While some financial advisors recommend the 50-30-20 rule, where 50% of your pay goes to fixed expenses, 30% to discretionary and 20% to savings, putting aside just 10%…
Read more Financial planning for the first time? A guide for women on a single income – MoneySenseRESP contributions and withdrawals Registered education savings plans (RESPs) are used to save for a child’s post-secondary education. Contributing to an RESP can give you access to government…
Read more Year-end tax and financial planning considerations – MoneySenseInvestment Investment account Purchase price Sale price Gain Capital gains tax After-tax gains Bitcoin Non-registered $23,500 $61,000 $37,500 $3,750 $33,750 Bitcoin ETF TFSA $23,500 $61,000 $37,500 $0 $37,500…
Read more How to invest tax-free in a bitcoin ETF in Canada – MoneySenseThe difficulties facing newcomers to Canada with respect to retirement planning are particularly acute. Given how Canada’s immigration points system works, economic immigrants are usually in their late…
Read more New to Canada and no pension: How to save for your retirement – MoneySense“If someone’s not lucky enough to have a company pension, it’s that much more crucial for them to be building up savings on their own,” says Millie Gormely,…
Read more How to manage as a single parent with no pension – MoneySenseWorking as a financial planner, I am often asked, “What is the most tax-efficient way to draw down on investments?” From the outset, I question if a decumulation…
Read more Which savings should retirees draw down first? – MoneySenseIt’s not as big a problem as you might think. The key is to try to mimic the pay-yourself-first approach by setting up an automatic contribution to your…
Read more 40 and no pension: What do you do? – MoneySenseEarlier this year, the HBP got a significant makeover. Here’s what’s new about the HBP, plus how you can use it together with other savings tools: a first…
Read more How changes to the Home Buyers’ Plan could affect your down payment – MoneySenseCan you transfer a RRIF to a TFSA? A RRIF is a tax-deferred account. A TFSA is a tax-free account. So, you cannot do a direct transfer between…
Read more Can you transfer a RRIF to a TFSA—and what are the tax implications? – MoneySense10 ways to use your tax refund How you choose to spend your tax refund will often boil down to your tax bracket and debt profile, Forward explains,…
Read more How long it takes to get your tax refund in Canada—and how to spend your refund – MoneySenseAre you on track, or are you playing catch up? For some Canadians, that may feel like plenty of time to ramp up their retirement savings, especially if…
Read more How to start saving for retirement at 45 in Canada – MoneySense17. 2011: Google released Google Wallet in the U.S., three years before Apple Pay even popped up on our iPhones. Over the next decade, Google tested many versions…
Read more Top financial innovations of the last 25 years – MoneySenseIn other words, during the near-zero interest rates that prevailed until recently, investors wanting real inflation-adjusted returns had almost no choice but to embrace stocks. (Read more about TINA…
Read more Are GICs worth it for Canadian retirees? – MoneySenseIn addition, holding cash can mean missing out on the magic of compounding—and the turbo-boost of growing an investment inside a tax-free savings account (TFSA). Despite its name,…
Read more Using ETFs to get the most out of your TFSA contribution room – MoneySenseShould Canadian non-residents keep their TFSAs? Tax-free savings accounts (TFSAs) can remain tax-free for a non-resident of Canada—at least from a Canadian perspective. If a foreign country taxes…
Read more Should Canadians keep their investment accounts when retiring abroad? – MoneySenseReturn to top. Prepping your taxes, including the 2022 tax brackets Even if someone else does your taxes, you still have some prep to do. You will have…
Read more 2022 Income Tax Guide for Canadians: Deadlines, tax tips and more – MoneySenseHow cashable GICs work Traditionally, GICs offer Canadian investors three core benefits: Principal protection to ensure your money remains safely invested A guaranteed interest rate to ensure you…
Read more What is a cashable GIC? – MoneySenseBoth types of investments are subject to tax in your taxable accounts, like non-registered or corporate accounts. Tax-free savings accounts (TFSAs) are tax-free, so you don’t receive tax…
Read more How to file your taxes when you own ETFs – MoneySenseFirst, it bears mentioning that wills typically provide discretion to the trustees to sell, call in or convert into cash any part of an estate in their absolute…
Read more How to divide the assets of an estate between beneficiaries – MoneySenseA corporation’s investment income is generally taxable at between about 47% and about 55%, depending on the corporation’s province of residence. This includes interest, foreign dividends and rental…
Read more How is passive income taxed in Canada? – MoneySense
