Each month I put away all my remaining money into some kinds of savings accounts until I need to use it. Instead of locking... »
Banking & Budgeting
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... »
Medical Doctor Salary … not as high as you think?!
Recently I’m curious about the average annual income for physicians in Canada. I mean how high can their incomes go? I did a search online but came across numerous results unsatisfactorily. Some websites use data that are decade old; some use data without any real statistics; some use data that are based on individual... »
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... »
Cars that can save you money
Here is a list of cars that may save you some money. Most of them are hybrid cars which offer great mileage. With recent dropping in gasoline price, the long-term savings from mileage may not be obvious. In addition, hybrids may be more expensive to fix when they break down. The maintenance frequency and... »
Unclaimed Bank Balances – could be your money?
Turn unclaimed bank balances into your savings! Perhaps this happens to one of your deceased family members. Unclaimed Bank Balances An “unclaimed balance” can be in the form of a deposit account, bank draft, certified cheque, deposit receipt, money order, GIC, term deposit, credit card balance, or traveller’s cheque. When there has been no owner activity... »
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.... »
Average Annual Household Income Canada
The other day I posted an article on Average Annual RRSP Contribution in Canada for Year 2007. The maximum RRSP contribution limit was $19,000 for year 2007; however, the national median contribution that year was only $2,780. Because of such a huge discrepancy, I decided to do a search on how much an average... »
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... »
No Fee Chequing Accounts in Canada
A few days ago, I wrote an article on Canadian High Interest Savings Accounts. Today I’m going to explore the options for Canadian No-Fee Chequing Accounts. No-fee chequings can be classified into two broad categories: A) No minimum balance required B) Yes minimum balance required to waive account fees Most big banks in Canada (BMO, CIBC, HSBC, RBC,... »
A Simple Debt Management Strategy
I discover this Debt Management video while browsing internet. In my opinion, the advice presented in the video is pretty simple and yet is probably very HARD to do for many people. It will definitely requires some sort of self-discipline or at least delayed timing for purchases. However, if you’re a proactive person, you’ll... »