Each month I put away all my remaining money into some kinds of savings accounts until I need to use it. Instead of locking... »
TFSA
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... »
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.... »