TFSA

Questrade vs. Wealthsimple: which online investing service is right for you?

If you’ve decided to try out online investing and have narrowed down your choices to Wealthsimple and Questrade—congratulations! Both are solid Canadian options that can help you grow your money and achieve your investment goals. But choosing between the two can be tricky. While the two financi ...

RRSP vs. TFSA: Which is right for me?

Which is better—a TFSA, or an RRSP? That’s kind of like asking, “Which is better—a t-shirt, or a sweater?” Fundamentally, they do the same thing—t-shirts and sweaters both keep you covered, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) both let you save ...

How should a 24-year-old invest now to minimize taxes in the future?

Q. I’m 24 years old and have a dilemma. I have made the maximum contributions to my Tax-Free Savings Account (TFSA) every year, and now I’m wondering what money moves I should make next. By that, I mean what is the best investment route for me at this stage of my life so that I pay the least am ...

Can you have too much invested inside an RRSP?

While not quite up there with outliving your money, for many seniors the idea of dying with too large an RRSP (Registered Retirement Savings Plan) or RRIF (Registered Retirement Income Fund) rankles. Handing over nearly half your nest egg to Ottawa after a lifetime of tax-deferred saving seems to m ...

How to recover financially from divorce

Right off the top, it’s important to acknowledge that there are no secret strategies for magically avoiding the financial impact of divorce. Divorce is difficult. You may lose half of your assets—or more—during the process of equalization. You may have ongoing spousal support or child support ...

Maxed out your RRSP & TFSA? Here’s how to keep growing your money

So, you’ve maxed out your registered retirement savings plan (RRSP) and tax-free savings account (TFSA). Maybe you’re a diligent saver. Or you’ve just sold a home or a business. Maybe you’ve inherited wealth. Whatever the reason, you’ve got additional money to invest. How can you keep do ...

Saving vs. investing: which is right for me

When should you save, and when should you invest? The answer depends on what you have planned for the future—and what you want to do with your money.  First, let’s look at the most important differences between saving and investing. Then, we’ll help you figure out which is right for you. In ...

10 things you can do to save money and eliminate debt

1. Set a goal If you’re serious about saving you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving for retirement, having a very specific goal will help you stay motivated and on track. 2. Track your dollars The bes ...

Should you borrow to pay expenses on an investment property?

Q. I have an investment property that I rent out. Now that I’m retired, I would like to use the income to supplement my retirement income. That would leave me with no money to pay the expenses on the property (mortgage payment, maintenance, utilities, etc.). I’m wondering two things: One, can I ...

What is an RRSP and how does it work?

Maybe you can’t drive stick shift. Maybe you don’t know the name of your local representative. Or maybe you’re still unclear on what, exactly, gluten actually is. We all have holes in our knowledge that we’re embarrassed to admit. If you still aren’t sure what an RRSP is, or how it actua ...