Opening a savings account is easy in Canada. You can do it online, through a bank’s mobile app or at a bank branch. So, whether you’re setting up an account for everyday savings, aiming for higher interest or looking for tax benefits, follow these steps to make the process go smoot...
An RRSP account is designed for growing savings for your retirement, but under the Home Buyers’ Plan or Lifelong Learning Plan, you may be able to access your RRSP funds on a tax-free basis to help pay for your first-time home purchase or for education programs, subject to eligibility an...
However, you usually can’t add money to your GIC during the term, and you’ll pay a penalty to withdraw funds before the maturity date. Registered Retirement Savings Plan (RRSP) A RRSP is a long-term investment account designed to save for the future — in this case, old age. Money ...
A portfolio refers to all of your investments. It can be made up of stocks, bonds, and other assets. Registered Retirement Savings Plan (RRSP) An RRSP is a government-regulated investment account with special tax benefits to help you maximize your retirement savings. ...
9. Reduce fees charged by your bankBank fees might seem small, but they all add up. Banks have a way for slapping on fees each time you doing anything from using an ATM that's not theirs to not keeping your savings account balance above a certain level. Be aware of the fees your ba...
Learn what are the different rules for RRSP withdrawal. Before you decide to withdraw, contact an investment professional to help you understand your options.
Here’s a cheat sheet to help you get comfortable with some more common financial terms. Registered Retirement Savings Plan (RRSP) An RRSP is a government-regulated investment account with special tax benefits to help you maximize your retirement savings. Registered Retirement Income Fund (RRIF) A...
Are you taking advantage of the tax benefits for contributing to a Registered Retirement Savings Plan (RRSP)? Are you deducting home office expenses? You might even be able to purchase new equipment and write off most of the cost in the year you buy it. Or if you employ an apprentice tha...
At retirement, the money in an LIRA can be transferred to another retirement fund or used to purchase a life annuity. Federal pension laws govern a similar type of account known as a locked-in Registered Retirement Savings Plan (RRSP). ...
While an individual or joint account holders can set up an RRSP themselves through a discount brokerage firm to make the process more affordable, most financial experts advise investors to enlist the guidance of a financial advisor who can make suggestions as to the best mix of investments to in...