How to go about securing the best savings strategy in Canada.
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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 »
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 »
Travel deals to take advantage of now, and save for later—when it’s safe Oct 24th
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.... More »
Is it best to own a first home as an income property or primary residence? May 30th
Q. I would like to know whether it is better, financially speaking, to own my first house as an income property, or as my primary residence in Ontario. I am single, living with my parents, earn a steady income and have $80,000 in savings. I’ve already purchased a new-construction freehold townho.... More »
How to stake Cardano (ADA) in Canada + MORE Nov 14th
Like other cryptocurrencies, ADA, the native coin of the Cardano blockchain, has been in a bear market since October 2021—meaning a recent pattern of price declines. Despite this downturn in crypto prices, Cardano seems to be a strong player among the public blockchains that offer smart contract f.... More »
Free Yourself of Student Loan Debt with These Top Debt Relief Options
– ratesupermarket.ca
According to the Canadian Federation of Students, the average college graduate carries approximately $27,000 in student loan debt. Today, nearly 2 million graduates have student loans that total more than $20 million. Though many individuals go into this type of debt in the hopes that it will pay off, many find that they can spend a decade making payments and barely put a dent in their debt. In fact, one in six insolvencies in Canada involves a consumer who has student debt. Student loan borrowers who file for insolvency have an average student loan balance of $15,000 remaining. If you’re like many college graduates in Canada and your student debt has become oppressive, it may be time to explore some of the repayment options available to you through the nation’s various student loan agencies.
Repayment Assistance Plan
You may qualify for the Repayment Assistance Plan if you live in Canada, graduated from college at least six months ago and are up-to-date on your loan payments. If accepted into RAP, the Government of Canada may reduce your monthly student loan payments so that they do not exceed 20% of your income…
What types of Tax-Free Savings Accounts (TFSAs) exist?
– moneysense.ca
A Tax-Free Savings Account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a Registered Retirement Savings Plan (RRSP), you cannot deduct contributions to your TFSA from your income tax, so you will have to pay income tax on that initial money. But as long as you adhere to TFSA guidelines, you won’t pay taxes on any earnings made within the TFSA, not even when you withdraw it. Plus, you can withdraw as much as you want at any time.
There’s a specified limit to how much money you can put inside a TFSA. For 2020, the annual TFSA contribution limit is $6,000, and there is a lifetime maximum of $69,500 for those who were 18 or older as of 2009. The good part is that any unused contribution space and any amount that you withdraw from your TFSA becomes available to you as contribution room in the next calendar year.
Even though the word ‘‘savings” is in the name, it’s actually better to think of TFSAs as investment accounts, rather than simply a savings account…
There’s a specified limit to how much money you can put inside a TFSA. For 2020, the annual TFSA contribution limit is $6,000, and there is a lifetime maximum of $69,500 for those who were 18 or older as of 2009. The good part is that any unused contribution space and any amount that you withdraw from your TFSA becomes available to you as contribution room in the next calendar year.
Even though the word ‘‘savings” is in the name, it’s actually better to think of TFSAs as investment accounts, rather than simply a savings account…