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Personal Finance & Money Saving Tips for Canadians

Details: Money-Saving Tips for Canadian Seniors on a Fixed Budget. 5 Minute Read July 19, 2022. With these tips on cutting down or getting rid of unnecessary expenses and getting better deals, you’ll see a substantial increase in your senior savings. READ MORE. General Finance.

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What Is A Registered Education Savings Plan (RESP)

Details: A registered education savings plan, or RESP, is a better alternative that allows parents to save for their child’s post-secondary education tax-free and spread the cost out over many years. Best of all, the Government of Canada will even contribute a significant amount of money to the RESP over the lifetime of the account.

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What You Need to Know About the Canada Learning Bond (CLB)

Details: The Canada Education Savings Grant (CESG) is a tax-free grant that the Canadian Government will contribute to eligible RESP accounts. The CESG is significant because it can amount to thousands of dollars over the lifetime of the account. In fact, the maximum amount of money you can receive from the CESG is approximately $7,200, which can equal

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Guide to Student Car Insurance MoneyWizard.ca

Details: Take A Driver’s Education Course. Your certified learning as a driver shouldn’t end once you have acquired your G2—especially if you want to pay the lowest possible insurance rates. Taking an officially certified course inspires trust. Now trusting you to drive more safely than other young drivers, your insurer will reward you with a more

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Personal Finance Blog & Resources MoneyWizard.ca

Details: Everything you need to know about Registered Education Savings Plans, including the advantages and disadvantages of opening an RESP, the different types of RESPs, and how to open an RESP. READ MORE. Pros & Cons Of Fractional Share Investing. 5 Minute Read March 23, 2022.

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Save Money With These 10 Simple Steps MoneyWizard.ca

Details: Reading Time: 4 mins When it comes down to saving money and getting out of debt, your habits matter a lot! “The solution to your money problems isn’t more money,” wealth manager and best-selling author David Bach writes in his 2019 book The Latte Factor.Instead, he says, the answer lies in forming “new habits.”

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Latest General Finance Posts MoneyWizard.ca

Details: What Is A Registered Education Savings Plan (RESP) 6 Minute Read March 24, 2022. Everything you need to know about Registered Education Savings Plans, including the advantages and disadvantages of opening an RESP, the different types of RESPs, and how to open an RESP. READ MORE.

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Personal Finance Blog & Resources MoneyWizard.ca

Details: This is an example page. It’s different from a blog post because it will stay in one place and will show up in your site navigation (in most themes). Most people start with an About page that introduces them to potential site visitors. It might say something like this: Hi there! I’m a bike messenger… Read More »What Is A Registered Education Savings Plan (RESP)

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How To Find A Financial Advisor in Canada MoneyWizard.ca

Details: Most financial advisors earn a percentage of your account, especially those who have minimum thresholds, meaning that you need to have at least a specified amount of money in your account, commonly at least $100,000.. However, financial advisors that don’t require you to have any set amount of money may charge either an hourly fee or a higher

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Registered Retirements Savings Plans RRSP Basics

Details: Above 2.2% is considered to be higher interest rates in the current economic environment. As a savings pla n — The most straightforward plan, serving as a bank account protected from taxation. For example, Alterna Bank offers its RRSP eSavings account at a 1.4% interest rate. As you may immediately notice, this is lower than even the medium

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Guide to Disability Insurance MoneyWizard.ca

Details: Except for a small percentage of the population, most Canadians need a regular income. It helps you pay your bills, take care of your children’s education, make mortgage payments, and save for your retirement, among other things. A short-term disruption to your flow of income can force you to cut back on your expenses.

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Tax Benefits of Investing in an RRSP

Details: The Contributions To RRSP Are Tax-deductible. RRSP contributions are tax-deductible on your tax return. For instance, if you belong to the top bracket in Ontario, every contribution of $1,000 will reduce your tax payment by about $535. If your income is lower in a year, the deduction for your contribution can be carried forward to future years

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Best Auto Loan Rates & Car Financing in Canada MoneyWizard.ca

Details: A personal loan can finance anything a car, a parcel of land, a vacation, a wedding, an education, an investment. Car loans are strictly meant help you buy a car. Both kinds of loan have pros and cons that you should carefully consider in light of your circumstances. Many borrowers prefer an auto loan when buying a car because it is more

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What Is Zombie Debt

Details: What Is Zombie Debt? So, as mentioned, a zombie debt is a debt that has resurfaced seemingly from the dead. This can be any debt that has no business being on your credit report, such as debt that has surpassed the statute of limitations, debt that has already been paid, debt that was never yours to begin with, or any other debt for which you

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What Percentage Of Your Salary Should You Save Every Month

Details: The rule of thumb is to save at least 20% of your income, with 10–15% of your savings going into retirement accounts, and the other 5–10% going toward building an emergency fund, creating long-term savings, and paying down debt. For the rest of your income, 50% should be committed to essentials such as rent, and 30% should be allocated for

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Money Saving Tips Archives Personal Finance Blog & Resources

Details: What Is A Registered Education Savings Plan (RESP) 6 Minute Read March 24, 2022. Everything you need to know about Registered Education Savings Plans, including the advantages and disadvantages of opening an RESP, the different types of RESPs, and how to open an RESP. READ MORE.

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TFSA vs. RRSP: How to Choose Between the Two MoneyWizard.ca

Details: Limits. For TFSA, the maximum annual contribution limit as of 2020 is CA$6,000, irrespective of your earned income. For RRSP, the contribution limit is determined by the income earned from the preceding year, up to a maximum amount. For instance, in 2020, the limit for RRSP is CA$27,230 less your pension adjustment or the amount indicated on

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Can the 15/3 Credit Card Payment Hack Improve Your Score

Details: One popular hack that can help improve your credit score and personal finances is the 15/3 credit card payment method. Most Canadians recognize the need to manage their card balances and pay on time. They may not know their credit limit, interest rates, or credit utilization, but they do know that a good relationship with the credit card

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Wealthsimple vs. Questrade: Online Investing Comparison

Details: Wealthsimple is a Canadian investing platform that offers automated financial planning services. Wealthsimple was founded in 2014 by Michael Katchen; today, it manages over C$5 billion in assets. The company also operates in the US and the UK. Investment portfolios managed by Wealthsimple employ a passive strategy inspired by Nobel Prize

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