How to go about securing the best savings strategy in Canada.
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The best high-interest savings accounts in Canada for 2025 Aug 20th
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.
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How to plan for retirement when you have no pension + MORE Sep 10th
In years past retirement planning was relatively easy. Fifty years ago, more than half of working Canadians, and an even higher proportion of men, could fall back on a corporate or union pension plan as their main source of income in retirement.
That’s no longer the case. Just 38% of paid work.... More »
Mortgage or retirement savings? Where to get the most bang for your extra bucks + MORE May 8th
Not sure how to make a savings plan? Read on...
This Toronto millennial makes $60,000. He wants to organize his finances and build his savings. How can he start? - thestar.com“Personal finance can be complicated even though my life seems rather uncomplicated,” Michael said.Continue Readin.... More »
“My financial advisor overcontributed to my TFSA—now what?” Oct 24th
My financial advisor asked me for more money than the allowable contribution room of my TFSA, causing a CRA penalty. I did tell him that I could only contribute the $6,000, but he asked me for $28,500. I paid a fine of $2,000 to CRA.
What happens now? Do I ask him to repay the commissions he.... More »
Should you leave corporate savings in your company? + MORE Mar 6th
I have $1 million accumulated in my corporate account. I don’t need that money for my corporation. What is the best way to take that money out with minimal tax? I’m 39 and I’m not planning to retire soon.—Chris
Withdrawing money from a corporation to invest
One of the first things to i.... More »
The best RRSP investments 2021
– moneysense.ca
A registered retirement savings plan (RRSP) is an investment that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribution. However, you will have to pay income tax when you withdraw money during your retirement. The advantage is built on the assumption that your income is higher now than it will be in retirement. If you plan things right, you will be in a lower tax bracket in retirement, meaning that you pay less tax on your withdrawals than you saved initially by stashing your money inside an RRSP.
You can open an RRSP and contribute income up until the year you turn 71, at which point it has to become a registered retirement income fund (RRIF) and you begin to withdraw the money as taxable income.
The best RRSP accounts in Canada for 2021
You can open an RRSP and contribute income up until the year you turn 71, at which point it has to become a registered retirement income fund (RRIF) and you begin to withdraw the money as taxable income.
The best RRSP accounts in Canada for 2021
Best RRSP savings account: EQ Bank RSP Savings Account* (2.30%)
Best robo-advisors: Questwealth Portfolio and Wealthsimple Invest
Best brokerage account for passive investing: Wealthsimple Trade
Best brokerage account for active traders: Questrade
Best brokerage account for mutual funds: Qtrade
Best RRSP savings account
EQ Bank RSP Savings Account*
At 2…
You may be able to claim these commonly overlooked medical expenses on your tax return
– moneysense.ca
Whether you do your own taxes or enlist professional help, you want to avoid leaving money on the proverbial table. Yet, a number of medical expenses are commonly overlooked by taxpayers when filing their tax returns.
Medical expenses may be eligible for a federal non-refundable tax credit on your tax return. To be eligible, expenses must exceed a limit of 3% of your net income, subject to a maximum threshold of $2,397 for 2020 (applies to income of $79,900 and above). Provincial and territorial non-refundable tax credits have maximum thresholds ranging from $1,637 to $2,503.
Here are some common medical expenses you may be able to claim on your 2020 income tax return:
Health plans
Premiums you pay for medical and dental plans, as well as the out-of-pocket (co-pay) portion of medical expenses submitted to the plan are eligible. Premiums paid by payroll deduction may be reported on your T4 slip in the “other information” section in box 85 or on your final pay stub for the year.
Gluten-free products
For those with celiac disease, the incremental cost of gluten-free products for that person (not their whole family) is a medical expense…
Medical expenses may be eligible for a federal non-refundable tax credit on your tax return. To be eligible, expenses must exceed a limit of 3% of your net income, subject to a maximum threshold of $2,397 for 2020 (applies to income of $79,900 and above). Provincial and territorial non-refundable tax credits have maximum thresholds ranging from $1,637 to $2,503.
Here are some common medical expenses you may be able to claim on your 2020 income tax return:
Health plans
Premiums you pay for medical and dental plans, as well as the out-of-pocket (co-pay) portion of medical expenses submitted to the plan are eligible. Premiums paid by payroll deduction may be reported on your T4 slip in the “other information” section in box 85 or on your final pay stub for the year.
Gluten-free products
For those with celiac disease, the incremental cost of gluten-free products for that person (not their whole family) is a medical expense…
