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...
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...
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...
What’s Freecycle Network? The Freecycle Network – www.freecycle.org – is an online community where members give out items for free in a hope somebody else will be able to use or recycle the items. It’s absolutely free to join. First of all, you have to find out if there is local freecycle group in...
I’m wondering if anyone gives money to their parents regularly. My parents currently at the ages of 60′s have retired ten years ago with very little savings, so I give them CAD$5000 (Canadian dollar) each month. I feel obligated to provide monetary support to them, because it’s my responsibility. My parents spent all their...
What is a “Credit Report”? A credit report is a “snapshot” of your credit history. It is one of the main tools lenders use to decide whether or not to give you credit/loan/mortgage. In Canada, your credit history is maintained by at least one of three major credit-reporting agencies: Equifax, TransUnion, and Experian*. *...
I’m wondering…what’s the median monthly grocery bill for anyone living in North America? I guess the expense will vary, depending on where you live. I’m a single guy, and I have noticed I spent almost $200 each month on grocery in the past two years (ie, after I graduated from university). In contrast, I...
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...
Most Commented Articles