Tax Free Savings Accounts (TFSA) were introduced in 2009. They were created under the premise that this type of account would provide an incentive (no taxes) for Canadians to save money. They are a simple and very useful financial tool. TFSAs are an excellent way to save for virtually any goal; your emergency fund, a … Read More
If you’ve recently been widowed, make sure you take advantage of the tax-deferred rollover that allows your spouse’s RRSP to transfer into yours with no tax consequences and without needing additional contribution room. With the loss of your spouse/partner you may be concerned about having to save for retirement on your own. If you’re working, … Read More
It’s RRSP “season”, a term you’ll hear often in the first 60 days of any calendar year in Canada*. I’m sure you’ve seen many commercials on TV and online trying to convince you to set up or contribute to a registered retirement savings plan. As common as RRSPs are, I’m often asked basic questions about … Read More
I’m a big fan of keeping your personal financial management system as simple as possible. As a widow, you will likely be closing down accounts that were in your spouse’s name and converting joint accounts to your name. It’s a good idea though to keep one joint account open until the entire estate has been … Read More
Warren Buffet has been quoted as saying, “Don’t save what’s left after spending; spend what is left after saving.” It’s all too easy to say you’ll start saving money after you get ahead on your bills. The problem with that approach is that day never seems to come. Money has a way of finding something … Read More
