What Is A RRIF?

Are you a Canadian looking to secure your financial future? If so, you may have heard about something called a RRIF, or a Registered Retirement Income Fund. But what exactly is a RRIF, and how can it benefit you? First things first, let's start by defining a RRIF. Simply put, a RRIF is a type…

ByJohn WilsonJanuary 13, 2023

first time home buyer holding a picture of their home

Investing Real Estate

What is the first-time home buyer down payment in Canada?

Are you thinking about buying your first home in Canada? Congratulations! Owning a home is a big step and an exciting journey. One of the first things you'll need to consider is how much is the first-time home buyer down payment in Canada. The down payment is the amount of money you'll need to put…

ByJohn WilsonJanuary 8, 2023

elderly retired couple sitting on a bench in a park

Resources

What Is The RRSP Contribution Limit For The 2022 Tax Year?

The RRSP Contribution Limit for the 2022 fiscal year is $29,210 or 18% of your salary. Are you a Canadian looking to maximize your retirement savings? If so, you may be wondering about the RRSP (Registered Retirement Savings Plan) limit – that is, the maximum amount you can contribute to your RRSP each year. With…

ByJohn WilsonJanuary 6, 2023

mouse and coffee cup and pen on Canadian tax filing notepad

Important Dates Personal Finance Resources

The 2022 Tax Deadline For Canadians

A tax deadline is the date by which taxpayers must file their taxes. This allows the government, upon receipt of all the T1 General Forms, to know how much money it will need to collect in taxes. It also ensures that people do not forget to pay their taxes. The tax deadline is typically imposed…

ByJohn WilsonDecember 28, 2022

an investor putting the finger on a performance graph

Investing Saving Stocks

How To I Know If An Investment Is Right For You

Your financial goals will help you determine what type of investment is right for you. For example, if you are saving for retirement, you may want to invest in a retirement account such as a RRSP. This also helps if you are trying to save for a down payment on a house, because a RRSP…

ByJohn WilsonDecember 19, 2022

employee about to write a resignation letter and wondering about his pension

Personal Finance Saving

What Happens To My Pension Plan If I Leave My Employer?

When you leave your employer in Canada, one of the things you may be wondering about is what happens to your employee pension plan. This is an important consideration, as your pension plan may provide a significant source of income during your retirement years. The rules and regulations governing employee pension plans in Canada vary.…

ByJohn WilsonDecember 14, 2022

Personal Finance Saving

8 Tips To Save Money On Taxes In Canada

Table of Contents 1. Take advantage of tax deductions and creditsThe Basic Personal Amount The Canada Child Benefit The Age Amount The Disability Amount The Medical Expense Tax Credit 2. Use Registered Savings Plans 3. Consider tax-efficient investments 4. Keep good records 5. Claim work-related expensesTools And Equipment Uniforms And Clothing Travel And Transportation…

ByJohn WilsonDecember 13, 2022

Budgeting Personal Finance Saving

RRSP Withholding Tax Rates & RRIF Implications

Withholding taxes on RRSPs may come as a surprise to some. Let’s start by covering the basics of what an RRSP is. A Registered Retirement Savings Plan (RRSP) is an investment account to save for retirement. It allows Canadians to earn tax-deferred savings on income and investments, which can help reduce the amount of taxes…

ByJohn WilsonDecember 9, 2022

an investor distressed in front of his laptop because he made a mistake

Investing Stocks

11 Common Mistakes Investors Make

There are a number of Cognitive biases that lead investors to make the same mistakes: Confirmation bias: A tendency to seek out information that confirms one's preexisting beliefs or hypotheses. Anchoring: A tendency to give too much weight to the first piece of information encountered (the "anchor") when making decisions. Herding: A tendency to follow…

ByJohn WilsonNovember 16, 2022