RESP

How should a new Canadian invest his extra cash?

Q. I am a new Canadian (27 years old) and started working in Canada about 1.5 years ago. It took me a while to figure out how things work in this country and a few months ago, after ditching a financial advisor who was also a family friend, I started investing on my own. Currently, I have a TFSA ...

Financial Fitness Part 3. Staying healthy in your mid-30s, 40s, and 50s

In this edition of Financial Fitness, WealthBar speaks to up-and-comers who are in the prime of their earning years. Throughout your mid-30s to early-50s, it’s time to bulk up your bank account. You need to prepare for career zig-zags, take care of your family, and finally, get ready to enjoy yo ...

The pros and cons of Vanguard’s new sustainability ETFs

Imagine my great joy when I saw the announcement that Vanguard had launched two new ESG index ETFs. For those who don’t know, ESG—Environmental, Social and Governance—refers to the three central factors in measuring the sustainability and ethical impact of an investment in a company or busine ...

RESPs and Canadian non-residency

Q: We are moving overseas to New Zealand. I’m wondering what the implications are for our son’s RESP if we become non-residents? Can we continue to contribute? Will we lose what benefits are already in the account? —Cara A: A subscriber is the person who opens and manages a Registered Educat ...

Leaving an inheritance for your grandchildren

Q: My mother has just sold her home and is wanting to open an account for her grandchildren for the purpose of purchasing a home or higher education. My sons are 14 and 11 (her grandchildren). What would the best investment account be for her to put the money in and leave it until the boys are of ...

What’s the difference between a TFSA and RRSP? See the Journey of $1000

When it comes to saving for retirement, what’s the difference between a TFSA and RRSP? This infographic tracks the journey of $1,000 saved using each and demonstrates how they work and are taxed. If you’re wondering how to decide between a TFSA and RRSP when it comes to your own savings, see ou ...

What’s the “catch” with the new “no-fee” Fidelity index mutual funds?

Q: I was wondering if you have seen the recent “no-fee” Fidelity mutual index funds for U.S. and international equities. What is the catch? – Kevin A: In late July, MoneySense reported that ETF fees are going to zero. That hasn’t happened quite yet, but investors in the U.S. can now buy in ...

Top 5 tips to get more money out of your RESP

Post-secondary tuition just keeps going up. Canadian universities and colleges have been hitting youngsters and their parents with tuition hikes every year, for the last 28 years! And it rose 40 percent in just 10 years! Your kids can’t pay for their schooling by working a summer job. They ne ...

Which ETFs make sense for an 18-year-old starting a TFSA?

Q: My daughter, Alie, turns 18 this year and I plan to have her open a TFSA so she can start to invest. Our agreement is that we will match whatever she puts in her TFSA annually for at least the next 20 years, hoping this encourages her to save as she gets older. Should she be looking at an aggre ...

Can Nolan and Theresa pay off their debt and retire at 56?

Nolan B., 38, and his wife Theresa, 39, live in Saskatoon, Sask. They have a 12-year-old son, Ryan. Nolan earns $95,000 a year (plus a potential 13% bonus if certain performance targets are met) while Theresa earns $57,000 annually. Nolan works as a manager for the federal government while Theresa ...