A Registered Retirement Savings Plan (RRSP) can help you save and prepare for a fruitful, comfortable, and secure retirement. It can also provide some remarkable tax-benefits that can earn you more money over a lifetime of contributions. This article answers many of the questions that usually surround the RRSP savings account.
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.
Retirement is a life chapter that many will spend decades planning for using a Registered Retirement Savings Plan (RRSP). RRSPs have been a staple of Canadian personal finance since 1957. Since then, financially savvy Canadian citizens have taken full advantage of the exceptional tax benefits that this savings program provides. To add icing to the personal finance cake, RRSPs can also hold various types of investments along with savings—all of which can grow tax-free.
High-interest savings accounts provide a great vehicle for long and short-term savings, with many of the best high-interest savings accounts in Canada offering interest rates over 2%.
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.
Most Canadians who own a Tax-Free Savings Account (TFSA) are well-aware that the account shelters their investments from taxes. Nevertheless, a majority of people who own a TFSA aren’t entirely familiar with the versatility of this … Read More
Almost everyone knows they should have an emergency fund in case something unexpected happens. Potential job loss, health problems that keep you from working, and unplanned home or car repairs are just a few of the … Read More
In the United Kingdom, switching banks is incredibly easy. The Current Account Switch Service (chequing accounts are known as current accounts in the UK) is a free service that automatically closes your old account, moves your … Read More
A recent survey from BDO suggesting that 3 in 10 Canadians don’t have enough money to meet their needs highlights just how important it is for parents to teach their children about personal finance. It is … Read More
Having a regular savings account means you’ll earn little interest. But if you choose a high-interest savings account offered by a smaller financial institution, you can earn a lot more interest. As of Sept. 23, 2018, … Read More