Savings

Summer of Savings Challenge

Submitted by admin on Fri, 09/25/2015 - 11:09

The Summer of Savings Challenge has officially come to an end and I would like to personally thank all of those who have taken the time to submit their testimonials. It is a privilege to be able to have a positive impact on people’s lives; so far nearly 11,000 people have chosen to use Life By The

Nickels & Dimes

Submitted by admin on Fri, 02/13/2015 - 11:43

It's RRSP season, so let's take this opportunity to look at your investments; what factor has the most impact on your investments? There are a lot of factors that impact your returns such as fees, inflation, taxes and of course there's the overall rate of return... but there is one factor that ar

RRSP vs. TFSA

Submitted by gschmidt on Fri, 05/09/2014 - 12:52

With the Tax Free Savings Account still being a relatively new thing, many people may be left wondering
“Registered Retirement Savings Plan or Tax Free Savings Account? What's the difference and how can I choose which one is right for me?” In fact, it may not be a question of which one, but of what balance. TFSA's offer tax free earnings, whereas RRSP's are tax deferred. RRSP contributions are deducted from your taxable income, effectively reducing the amount of income you have to pay tax on; however, when you take this money out later in retirement, you pay tax on it then. So the question, “RRSP or TFSA?” depends on

Saving for an Education

Submitted by gschmidt on Thu, 04/10/2014 - 08:47

It may seem needless to say, but it’s cheaper to start earlier; for whatever you’re saving for starting sooner allows you to put a smaller amount aside on a regular basis and that sum will earn more interest over its lifetime. In the case of education savings you have some extra options. Take the CESG for example; what is the CESG you ask? The Canada Education Savings Grant, of course. This is a terrific program that will beef up your education savings. The CESG will add 20% to your RESP contributions, up to a yearly maximum of