We have all seen all the headlines: Canadian inflation is up 6.8%, gas prices are soaring, and everything is becoming more expensive. The rising cost of living also makes it harder to manage our money goals, like paying off debt and saving for rainier days. However, with a little creativity, you can make a [...]
One of the common issues facing CEIRP members is how to budget their money and manage their debt. As the cost of living rises across the country, everyone should learn these skillsets. We know that many of you work long hours, but by just setting aside an hour or so to create your budget, [...]
Automate your debt payments Some of the best known personal finance experts recommend using the debt snowball technique to pay off debt. The idea is to list your debts from lowest to highest, and then set aside an amount of money each month to put towards the different items. The bulk of the money [...]
You know that amazing feeling you get when you find $5 in a bag or jacket you haven’t used in a while? It’s the kind of thing that adds a spring to your step for the entire day, as you try to figure out if you should blow the whole thing on a fancy [...]
Here’s a simple fact about growing your nest egg: making money is easy. Saving it can be the tricky part. That’s why it’s important to consider how your investments outside your RRSPs are taxed. To illustrate, here are three general tax treatment examples for an individual with an annual income of $85,000 and earning [...]
The simple answer is a Canadian resident for tax purposes who is 71 years or younger and making an income, up to the individual’s annual contribution limit. So, what if you’re on a temporary work visa or you’re a Canadian citizen who’s lived overseas for a while and have now moved back? The CRA [...]
We can all agree that the instability of last two years have been a challenge financially for many Canadians. However, a recent Canadian survey found that 40% of respondents were able to continue to contribute to their RRSPs, according to Benefits Canada, a financial industry trade magazine. In fact, the majority of the respondents [...]
A common concern of many Canadians is: “I can never retire.” It’s usually followed by: “I haven’t saved enough.” These worries are understandable since we live and spend money in the “now.” It’s much harder to visualize how we’ll live and spend money in retirement when it may be 5, 10, 15, 20 or [...]
Over the last few years, the financial industry has taken note that women are taking more responsibility for personal and household financial decisions. A recent article in the Toronto Star on the subject noted that 90% of Canadian women will find themselves in this role by way of personal lifestyle preference, divorce or by [...]
If you are turning 71 this year you will need to close your RRSP by December 31. This being said, it doesn’t mean you have to leave the CEIRP plan. You may have already been contacted by Canada Life and have made a decision about opening a CEIRP RRIF. This account offers the same [...]
