Not sure how to make a savings plan? Read on…
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Why I’m optimistic about the markets in 2025–tariffs or no + MORE Dec 24th
Will he or won’t he? Ever since former president and president-elect Donald J. Trump threatened to impose 25% tariffs on all goods entering the U.S. from Canada and Mexico and 10% tariffs on China, that’s been the question on everyone’s mind. Is this a negotiating tactic? I think so. But even .... More »
Tax refunds 2026: How to make every dollar count + MORE Apr 22nd
For many Canadians, a tax refund feels like a bonus—a bit of extra cash that shows up each spring. In reality, it’s your own money being returned after a year of overpaying taxes, and how you think about it often determines how far that money goes.
The difference comes down to mindset. When a.... More »
How to consolidate your registered accounts for retirement income in Canada + MORE Oct 1st
Ask MoneySense
My wife has an RRSP in her name and a spousal RRSP in her name, plus a small LIRA. She will be turning 71 next year.
My question is: Can she open a RRIF account and contribute both of her RRSPs plus the LIRA amount into one single RRIF account without incurring any taxable conseque.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Jan 7th
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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Stock news for investors: Cineplex and Aritzia post strong results despite industry headwinds + MORE Oct 15th
Here’s a round-up of news for Canadian investors this week.
Cineplex
Aritzia
Trilogy Metals
Barrick Mining
Cenovus-MEG Energy
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You opened an RESP—now what?
– moneysense.ca
As many Canadian parents and grandparents know, a registered education savings plan (RESP) is a powerful savings tool. Although you can create a college or university fund for your child in other ways, such as a bank account or a tax-free savings account (TFSA), they don’t offer the same valuable government grants that an RESP does. It’s designed to encourage families to save, and the only way to get those grants is to make contributions. In addition, an RESP can hold the same types of investments as TFSAs and other registered accounts, and any investment growth in an RESP—including interest, dividends, and capital gains—is tax-deferred until it is withdrawn. (And when it is, it will be taxed in the hands of the plan’s beneficiary—your child, who will likely pay little to no tax.)
Once you’ve opened an RESP for your (grand)child or (grand)children, though, what should you do with it?
How often and how much to contribute to an RESP
Ideally, you should contribute at least $2,500 per year, if possible…
