What is an RESP and How Does it Work?

RESPs are government approved plans designed to assist and encourage Canadians to save for post-secondary education. RESPs are not specific investments, but a vehicle used to hold a variety of investments and shelter them from taxes. Contributions to an RESP grow tax-free but unlike RRSPs, they are not tax deductible. There are two types of plans – family plans and specified [...]

Post Tagged with
Read More

5 Tips For Starting an Emergency Fund

Post Image

We all know that it’s important to have a savings for a rainy day, but a lot of us don’t have enough space in our monthly budget to add to this fund. Life is full of unexpected events and a little bit of a cushion should be part of your financial plan, but you need [...]

Post Tagged with
Read More

Six Tips to Help Pay Off Credit Card Debt

Post Image

1)   Plan Your Budget: Prepare a budget including a list of your monthly income, expenses and bill payments. This will help you track your payments and cut out unnecessary expenses. 2)   Pay Off High Interest Cards First: Pay down higher interest rates first (maybe one card has 19% interest rate while another has 12%). This [...]

Post Tagged with , ,
Read More

Five Products You Should Add to Your Financial Plan

It is never too early to start thinking about your financial security. Here are five important financial products that will get you on your way to a secure future: 1. Registered Retirement Savings Plan (RRSP)
 RRSPs are personal retirement plans that are registered with the government to assist and encourage Canadians to save for their retirement. [...]

Read More

How do Mutual Funds and Segregated Investment Funds Differ?

What is a Mutual Fund? A mutual fund is a pool of money contributed by many investors that is managed on their behalf by professional fund managers. Mutual funds offer investors a wide choice of professional managed, diversified, liquid and affordable investments that can be conveniently purchased. Often the most difficult task is determining which mutual funds are [...]

Read More

6 Ways to Increase Your Tax Return

Post Image

Here are some ways to help turn your tax return into a windfall: Tax Credit for Public Transit If you are a Public Transit user, you can claim the cost of transit on your tax return. Hold on to your weekly or monthly passes and receipts and you can claim the Public Transit amount for [...]

Read More

What is a TFSA? and how do they compare to RRSPs

Post Image

In RRSP post, we outlined what an RRSP is and how to make your RRSP grow faster, but RRSPs aren’t the only government driven savings plan available. Since 2009, the Canadian government has offered the Tax-Free Savings Account (TFSA) as an alternative to the RRSP. What is a TFSA? The TFSA is a flexible, registered, [...]

Post Tagged with , ,
Read More

All about RRSPs

Post Image

Useful facts about RRSP Contributions -       the last day to contribute to RRSP’s is March 1, 2013 -       the amount you are allowed to contribute can be found on the notice of assessment from the previous tax year -       You can also get the information from your Canada Revenue Agency account or Quick Access here: [...]

Read More

Living Benefits: Disability Insurance vs. Critical Illness Insurance

You probably don’t think twice about insuring your car and home, but the most valuable asset you have may be your earning power. Disability insurance and critical illness insurance are both types of living benefits Canadians can set up to protect themselves, their families and their financial assets in case of physical hardship. As discussed [...]

Read More

Whole Life vs. Universal Life Insurance

Post Image

Whole Life vs. Universal Life Insurance There are so many types of life insurance that sometimes it’s a little bit daunting choosing which plan is right for you. In order to make the right decisions, it is important to be fully informed. We already went over the differences between Term Insurance, Term 100 Insurance and [...]

Read More