Deposits

At a glance, finding the right bank account as a student seems dull and monotonous, but it’s still one of the most vital aspects of ensuring your success as a student outside of the classroom.

Guaranteed Investment Certificates (GICs) are fairly popular in Canada. As an investing method, they’re among the lowest risk methods available in Canada. GICs are insured in their principal amount, as well as in the interest that they accrue. This makes them a solid option for investors with lower risk-tolerance profiles that prefer conservative, safe investment options. But how does a GIC work exactly?

If you own a house or a car, there’s a good chance you also own insurance. Saving and investment accounts issued by banks also come with insurance, except it doesn’t cost you any money. This insurance is known as CDIC coverage. It is issued by a federal Crown corporation called the Canada Deposit Insurance Corporation.

If you’re new to online investing, you have the option of doing it yourself by using one of the many robo-advisors or online brokerages in Canada. When you put your investments in a registered account—such as an RRSP or tax-free savings account (TFSA)—it’s less complicated because you won’t have to worry about calculating taxable income.

There’s no getting around it. With the cost of living on the rise, and with so many things competing for your money, setting aside a few dollars each month can be a real challenge. Whether saving for a down payment on a new home, a grand once-in-a-lifetime trip, or simply to establish an emergency fund, the realities of life can make it difficult to build your savings.

Ratehub.ca helps thousands of people from all financial backgrounds find the best interest rates in Canada each and every day. The information we’ve gathered through our diverse customer base allows us to figure out what our customers across ten provinces and three territories preferred when it came to banking and investing accounts.

This Questrade review explores in greater detail why the online brokerage has earned the trust of Canadian investors, who use their platform to facilitate their saving and investing needs.

When your TFSA and RRSP are maxed out and you’re looking to avoid penalties, try two trusty non-registered savings vehicles: high-interest savings accounts and guaranteed investment certificates (GICs). These savings tools don’t have any contribution limits or penalties. And they can help you keep your money safely saved while you wait for more contribution room to open up in your TFSA and RRSP on January 1st.

Every Canadian should have a plan, regardless of how old they are. However, it’s necessary to approach the decision of whether you should start saving or investing your money carefully by evaluating your current financial situation first. 

Tax-Free Savings Accounts (TFSAs) are investing tools designed to shelter your savings from taxes. While its name implies that it is a savings account, TFSAs are accounts that keep your investments and the interest that they earn tax-exempt.