We may be approaching the most wonderful time of the year, but December is also when to make moves that could save you money come tax time. “Most people think of tax time as April, but it’s really all year long,” says Caroline Battista, a senior tax analyst with H&R BlockContinue Reading
It is not uncommon for individuals who have saved for some time to have multiple investment accounts. Often, they will have one in their own name, one in a holding company’s name, and at least one more registered account such as an RRSP, RESP or TFSA. The rules differ dependingContinue Reading
Five years after their introduction, there still appears to be rampant confusion about tax free savings accounts. Not just about the cumbersome rules on replacing withdrawn funds, but about the very nature of the TFSA itself. Newcomers often end up in default TFSA plans offered by the nearest financial institution,Continue Reading
What happens to your RRSP when you retire? Prior to retirement, people maximize their contributions to their RRSPs, top up their children’s RESPs and put whatever is left over into their TFSAs and non-registered accounts. Once they hit retirement, the mystery about investing their savings to draw an income whileContinue Reading
Everyone knows it’s RRSP season, but what’s less obvious is how to best direct your contributions over the years. Different ages and life stages call for different strategies. There’s an overarching theme, though: anything you can put toward your retirement is a good thing. “When it comes to contributions, it’sContinue Reading
Judging by the barrage of Registered Retirement Savings Plan (RRSP) information you would think making a contribution before the March 3rd deadline is a slam dunk no matter who you are. The truth is; it doesn’t make sense for a lot of people – especially if you’re young. In mostContinue Reading
I recently began volunteering with an organization called Girls Inc., one of whose valuable programs that teaches teen girls the basics of investing and money management. By the end of the program, the girls will be competently managing a full-blown investment portfolio. Sadly, that’s something that most adults are unableContinue Reading
Planning for retirement can be overwhelming. It requires thinking about long-term goals and it forces consideration of a more sensitive subject — one’s own mortality. An RBC study reports that only 52% of Canadian boomers actually put a plan on paper despite understanding its importance. However, they worry about it.Continue Reading
If you are a novice investor in Canada, our tax system can make it very difficult to get the most after-tax growth out of your savings. This is because all of our income is taxed at different rates and, due to our progressive tax system, the more you make, theContinue Reading
For most people, getting a windfall of $10,000-through an inheritance, a severance payment or a small lottery win on the weekly Scratch ‘N Win card-can make a huge difference in their lives. Whether you invest in your small business, save it towards a long-term goal like retirement, pay off heftyContinue Reading