How to go about securing the best savings strategy in Canada.
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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 »
This 29-year-old has been laid off twice as a server and is starting from scratch, spending all his savings to study UX design. Living at home, he wants financial help + MORE Mar 20th
Peter, 29, a server working in Halton Region, was laid off for the second time in December, during COVID-19’s second wave. Currently, he’s receiving $1,800 a month (before tax) through Employment Insurance..... More »
Payments for the Canada Workers Benefit arriving sooner—find out why + MORE Jul 31st
If you receive the Canada Workers Benefit (CWB), you’ll notice a change to this federal tax credit as of this week, namely that you’ll get the money sooner. In the past, CWB recipients claimed the benefit for a certain year when filing their income tax return—for example, claiming the CWB for .... More »
2023 tax credits, due dates and when you can file: Your 2023 income tax return guide + MORE Mar 19th
You’ll want to bookmark the MoneySense guide for 2023 personal income taxes. We will be updating it frequently, as information becomes available and deadlines approach. Plus, we get answers from the experts you won’t find anywhere else, thanks to our Ask MoneySense and Ask A Planner columns.&nbs.... More »
The best TFSAs in Canada for 2023 + MORE Nov 6th
Tax-free savings accounts (TFSAs) are more than a simple tax-sheltered savings account. TFSAs allow Canadians to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds within a structure backed by the government. Any interest made during you.... More »
RESP advice for Canadian citizens living in the U.S.
– moneysense.ca
Q. I opened a RESP account while I was living in Canada, as a Canadian citizen. A few years back, we moved to the U.S., where my kids are going to college and university. I still have an active RESP account and make regular monthly contributions.
We file our tax returns in the U.S. only, since we declared ourselves as non-resident Canadian citizens in 2014.
Please let me know if we are still entitled to receive the Canadian government’s grant on RESP contributions, and what is the procedure to withdraw the funds.
–Sohail
A. When you become a non-resident of Canada, you can generally continue to maintain Canadian registered investment accounts like a Registered Education Savings Plan (RESP). You may not be able to buy new mutual funds as a non-resident, but can continue to hold existing mutual funds, sell those mutual funds, or buy other investments, like stocks, bonds and exchange-traded funds (ETFs).
There are a couple issues to be aware of in your case, Sohail. A U.S. taxpayer, whether a U…
We file our tax returns in the U.S. only, since we declared ourselves as non-resident Canadian citizens in 2014.
Please let me know if we are still entitled to receive the Canadian government’s grant on RESP contributions, and what is the procedure to withdraw the funds.
–Sohail
A. When you become a non-resident of Canada, you can generally continue to maintain Canadian registered investment accounts like a Registered Education Savings Plan (RESP). You may not be able to buy new mutual funds as a non-resident, but can continue to hold existing mutual funds, sell those mutual funds, or buy other investments, like stocks, bonds and exchange-traded funds (ETFs).
There are a couple issues to be aware of in your case, Sohail. A U.S. taxpayer, whether a U…
The GIC Laddering Strategy: Reach for Returns with Safety
– ratesupermarket.ca
When you save for retirement through investing, you have two main goals: to grow your money but also to protect what you put in from being wiped out.
So, for most people, it makes sense to put a portion of their money into fixed-income products that keep their principal safe and provide a steady stream of income, usually through interest.
One type of fixed-income product is a Guaranteed Investment Certificate (GIC).
One downside is that regular GICs carry a penalty if the owner wants to “cash” them before the date they reach maturity. A strategy to consider is to “ladder” several GICs.
What is a GIC?
A GIC is an investment that has a set term, and you get repaid with interest for your trouble while protecting your principal (as long as the institution doesn’t default and is a member of the Canada Deposit Insurance Corporation).
You can get GICs with terms ranging from one month up to 10 years. Usually, the longer the term, the higher the interest rate.
A GIC can be held in several types of savings plans, such as registered accounts like an RRSP or TFSA…
As social bubbles, provinces and countries slowly open up again, many people are looking to salvage their travel plans for this summer while others think about 2021. Admittedly, there’s still a lot of uncertainty in the world, but that isn’t preventing some providers from tempting lockdown-weary Canadians with discount deals on travel and accommodations.
Locking in savings is usually a win for travellers, but is it worth buying now when there’s currently no vaccine for COVID-19 and, in some cases, no guarantee you’ll be able to travel safely? There’s no right or wrong answer, but if you do your due diligence, you may find that booking now can work to your advantage. Here’s what you need to know:
Air travel may or may not be more expensive
Some people think that flying will be more expensive in the future. The theory is that since there will be less demand and airlines will need to follow new health regulations, which may include an empty middle seat, prices will go up.
This is entirely possible, but I did a quick search of various destinations, and I have not noticed prices that I would consider higher than average…
Locking in savings is usually a win for travellers, but is it worth buying now when there’s currently no vaccine for COVID-19 and, in some cases, no guarantee you’ll be able to travel safely? There’s no right or wrong answer, but if you do your due diligence, you may find that booking now can work to your advantage. Here’s what you need to know:
Air travel may or may not be more expensive
Some people think that flying will be more expensive in the future. The theory is that since there will be less demand and airlines will need to follow new health regulations, which may include an empty middle seat, prices will go up.
This is entirely possible, but I did a quick search of various destinations, and I have not noticed prices that I would consider higher than average…