How to go about securing the best savings strategy in Canada.
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From RRSP to RRIF—managing your investments in retirement + MORE Nov 19th
Retirement brings many changes in a person’s life and your investment portfolio is one of them. Tracy Andrade, a wealth adviser and certified financial planner at Marnoa Private Wealth Counsel, says it’s challenging for people to see their savings start to decline as they begin spending .... More »
What new bare trust tax filing rules mean for Canadians Mar 12th
Ask MoneySense
I would like some clarification on the T3 tax return for the year 2023. Whom does this rule apply to and can you clarify whether all the persons on the account have to complete T3 tax returns?
—Chander
Some people set up trusts that come into effect during their lives or upon.... 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 »
Making sense of the markets this week: August 16 + MORE Aug 15th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
Come on, tax me. I’m Canadian.
Will taxes go up in Canada? How will we pay for the pandemic? There are many guesses and rumblings about upcoming tax hikes. In a previous p.... More »
The best high-interest savings accounts in Canada for 2024 + MORE Nov 12th
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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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MoneySense is an award-winning magazine, helping Canadians navigate mo.... 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…
