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.
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.
Tax-Free Savings Accounts (TFSAs) are catching on in Canada, with more than four in 10 Canadian households already contributing to one, according to the latest Census. Unfortunately, some investors are missing out on the full benefits … Read More
There are a number of things you can do to become financially responsible, such as having an emergency fund for unexpected expenses. While that’s common sense, there are some other personal rules that will help keep … Read More
So, you find yourself with a tax refund. Now, the money is in your account and you’re wondering, what’s the best way to use this? To help you make the wisest choice, we’ve consulted with Liz … Read More
We are once again proud to release our second annual Personal Finance Awards. This year’s edition looks at the best of bank accounts and guaranteed investment products of 2018. See who won the titles of the top chequing accounts, savings accounts and GICs in 2018.
Saving for your child’s post-secondary education is one of the many financial pressures parents face. And when your child’s tuition will cost tens of thousands of dollars, you don’t want to give up a huge portion … Read More
Are you having trouble maxing out your TFSA every year? Join the club. A recent BMO survey found Canadians contributed $4,592 to their TFSA last year—a decline of 17% from 2015.
Baby boomers have been among Canada’s most efficient savers. They’ve taken solid advantage of RRSPs and corporate pension plans that require contributions from monthly paycheques. In some ways, it seems counterintuitive to look at savings opportunities … Read More
It’s a conundrum. Young people trying to make it on their own face a lot of expenses at a time when they’re not generally earning much. And, yet, the best time to start saving is when … Read More