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Friday, July 8th, 2022

TFSA or RRSP? Here’s how to decide – Consult with a Vancouver Mortgage Broker

NOREEN RASBACH-  The Globe and Mail Kuly Gill is every financial planner’s dream. The Calgary lawyer, in his 30s, owns a house, drives an older car and forgoes some annual vacations to save more for retirement. “I live cheap and put everything away,” he says. His investment strategy is simple: Contribute the full amount allowed […]

Canadians saving more, but are they making the most of their savings? – Ask a Vancouver Mortgage Broker

Recent data indicate that Canadians are saving more. Statistics Canada reports that the Household Savings Rate is currently 5.4%, a 0.4% increase from the previous year. Likewise, a recent BMO Bank of Montreal study found that 48% of Canadians are now investing in Tax-Free Savings Accounts (TFSAs), a 23% increase from 2012. It’s good that […]

10 things you should know about TFSAs – Ask Adil Virani, Vancouver Mortgage Broker

While many Canadians are focused on the looming RRSP deadline and maximizing contributions, it’s important that they don’t lose sight of an important alternative investment, a tax-free savings account. A major benefit of TFSAs is that money invested in them can grow tax free-for life, says Ahmad Dajani, vice-president of investments, guaranteed investment certificates and […]

TFSA or RRSP? Try these five tests – Ask a Vancouver Mortgage broker

By: Gordon Pape Building Wealth, Published on Sun Feb 17 2013  There is a lot of confusion over whether it’s better to use an RRSP or tax-free savings account (TFSA) to save. Unfortunately, there is no easy answer. There are several variables to consider. To simplify matters, I’ve created five tests that you can apply to help you […]

What’s the best way to save for a house: RRSPs or TFSAs?

Add RRSPs versus TFSAs to the list of decisions you have to make as a prospective home buyer. Some serious saving is going to be required to meet the minimum 5-per-cent down payment for buying a home, not to mention the 20-per-cent threshold for avoiding costly mortgage default insurance. Two ideal vehicles for saving are […]