Each month I put away all my remaining money into some kinds of savings accounts until I need to use it. Instead of locking... »
Investment Strategies
Home Buyers’ Plan (HBP) – how to maximize this plan
Before we begin this topic, we will briefly discuss how HBP works. Then we will talk about how to maximize this tax-saving strategy toward the end of this article. Home Buyers’ Plan (HBP) allows first-time homebuyers to withdraw RRSP to purchase or build a home without having to pay tax on the withdrawal. RRSP Withdrawal Limit... »
RBC VISA TFSA Reward – is this cashback feature worth your points?
Last month, when I received my RBC VISA card monthly statement, I saw an advertisement about redemption of RBC Rewards points toward TFSA. Seems very interesting, but is it worth a try? I decide to take a close look. Here is the advertisement: RBC Rewards points can now be redeemed toward your Tax-Free Savings Account (TFSA).... »
RRSP – Maximize Your Retirement Savings
What’s an RRSP Registered Retirement Savings Plan is a retirement plan that you or your spouse or common-law partner establish and contribute to. RRSP contributions are tax-deductible;ie, it can be used to reduce your income tax. RRSP vs CPP Why should I invest in RRSP when I can get CPP (Canada Pension Plan) benefit at retirement? Reason: CPP... »
IPP – Supersize Your Retirement Savings
Many Canadians have seen their RRSPs take a significant toll in the markets during this Global Recession. Most can do little more than hope for a quick recovery. But there is another option. It’s called Individual Pension Plan (IPP). What’s IPP? IPP stands for Individual Pension Plan. It is perhaps the least known, yet most effective... »
RRSP vs TFSA
Which investment is better—RRSP or TFSA? This article will highlight some important differences, flexibilities, and restrictions. Registered Retirement Savings Plan (RRSP) Eligibility: Any Canadian residents with earned income. Contribution Limit: 18% of earned income to an annual maximum ($21,000 for year 2009; $22,000 for year 2010); unused contribution room is carried forward and accumulates in future years.... »
How to Calculate RRSP Contribution Room
How is RRSP Deduction Limit / Contribution Room Calculated? Long Definition: a taxpayer’s RRSP deduction limit for a year is equal to 18% of the taxpayer’s earned income for the previous year (to a maximum amount) minus an amount in respect of benefits that accrued to the taxpayer under registered pension plans (RPPs) and deferred... »
RRSP – national average annual contribution
Is your RRSP contribution up to par? According to Statistics Canada, RRSP contributions rose 5.3 per cent to $34.1 billion in 2007 with the following trends. Newfoundland and Labrador The highest percentage increase in the number of RRSP investors (up 5.3 per cent) Quebec The largest increase in absolute number of RRSP investors, at almost 25,700 contributors, or... »
JACKPOT Lotto 649 – how to win and predict numbers
Playing lottery is a quick way to become an instant millionaire. Despite the fact that the chance of winning is very small, you will not win if you do not buy a ticket. However if you buy one, at least you will have a chance, right? All investments carry some degree of risk, and... »
Canadian High Interest Rate Savings Accounts
Each month I put away all my remaining money into some kinds of savings accounts until I need to use it. Instead of locking money into RRSP, real estate, and/or other investments, high interest rate savings accounts provide a way to grow your investment and at the same time maintain high cashflow (flexibility of... »
Best Times to Buy
This article contains a brief summary for best times to buy in North America: airplane tickets appliances gold cars gym membership electronics oil real estate designer clothing& jewelry furniture USD currency Airplane Tickets Best Time to Buy: At Least 14 Days Before Departure Two week ahead of departure is the minimum to seize a good deal. However, even with this time frame, the quantitiy of low-priced tickets... »