What is a TFSA?
How much can I contribute to a TFSA?
Tax-free means more savings
Advantages of a TFSA
No matter how much money you make or what your family situation is, you probably have issues with money. You might be trying to save a little more for the future or an important purchase. You might be trying to pare down credit card debt. Or you might be struggling to get by from paycheque to paycheque. Whatever your situation -- and whatever your income -- there are steps you can take to get your money under control. Here are some ideas to help you get on track as you work to live within your means.
You can start planning and saving for your retirement at any age. Many of us know we should start early so our money has a longer time to grow. With the costs of buying a home, raising kids (and paying for their education), it may be hard to get going, let alone know where to begin.
Here are six steps that will help you get started.
How many times have you thought about what you would do with a million dollars? With a long-term focus and some discipline, you could build a $1 million nest egg by the time you retire.
Ways to maintain healthy spending habits.
Many Canadians are saving more and spending less, at least in the short term, as a result of the economic crisis. According to a recent Gallup poll, 53 percent are spending less than they used to. By turning this healthy new behaviour into a long-term habit, you can make saving a way of life even after the economy recovers. This article provides tips that can help.
November is Financial Literacy Month in Canada
1. Tax savings
2. Tax refund
3. Income splitting canada revenue
4. Borrow from your RRSP
5. Convert your RRSP
What is a segregated fund?
1. An efficient way to do an estate transfer
2. Additional protection for your investments
3. Growth potential and flexibility
4. Potential for creditor protection
5. Protect your privacy
If you’re like most people, the dollars you have for savings are not unlimited. That means you have some decisions to make, including whether it makes more sense to pay down your mortgage quickly or invest in an RRSP. It’s true that reducing your mortgage quickly makes a lot of sense, but you’ll also need a significant nest egg if you want to retire in comfort.
Here are some things to consider as you weigh your options.
Do you want to save more for retirement? You may have options you hadn't considered. Depending on your goals, you may want to take a fresh look at your spending habits, revise your savings plan, or get help from a financial adviser or debt counselling service. The most important thing is to make saving a top priority and keep looking for new ways to save until you find the way that works best for you.
For years Canadians have utilized registered retirement savings plans (RRSPs) as the primary investment vehicle for retirement savings. With the introduction of tax-free savings accounts (TFSAs), there has been great debate over where to invest: RRSP or TFSA? Although the two account types share some common traits, there are some key differences.
Taking charge of your finances
Understanding where you are now with your money
Understanding where you want to be with your money
Sticking to your budget and reaching your goals
At retirement, your focus shifts from saving money and building RRSPs to finding ways to draw a regular income and ensuring you don’t outlive your savings. A payout annuity is a unique product that provides regular guaranteed income in retirement.
If you are looking for a little security, a segregated fund may just be the right investment choice for you. Segregated funds are similar to mutual funds in that your investment is pooled with other investors’ assets and invested for you. A fund manager is responsible for selecting the investments that make up the fund. Where segregated funds differ is in the guarantee.
A life insurance policy can help ensure your family has the money they need to carry on without worrying about financial burdens. The benefit from a life insurance policy can help replace your income, set up an education fund for your children and pay any taxes owing on your estate.