It’s abundantly clear to most of us that Canadians aren’t able to save much money for the long-term, given the high costs of housing, historic levels of household debt, the lack of workplace retirement savings programs, and many other factors. A new research paper, The Canada Saver’s Credit, suggests a solution. Supported through the coalition … Continue reading Research paper suggests government-matched TFSA Saver’s Credit for mid- to low-income earners
Several months after my husband and I filed our 2016 income tax returns and got our refunds, we received identical ominous envelopes from CRA. They contained Notices of Assessment reporting that each of us had over-contributed $5,500/month for the last five months of the year, resulting in a $28,201 over-contribution to our TFSA accounts. Yet … Continue reading Don’t be fooled by CRA’s record of your TFSA contribution room
By Sheryl Smolkin You have $2,500 to contribute to retirement savings in 2012. Should you contribute to a tax-free savings account or the Saskatchewan Pension Plan? Before answering that question, it is helpful to review some basic SPP and TFSA concepts. SPP You can contribute a maximum of $2,500/year to SPP providing you have RRSP … Continue reading SPP or TFSA?
A look at the best of the Internet, from an SPP point of view Is retirement at age 65 priced out of most people’s range? For decades, 65 has been the age when we are all expected to get the golden handshake. After all, it’s also the age when government pensions kick in. But new … Continue reading Dec 3: Best from the blogosphere – Is retirement at age 65 priced out of most people’s range?
A look at the best of the Internet, from an SPP point of view You saved it – but can you make it last? By now, most of us get the idea that paying for one’s retirement involves saving money in the period leading up to the end of work, and then making those savings … Continue reading Sept 17: Best from the blogosphere
We sometimes think of retirement as an individual weight that we all must bear alone. But sometimes, using a collective approach can make that heavy load a little easier for us. So says Alex Mazer, Founding Partner of Common Wealth. “Preparing for retirement is pretty hard to do individually,” he notes, adding that many people … Continue reading Common Wealth’s Mazer recommends collective, automatic savings approach
Before you start reading this blog, I’m warning you that it does not contain typical financial advice. After all, at this time of year personal finance writers and bloggers wax lyrical about all of the important things you should do with your income tax return, like reduce debt; contribute to your RRSP, TFSA or your … Continue reading What to do with your tax return
Today I’m interviewing Evelyn Jacks for SavewithSPP.com. Evelyn is the founder and president of Knowledge Bureau, a virtual campus focused on professional development of tax and financial advisors. She was recently named one of Canada’s Top 25 Women of Influence. She is also one of Canada’s most prolific and best-selling authors of 51 personal … Continue reading Interview: Evelyn Jacks talks taxes*
Today I’m interviewing Shannon Lee Simmons for savewithspp.com. She is a Certified Financial Planner, Chartered Investment Manager, media personality, personal finance expert and founder of the online New School of Finance. Shannon has also won a whole slew of awards including being named one of Canada’s Top 30 under 30. She has a monthly … Continue reading Interview with Shannon Lee Simmons: Debunking Financial Myths*
The “holy trinity” of tax-assisted savings plans available to Canadians are TFSAs, RRSPs and RESPs. RESPs (Registered Educational Savings Plans) are primarily designed to help families to save for post-secondary education. Each year, on every dollar up to $2,500 (to a life time maximum of $50,000) that you contributed to an RESP for a child’s … Continue reading Group vs Individual RESPs: What’s the difference ?