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Category: Saving Money
What’s an RRSP Loan and When Does it Make Financial Sense to get one?
A Registered Retirement Savings Plan (RRSP) is an investment account primarily used for retirement savings. Any interest or investment income you earn in an RRSP is tax-free as long as the funds remain in the account. Saving for retirement is one of the most important financial steps everyone should take. RRSPs have 3 special tax…
How To Save on Auto Insurance in Canada| 10 Great Tips To Start Implementing
Auto insurance is a must if you own a car. However, finding affordable insurance is proving to be more and more difficult every year. As the cost of living increases, everything else does too and a lot of Canadians struggle to stay within budget. If you can find a way to save a few hundred…
6 Ways To Reduce Your Monthly Expenses
Staying within budget and making sure you don’t spend more than you earn is one of the most difficult challenges in our day-to-day lives. Luckily, there are ways to help you achieve this goal so you can start saving for the most important things in life. So, here are 6 ways to help you reduce…
What’s the Tax-Free Savings Account (TFSA)?
The Tax Free Savings Account (TFSA) is a registered savings account with the Canada Revenue Agency (CRA). The account was created in 2009 in order to help Canadians save. Because this account is 100% tax free, it helps you grow your savings much quicker. It allows any eligible Canadian to save money and earn as…
What’s the Registered Retirement Savings Account (RRSP)?
A Registered Retirement Savings Plan (RRSP) is an investment account designed primarily for retirement saving. Either you or your spouse can contribute to an RRSP. This account is regulated by the Canadian government thus the word registered. Any interest or investment income that you earn in an RRSP is exempt from tax as long as…
EQ Bank Review 2020| High Interest Savings Account in Canada
For those of you who’ve never heard of this Bank, EQ bank is a Canadian online Bank that was created in 2016. So it’s a fairly new bank. EQ Bank doesn’t have any branches. This means that all of the banking process and transactions are done online. They are based in Toronto and are actually…
10 Tips To Save on your Grocery Budget in Canada
After our rent, one of the highest expenses in our monthly budget is usually groceries. It’s no secret that most people spend a lot of money on groceries. We eat everyday. In fact, we eat a few times a day. Therefore, our fridge and pantry need to be well stocked. In order to save money,…