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Savings & Investments

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Canada Learning Bond Eligibility – 2024 CLB Guide

The Canada Learning Bond (CLB) is a government of Canada education grant that provides financial support for children’s education after high school. This federal government initiative offers an initial payment of $500, followed by up to $1,500 in additional funds, making a total of $2,000 available. These funds are deposited directly into a Registered Education Savings Plan (RESP) […]

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How Much Money Do You Need to Retire in Canada?

One of the most frequently asked questions about retirement planning is, “How much money do you need to retire in Canada?” On average, most Canadians believe they need around $1.7 million to retire comfortably. This number, though daunting, is a general guideline and can vary based on factors like lifestyle, health, and retirement goals. Plan

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Canada Education Savings Grant Application – CESG

A guide to Canada Education Savings Grant Application Canadian families can access valuable government assistance through the Canada Education Savings Grant (CESG). This government grant aims to help parents and guardians save for their child’s post-secondary education by adding extra funds to the Registered Education Savings Plan (RESP). The CESG provides up to $500 each year,

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RESP Benefits: Maximizing Your Child’s Education Savings in Canada

An RESP is a tax-sheltered account that helps Canadian residents save for post-secondary education. This savings plan allows parents, grandparents, or friends to contribute funds that grow tax-free until the beneficiary withdraws them for post-secondary education expenses. There are different types of RESPs, including family and individual plans, catering to various needs and family structures.

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FHSA: A Comprehensive Guide to First Home Savings Accounts

A First Home Savings Account (FHSA) offers a tax-free way for a Canadian first-time homebuyer to save to purchase their first home. This new tax shelter aims to help first-time home buyers accumulate savings of up to $40,000 toward the downpayment of their home and not pay taxes on their money’s growth. By contributing to an FHSA account,

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What is RESP Canada? Key Features and Benefits

In a world where education plays a pivotal role in shaping an individual’s future, saving for higher education has become more critical than ever. The cost of post-secondary education is constantly on the rise, and it can be a significant financial burden for families. However, the Canadian government has introduced a valuable tool to assist

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Pension Transfer Options When You Leave Your Employer

In this article, we’re going to talk about pension transfer, how it works in Canada, and what your options are. Within 30 days after you resign from a job or your employment termination, your pension plan provider or administrator should provide you with a written statement of benefits. This statement outlines your rights and options

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Is One Million Dollars Enough to Retire in Canada?

Is one million dollars enough to retire in Canada?

The short answer to this question is, of course, a resounding “yes”, but it may not be the kind of retirement that you’re thinking.

Whether or not one million dollars is enough to retire in Canada all depends on your lifestyle, spending habits, and health at retirement.

One million dollars is a huge chunk of money to retire on but in contrast, it isn’t as big of an amount as most Canadians would think.

While not all Canadians have a million dollars of a retirement portfolio, it isn’t something that you could afford to live a lavish lifestyle from. Well, at least if you plan to make it last throughout your lifetime.

When properly managed, a million bucks can provide you with $40,000 per year or around $3,000.00 a month of retirement income. That’s without considering any other income sources like government and/or company pensions (if any).

If not further invested, and at a withdrawal rate of $40,000.00 a year, a million bucks of retirement fund will last you 25-years. So if you’re looking to retire at 65 years old a million dollars, your money should last you until age your tender age of 85, the obvious risk here, of course, is the potential outliving your funds, in case you withdraw too much on a yearly basis.

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How to Open a Self Directed TFSA

This article aims to answer the frequently asked question from new self-directed investors:

How to open a self-directed TFSA?

Generally, there are two options you can consider when opening up a TFSA, one is through an independent broker, and the other, through a financial institution, like banks and credit unions.

Self-directed TFSA is a different breed, this is aimed at those who would like to take matters into their own hands, manage their own funds, and save on management fees on the process.

Opening a self-directed TFSA is simple, and quite straightforward. All you have to do is visit an online brokerage website, like QuesTrade,  and sign up for an account.

Once your account is approved, simply select TFSA as your account type, and you’re off to the races.

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