Personal Savings getting you down? There are always smart ways to increase your savings.
Latest News
RESP guide: Making the shift from saving for your child’s post-secondary education, to funding it Jul 18th
A Registered Education Savings Plan is a government-sponsored investment account that’s designed to help adults save towards post-secondary education costs for the children in their lives.
Canadians contributed $5 billion to RESPs in 2019, bringing total assets to $63.7 billion, according to the.... More »
The scoop: What Canadian investors need to know now + MORE Sep 19th
For those who like surprises, the stock markets have not disappointed in 2020. The S&P 500 surged to new heights despite the economy-clenching COVID-19 pandemic powering around the globe, and individual investors’ participation in trading reached a 10-year high during the first half of this ye.... More »
Canada’s best credit cards 2020 Nov 28th
Finding the right credit card could save you hundreds, if not thousands, of dollars a year. Whether you’re looking for lower fees, more rewards or simply valuable perks like travel medical insurance or rental car savings, every dollar counts. If you use your credit card wisely, pay off your balanc.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Mar 18th
Savings comparison tool
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.
Advertisement
Why trust us
MoneySense is an.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Sep 3rd
Savings comparison tool
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.
Advertisement
Why trust us
MoneySense is an.... More »
Which savings plans should a 37-year-old with a military disability income contribute to, and when?
– moneysense.ca
Q. I am 37 with a military disability income that will pay monthly until I die. Could you give your advice on which savings plans I should be investing in, and the order in which I should make my investments?
To date, I contribute to my and my spouse’s registered disability savings plan (RDSP), then our TFSAs. When I max out these savings plans, should I contribute to a RRSP, or should I use an unregistered trading account?
–Jason
A. Structuring your cash flow so that you have more money coming in than going out is an important first step in the retirement planning process. But once you have that extra cash flow, deciding the best ways to allocate it is not always simple.
I would generally prioritize paying off high interest-rate debt like credit cards before saving, but I will assume that is not a consideration for you and your wife, Jason.
It sounds as though you both qualify for the disability tax credit (DTC), which is a requirement to open a registered disability savings plan (RDSP)…
To date, I contribute to my and my spouse’s registered disability savings plan (RDSP), then our TFSAs. When I max out these savings plans, should I contribute to a RRSP, or should I use an unregistered trading account?
–Jason
A. Structuring your cash flow so that you have more money coming in than going out is an important first step in the retirement planning process. But once you have that extra cash flow, deciding the best ways to allocate it is not always simple.
I would generally prioritize paying off high interest-rate debt like credit cards before saving, but I will assume that is not a consideration for you and your wife, Jason.
It sounds as though you both qualify for the disability tax credit (DTC), which is a requirement to open a registered disability savings plan (RDSP)…
Beyond RESPs: How to Save for Your Child’s Education
– ratesupermarket.ca
First smile. First word. First steps. First degree.
In this age of lifelong learning, a post-secondary degree or diploma is not only important for future prospects but may also be one step among many in your child’s educational experiences after high school.
Your child may get an undergraduate degree, then add a college diploma in a specialized field. Your child may go on to graduate studies or want to gain international experience and study abroad. There are several scenarios that you need to plan for because making sure your child gets the necessary education does not come cheap. Many parents want to help ease the financial debt burden on their kids, which stands at an average of $28,000 for an undergraduate, according to the latest numbers from Statistics Canada.
Fortunately, for parents who start early, the savings can add up to giving your child a leg up on paying for it.
The costs
RESPs
Additional benefits of RESPs
Withdrawing from an RESP
Saving for education beyond an RESP
Tips for saving
The student’s responsibility
The costs
Here are some of the figures for Canadian students to give you a sense of what you may be looking at down the line…
