Who can open a TFSA? Any Canadian over the age of 18 who has a valid social insurance number (SIN) is eligible to save or invest in a TFSA. How do TFSA contributions work? If you’re asking “What’s the catch?”—well, there isn’t one, unless you...
The actual TFSA yearly limit was set at $5,000 back in 2009 when the investment account was first created, but it’s indexed to inflation each year and rounded to the nearest $500 to simplify things for investors. The exception was 2015, when...
There’s a specified limit to how much money you can put inside a TFSA. For 2024, the annual TFSA contribution limit is $7,000, and for 2025, it will be $7,000. As of Jan. 1, 2024, there is a lifetime maximum of $102,000...
There are potential tax benefits to incorporating. As a company owner, you can pay yourself a salary or a dividend (share of profits). In either case, you must pay personal income tax on this, which is separate from the business tax filing—once...
What’s the worst money advice you’ve ever received? Get an adjustable-rate mortgage as a first-time home buyer when the Bank of Canada interest rate is just 0.25%—when it has literally nowhere to go but up. It’s difficult for me to recall what the...
But the infrastructure behind mutual funds is much more costly than for ETFs. That’s helped J.P. Morgan, which has until now focused on institutional clients in Canada, to offer investment products for advisers and retail investors, said Hughes. “To have mutual funds, you...
“It’s going to be very challenging to sort of convince consumers to take that next step without there being some sort of comfort around the ability to charge outside their home,” Rogers said. She said consumer concerns need to be addressed if Canada...
Intergenerational trauma around money Science has proven intergenerational trauma exists. Essentially, when our parents or grandparents experience oppressive and/or distressing events, this trauma can appear in us, both in our genes and in our mental well-being. In fact, financial woes can often stem from...
What did we look for when comparing courses? Each course listed here must: Be free for Canadians Come from a quality educator Provide lessons that teach something useful and relevant to Canadians Be accessible, whether that’s online or in person in multiple locations Read more in the...
Newcomers and consumers who borrowed money for the first time in the past 12 to 36 months saw the biggest rise in missed payments, compared with the same consumer group last year, Equifax’s report published Tuesday, showed. “Recent newcomers to Canada are facing...
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