TFSA

5 Reasons to Switch to a Robo-Adviser

If the term robo-adviser conjures up images of C-3PO controlling your money, relax: we’re not robots. So, why are Canadians making the switch to a robo-adviser? We leverage technology to create a modern online experience for the benefit of our clients. “Robo-adviser” is a recent term, used to ...

“Do I really need to rebalance my investment portfolio?”

Q. I have been investing the Couch Potato way for several years now, and I love it because it’s such a simple strategy. Still, I am very negligent when it comes to rebalancing. It’s now been six years since I’ve rebalanced my RRSP and TFSA, but my returns have still been very good. What retur ...

How safe is it to keep more than $100,000 in one savings account?

Q. My wife, Rina, and I are in our late 20s and are saving up for a downpayment for a home. We have $120,000 in our account and are trying to reach $200,000 so we can make at minimum a 20% downpayment on a $1 million detached home in Toronto. My question is, how safe is our money in one account? Ar ...

“Would I be better off renting?”

Q. I’m 41 years old, live alone, and have an outstanding mortgage of $355,000 on my detached home in Calgary. With a monthly income of $3,300 after taxes, I have a difficult time making ends meet and have come to the realization that I will likely never pay off my mortgage. At what point should I ...

Should you use your RRSP to fund a later-in-life university degree?

Q. I’m 58 years old and I retired earlier this year. I’m considering withdrawing money from my RRSP under the Lifelong Learning Plan (LLP) next year so I can fulfill a dream of mine, which is to complete a Master of Science degree in biology. How much can I withdraw, and what are the pros and c ...

Best high-interest savings accounts in Canada

How to use this tool: You can simply scan the table below to view interest rates offered by financial institutions across Canada. Or, input your estimated account balance and compare between high-interest savings accounts (HISA), tax-free savings accounts (TFSA*), registered retirement savings plan ...

Take money out of an RRSP? Sometimes it is the smart move

Is it ever a good idea to take money out of an RRSP before you retire? Most of the time, that’s a big no-no. It does happen, though, more often than you might think. Nearly 40 percent of Canadians withdraw funds early from RRSPs, according to a recent CBC-reported study. Even worse, they’re oft ...

My TFSA Update May 2019 - The Final Article

Image Credit: Fotokostic / Shutterstock.com   In this series, I (Jin Choi) talk about my journey of investing in my TFSA account. If you want to know what a TFSA is, I recommend you read my free book. In this update, I’ll explain why I’m discontinuing this series, and how the content of th ...

Maxed out your RRSP and TFSA? What’s next? Non-registered investments vs. HISAs or GICs

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. And if you were thin ...

Investors who crave safety can find little more growth

Q. I am in the process of deciding how to invest about $400,000 that I received from the sale of my home. I have maxed out my TFSA in Exchange-Traded Funds VXC, VGRO and XIC, and have purchased $300,000 in laddered GICs with maturities over a span of one to three years but would be interested in th ...