How to go about securing the best savings strategy in Canada.
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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 »
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 »
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 »
How cash ETFs keep your money working + MORE Nov 26th
It’s a dilemma for many investors: you want to have cash set aside to hop on investment opportunities that might arise, but you also don’t want the money sitting in your portfolio not collecting any return. Enter cash exchange-traded funds. Experts say there is increasing demand for cash.... More »
How to Save in Your Retirement with Spousal RRSPs + MORE Feb 15th
The Canadian government offers plenty of incentives for long-term savers, including couples saving for retirement. Sure, both of you can still open your own individual Registered Retirement Savings Plans (RRSP). But if you are looking for a way to manage your tax bill as a couple, as well as build .... More »
The procrastinator’s guide to the RRSP deadline
– moneysense.ca
When it comes to last minute RRSP planning, nothing surprises Michael Berton anymore. The Vancouver-based CFP has seen people dump cash in their accounts at the last second or invest in something unusual because they were pressed for time. He’s even seen people with 11 RRSPs, all at different financial institutions. “They literally opened an account on the last day,” he says.
While contributing at the last minute is frowned upon, there will always be people who procrastinate. The problem with waiting, though, is that people generally do dumb things or forget something crucial. So, if you haven’t made your contribution yet then consider these last minute tax tips to avoid any big mistakes.
Figure out if you need an RRSP
A lot of people panic at the last minute and open an RRSP because they think that’s what they should do. But for Canadians making less than about $40,000, investing in a tax-free savings account may make more sense.
RRSPs work best for people in higher tax brackets who can take advantage of the deduction now and, ideally, pay less tax when they withdraw…
Are Your Borrowing Habits to Blame?
– ratesupermarket.ca
It’s no secret that the bargain-basement cost of borrowing in Canada tempts consumers into taking on more debt; it’s a great time to apply for a mortgage, line of credit, and other types of variable-based loans. But that isn’t stopping most of us from racking up our credit cards – the most expensive debt out there.
Read on for the findings from our recent Debt Denial survey – and what’s potentially to come for mortgage borrowing in Canada.
INFOGRAPHIC: 27.5% of Canadians are in Credit Card Denial
When it comes to understanding our debt, over a quarter of Canadians are getting it wrong. Our Debt Denial study finds the truth about how our credit card balances stack up to the national average – and it isn’t pretty.
Check out our infographic and calculator to see if YOU are in debt denial!
Read Penelope’s Blog | 27.5% of Canadians are in Credit Card Denial
Low Oil Leads to Slower Home Sales: CREA
Sliding oil prices have finally caught up with Canada’s housing market; the latest numbers from Stats Can and the Canadian Real Estate Association find sales activity slowed this month by 3…
One of the U.S. biggest banks, Wells Fargo, has said it will cap the amount of money it lends as subprime auto loans, according to the New York Times.
EVANSVILLE, Ind. – Personal finance company Springleaf Holdings is buying Citigroup’s OneMain Financial for $4.25 billion.OneMain Financial Holdings Inc. of Baltimore provides personal loans and has more than 1,100 neighbourhood branches across 43 states. The Citigroup subsidiary, originally founded as Commercial Credit, has about 5,600 employees. It has acquired companies such as The Associates and Washington Mutual Finance over the years.”While this business didn’t fit our strategy, it serves customers who deserve and need credit,” Citi CEO Michael Corbat said in a printed statement.Citi said that it will use part of the proceeds from the sale to retire certain funding that currently supports Citi Holdings. The sale, along with retirement of the related funding, are expected to result in a net addition to earnings before income taxes of approximately $1 billion.Springleaf Holdings Inc. of Evansville, Indiana will consolidate approximately 200 branches beginning in the middle of next year…
Can Canada Afford to Double TFSAs?
– ratesupermarket.ca
With the federal budget approaching in April, Tax-Free Savings Accounts (TFSAs) are once again making news headlines. During the 2011 election, the Conservatives promised to double the TFSA contribution limit once the federal deficit was eliminated. Despite the sudden drop in the price of oil, the Tories are still expected to balance the books in time for April’s federal budget – but it is unclear whether funds are still available for TFSAs.
Much like the matter of income splitting – another key election promise the Tories have fulfilled – the issue of doubling TFSA room is polarizing. Some are in favour of it, while others claim it’s a tax break that will mostly benefit the rich.
Who Benefits Most from Doubling the TFSA Contribution Limit?
Would doubling the contribution limit only affect the wealthy? That’s the major concern of social policy think tanks like the Broadbent Institute and C.D. Howe Institute. Even Jonathan Rhys Kesselman and Finn Poschmann, the two individuals who co-authored a report back in 2001 that laid the foundations for the TFSA, can’t even agree…
