TFSA

Filing your clients’ 2019 taxes: what’s new and noteworthy

The Thursday, April 30 tax filing deadline for individuals is coming up fast. Here’s a summary of new limits, new rates, tax changes and new services. Tax filing season is upon us, and the first thing to note is the filing deadline: Thursday, April 30. For business owners and their spouses, the t ...

What you need to know about hybrid bank accounts

Hybrid bank accounts are the latest offering in a series of fintech rollouts that have shaken up Canada’s staid banking sector over the past few years. These accounts provide a single place to hold and use your money, allowing you the flexibility to withdraw and deposit as you please while still ...

Comeback moms

For many women, returning to work doesn’t come with the same high in their bank accounts before their little ones came along. In fact, the Royal Bank of Canada estimates women are paid less for up to five years after giving birth, and a study from L’Université du Québec à Montréal says it t ...

A guide to the best robo-advisors in Canada for 2020

The robos are everywhere. What was once a little-known investing tool for tech-savvy investors is now commonplace, with everyone from newbie savers to retired boomers using robo-advisors to help manage their money.  While advisors and traditional fund companies still manage the majority of money i ...

The best RRSP investments for 2020

A Registered Retirement Savings Plan (RRSP) is an investment plan that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribu ...

Still not sure about RRSP vs. TFSA? Here’s how to use both

Learn how to maximize long-term tax benefits using tax-sheltered or tax-deferred registered plans.   One of the biggest benefits of registered plans in Canada is the tax-deferral opportunity on the compound growth inside the plans. In other words, registered plans generally allow investors to avoi ...

Do you have too many shares in one company?

Economist and Nobel Memorial Prize winner Harry Markowitz once said that diversification is the only free lunch in finance. In other words, diversification can reduce risk and volatility with no cost or reduction in returns. That is not to say that someone may not get lucky by buying a single stock ...

Best high-interest savings accounts in Canada 2020

Rates as of February 14, 2020 Regular savings accounts offer very low interest rates, so if you want to earn on your deposits (rather than simply use your account as a temporary “holding tank” for funds you’ll soon be using for purchases, or directing to longer-term saving and investing vehic ...

Retirement strategies to keep more money in your pocket

Q. I retired seven years ago, when I was 55. I’d like to run projections and analyze the best way to draw down my RRSPs with the least amount of taxes payable. Is there a software package you’d recommend that can do this? Here are some other details about my financial circumstances. I have no c ...

What the heck is a TFSA?

One of the side-effects of working for a personal finance magazine is that my buds good-naturedly ask me for advice. I always oblige, albeit sheepishly, without letting on that I’m still learning, too (which I freely admit here). For instance, the other day I was having lunch with some friends ...