employees to give a hoot,” she says of corporate benefits ranging from dental plans to lucrative retirement savings programs. “It’s a very difficult environment to try and make sure people are doing the right thing for themselves and taking free stuff.”That’s right, Canada. Stuff. From your employer. For free. No strings attached.
Yet, despite being offered generous corporate benefits worth hundreds or even thousands of dollars a year, many of us aren’t cashing in…
Time to Get RRSP-Ready!
– ratesupermarket.ca
There’s only a few weeks left of winter… and that means tax time is nearly upon us! The season kicks off with the RRSP contribution deadline on Monday. Not sure if you’re ready? Read on for this week’s top tips, including tackling retirement savings confusion.
How to Overcome RRSP Confusion
The contribution deadline is right around the corner – but a recent BMO study finds there’s still a lot of confusion over how RRSPs work. Need to brush up on the basics? Barry shares his top 4 tips.
Read Barry’s Blog | How to Overcome RRSP Confusion
How Much Are Workplace Benefits Worth?
Receiving workplace benefits is a great perk, and can go a long way in offsetting health and wellness costs – but how much are they actually worth? Check out Gordon’s break down on what they cost, and how you can make the best decisions for your coverage.
Read Gordon’s Blog | How Much Are Workplace Benefits Worth?
Canadians Shop Less as the Loonie Dips
As the loonie loses steam, Canadians are experiencing a spending-power slowdown – and there are emptier malls to prove it…
How to get millennials to start saving for retirement
– moneysense.ca
Irvin Ho, a 25-year-old business grad from Simon Fraser University, only recently started thinking about his financial goals. Two years ago, he put $10,000 in savings into a self-directed portfolio invested in index funds. Warming to the pastime, Ho, along with two friends, launched a website called Young Guys Finance that introduces the basic concepts of investing to their contemporaries via online video courses and boot camps at their alma mater.
Ho admits his own portfolio’s performance is “not so good right now.” But he’s convinced of the value of do-it-yourself investing and wants to help others do it too. “I tell myself, You don’t have to look at it every day. You’re doing it for the long run, so stop looking at it!”
Within his generation, Ho is something of an exception. Millennials have not-so-quietly become the largest cohort in the Canadian workforce, but for many of those born in the 1980s and ’90s, the cut-off to contribute to one’s RRSP passes at the end of February without much fanfare…
Ho admits his own portfolio’s performance is “not so good right now.” But he’s convinced of the value of do-it-yourself investing and wants to help others do it too. “I tell myself, You don’t have to look at it every day. You’re doing it for the long run, so stop looking at it!”
Within his generation, Ho is something of an exception. Millennials have not-so-quietly become the largest cohort in the Canadian workforce, but for many of those born in the 1980s and ’90s, the cut-off to contribute to one’s RRSP passes at the end of February without much fanfare…
