What if I can’t afford to max out my RRSP contribution? That’s okay. You don’t have to contribute up to the limit every year, and you don’t lose your contribution room if you can’t use it in any given year. That amount will be carried forward to the next year. For example...
This will ultimately determine how much interest you’ll pay over time, in addition to repaying the principal amount you borrowed. What is the prime rate? The prime rate, also referred to as the prime lending rate, is an interest rate set by large Canadian financial institutions, such as ...
Take an honest look at your spending—is there an expense you should cut out—or do you have a surplus you can put towards this goal instead? Of the total amount needed, how much do you want to save? If it’s not possible to save the entire amount, set a reasonable goal and consid...
Hire a financial advisor : A financial advisor can guide you on how much you should save, what investments you should be putting your money into, and even plan your taxes and post-retirement. They can also help you design a savings plan that suits your business and your retirement goals. ...
Should I put money into my 401(k) if I’ll be retiring much younger than the standard age? Won’t I be hit with penalties if I try to use the money before then? Let’s review the basics: Through most jobs, you can contribute to a 401(k) plan – currently $16,500 per year an...
Lenders may also wonder why you’re trying to access so much credit and may be wary of approving you. Nerdy Tip: If you’re shopping around for a loan like a mortgage or car loan, consolidating your inquiries for the same type of credit into a short period is advantageous. Lenders will...
A TFSA is similar to other registered plans, such as a registered retirement savings plan (RRSP). The main difference with a TFSA is that although you don’t get a tax break when you contribute, you would not pay any capital gains tax to the Canada Revenue Agency (CRA) when money is ...