Your RRSP contribution limit caps the amount of money you can invest in your registered retirement savings plan; usually the limit is 18% of your reported income from the previous year.
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 ...
RRSP Contributions Every dollar that you contribute to an RRSP will result in more CCB (providing that you aren’t super high income). However, if you are a high-income family that doesn’t qualify for CBB, a large contribution may bring your income low enough to qualify. How much you g...
Understand how much life insurance coverage you need to protect your family, based on Canadian living expenses, education, assets, & more.
The government offers the Home Buyer’s Plan, which allows you to withdraw from your RRSP early without paying withholding tax, as long as you are using the funds to pay for your first home. Dive deeper: Compare the best high interest savings accounts in Canada 6. Set up automatic ...
Juice Defender: This app can save you the frustration of not having enough phone battery power to make it through a day of conference calls. Performance varies by device type, but this app could stretch your phone charge by as much as 300%. ...
With many middle class couples with no debt able to retire on approximately $50k/yr in todays dollars, that only leaves a gap of $22k/yr to be funded by company pensions and/or savings (RRSP, TFSAs etc). If there are no other company pensions, the question now is how much savings ...
A valid Social Insurance Number (SIN) is required to open a TFSA. 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...