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Which savings plans should a 37-year-old with a military disability income contribute to, and when? + MORE Aug 1st
Q. I am 37 with a military disability income that will pay monthly until I die. Could you give your advice on which savings plans I should be investing in, and the order in which I should make my investments?
To date, I contribute to my and my spouse’s registered disability savings plan (RDSP), th.... More »
Canada’s best credit cards for people with bad credit 2022 + MORE Apr 24th
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. However, if you want to improve your credit score, you’ll have to prove you can handle credit responsibly—and one way to do that is (you guessed it) to have a credit card. When used respon.... More »
Can you make RRSP contributions after age 71? + MORE Apr 23rd
Ask MoneySense
My CRA RRSP deduction limit shows I have contribution room of $25,051. But my wife and I have RRIF accounts as we’ve already turned 71. Should I ignore this RRSP contribution limit?
—Bob
Your annual notice of assessment (NOA) and your online Canada Revenue Agency (CRA) My A.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Mar 25th
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Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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2021 tax season primer: Our roundup of the best tax tips for Canadians + MORE Nov 21st
Doing your taxes can be a bit like building IKEA furniture. There are lots of different pieces, the instructions aren’t always clear, and it’s often feels like it could be easier just to call in the hired pros. That’s why we rounded up our favourite expert tax advice. Whether you’re going fu.... 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…
