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... »
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... »
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.... »
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 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... »
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,... »
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... »
It’s the end of May. Time to update my networth. My goal is to reach my first million dollar networth in 7 years after university study, which means I have 5 more years to accomplish it since I graduated in April, year 2007. Like I said in my previous networth report, I want to put... »
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... »