Personal Savings getting you down? There are always smart ways to increase your savings.
Latest News
How to Start an Emergency Fund When You’re Living Paycheque to Paycheque Sep 13th
When you’re living paycheque to paycheque and every dollar counts, it’s hard to imagine how to save any significant amount of money. The good news is, you can build up an emergency fund even while living paycheque to paycheque. The best news of all is once you’ve built up some sa.... More »
Can I have a multi-generational RESP? + MORE Mar 29th
Q: I have an existing RESP for my children, but they may not use all the money. Can I add grandchildren (once born) to the same RESP and keep this going in terms of growth and returns?
— Frank
A: A Registered Education Savings Plan (RESP) is a great way to save for a child or grandchild’s post.... More »
Stock market news for investors: Tariff talk continues on earnings calls + MORE May 21st
Here’s a round-up of news for Canadian investors this week.
Microsoft
Honda
CAE
Walmart
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 2.00% inte.... More »
Detox your spending and experience better financial health + MORE Jan 2nd
Using your creativity and resourcefulness to stop spending for a week on anything but essentials will give you more savings and less stress; you win both ways, Lesley-Anne Scorgie writes..... More »
Strategically review your employer savings plans before the end of the year + MORE Nov 1st
Employees should actively investigate their options and invest accordingly..... More »
Pension income splitting explained
– moneysense.ca
Q: I am 62 years old and I receive a pension from my work. At the same time, I am still working part time. My question is can I split my pension with my husband who is 64 years old? He is retired with no pension from his work.
I would appreciate if you can educate me regarding income splitting.
—Sally
A: Pension income splitting turns 10 this year, Sally, having been introduced for the 2007 tax year. I’ll explain how it works and give you some tips for minimizing your tax and maximizing your pension income sources.
To begin, eligible pension income from age 55 to 65 includes only defined benefit (DB) pension income or eligible foreign pensions that are taxable in Canada. There are exceptions for annuities, deferred profit sharing plans (DPSPs), registered retirement savings plans (RRSPs), registered retirement income funds (RRIFs), and a few other sources of income, but only if the income is because of the death of a spouse. The full list can be found here.
After age 65, the income eligible for splitting expands to include RRIF and annuity income, amongst other sources…
What to do about your debt after the interest rate hike
– moneysense.ca
TORONTO — Many consumers will soon find their debt loads heavier now that Canada’s central bank and the country’s biggest commercial lenders have raised their benchmark rates by one-quarter percentage point.
The country’s biggest banks raised their prime rates after the Bank of Canad hiked its overnight lending rate Wednesday by a quarter of a percentage point to 1.25 per cent.
READ: Your mortgage is about to get more expensive
It’s a challenge for Canadians still struggling to cope with the record amounts of consumer debt they amassed after the 2008 financial crisis because lenders use their prime rate as a benchmark for setting some other short-term rates including variable-rate mortgages and lines of credit. A hike is good news for savers as the prime rate also affects interest rates for savings accounts.
If you’re contemplating how to best take advantage of the increased rates or avoid falling into further debt, personal finance expert and Ryerson University business professor Laleh Samarbakhsh shared her advice…
The country’s biggest banks raised their prime rates after the Bank of Canad hiked its overnight lending rate Wednesday by a quarter of a percentage point to 1.25 per cent.
READ: Your mortgage is about to get more expensive
It’s a challenge for Canadians still struggling to cope with the record amounts of consumer debt they amassed after the 2008 financial crisis because lenders use their prime rate as a benchmark for setting some other short-term rates including variable-rate mortgages and lines of credit. A hike is good news for savers as the prime rate also affects interest rates for savings accounts.
If you’re contemplating how to best take advantage of the increased rates or avoid falling into further debt, personal finance expert and Ryerson University business professor Laleh Samarbakhsh shared her advice…
