What’s my RRSP contribution limit for 2021? + MORE Jan 16th

Mortgage payment calculator

Depending on your circumstances, refinancing your mortgage can be a smart financial choice. However, while you can reap substantial savings, there can also be high costs when refinancing a mortgage. That’s where a mortgage refinance calculator comes in. It can give you a better overall picture of the financial pros and cons of refinancing and make it much easier to figure out the right choice for your needs.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

What is a mortgage refinance?

Refinancing your mortgage is when you renegotiate the terms of your current mortgage loan contract. You can refinance a mortgage agreement with your current lender or go to a new mortgage lender, and doing so at the end of your mortgage term may help you avoid paying prepayment penalties…

Mortgage payment calculator

Mortgage renewal can be a stressful time for Canadians. There are a lot of decisions to be made, including whether or not to stick with the same lender. A mortgage renewal calculator can help simplify the process and ensure you make an informed and financially beneficial decision that will serve you well for years. 

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

A mortgage renewal calculator allows you to compare the savings or fees that come with different mortgages, based on a given amortization period, payment frequency and interest rate. It’s one of the easiest ways to determine if your current mortgage is working for you or if it’s time to find one that better suits your needs. 

What is a mortgage renewal?

When your mortgage term ends, if you’re not at the end of your amortization period or haven’t paid off your mortgage in full, you’ll need to renew your mortgage contract…

If you’re like many Canadians, you’re hoping you’ve paid enough tax in 2021 and may even be looking forward to a hefty tax refund. (The deadline for filing this year is April 30, 2022, which is on a Saturday, by the way. So you actually have until May 2, 2022 to file.) You can help ensure that happens by knowing the details of your registered retirement savings plan (RRSP), what sets them apart, your contribution limit and a whole slew of other things. Here are the basics:
What’s an RRSP?
A registered retirement savings plan, or an RRSP, is a savings account that you open at a bank or other financial institution. It is registered by the federal government of Canada for tax savings, and you can contribute to the account up to an annual maximum amount. 
What’s special about RRSPs?
Contributions to RRSPs are deductible, meaning they can be used to reduce your taxes. Any income you earn in the RRSP is usually exempt from tax as long as the funds remain in the plan; you generally have to pay tax when you withdraw money from the account…