How not to tire from retirement
CI Direct Investing
by David Dyck
3y ago
You spend decades working towards it, preparing, waiting… yet when the day comes, do you actually know what you want to do in retirement? Hopefully you’ve asked yourself this question before the retirement planning process began. After all, how do you achieve – or know if you can afford – a goal if you don’t know what it is? Understanding the reasons behind those goals is really what makes it all worth it and makes it happen. Here are five things to consider when thinking about how you want to live out your retirement years. We’re living longer – and it’s impacting more than just our lifespans ..read more
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Just say no to mortgage insurance
CI Direct Investing
by Roja Aslani
3y ago
When you’re buying a new home, the experience can be a daunting one. There’s a ton of paperwork and some very legal, very serious looking documents to sign. It all gets quite overwhelming, especially if it’s your first time. One thing that banks love to do is tie mortgage insurance into your mortgage agreement. Right there, with a dangerous looking checkbox and signature line, you need to fill in if you choose to recklessly “opt out”. We want you to know that you are far better off without the insurance the bank includes with your mortgage. Yes, we want you to walk into that mortgage broker’s ..read more
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Tax hacks. Fall in love with these income splitting tips for you and your spouse
CI Direct Investing
by Clayton Brown
3y ago
Want to make the most of your savings in retirement with your married or common-law spouse? The trick here is not knowing to save, but knowing how to save. The right account can help you and your spouse max out tax savings and potentially get a higher after-tax combined income after you stop working. Keep in mind, we’re just going to cover the basics here… but if you need help, our financial advisers are just a call away. Spousal Registered Retirement Savings Plans (RRSPs) RRSPs are a popular retirement savings vehicle for many Canadians. But can you contribute to your spouse’s account? Sort o ..read more
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How to use a TFSA to get better investing results
CI Direct Investing
by David Dyck
3y ago
Interested in putting money into your Tax-Free Savings Account (TFSA)? The new limit for 2021 will be $6,000. What if you’ve never invested in a TFSA before? If you’ve been eligible for a TFSA since 2009 (at least 18 years old and a Canadian resident), then you’ll have a maximum $75,500 of contribution room as of Jan. 1, 2021. Now, if you’ve ignored the TFSA up until now, you’re not alone. A lot of Canadians give it a pass because they think it’s just meant for savings. They think they can’t get a good return with it. They think it can only be used for high-interest savings or a GIC. Well, we ..read more
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TFSA cheat sheet. 8 things you need to know
CI Direct Investing
by David Dyck
3y ago
One of the simplest ways to save some money on the side is by opening a Tax-Free Savings Account (TFSA). To help you make sense of it, here are the most common questions we hear from our clients about TFSAs. 1. What is a TFSA? The TFSA is exactly what its name implies: an account where you can hold the same investments as an RRSP, but there is no tax to pay on investment income and capital gains. Oh, and withdrawals are tax-free too! 2. Why should I invest in a TFSA? A TFSA is a good account for saving for short-to-medium term purchases, like a car, a new television, or a trip. They’re also a ..read more
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Financial Tools to Use for the Coming RRSP Contribution Season
CI Direct Investing
by David Dyck
3y ago
You want to make more informed decisions this RRSP season. What if you could run some of the numbers with a financial calculator and inform yourself with a few clicks? CI Direct Investing has created some handy tools for you to use to maximize your return and plan for the future. We make it easy to get the numbers you need to take action. Hope you find them useful (and tell your friends)! There’s some time left to top up your investments for the 2020 tax year, with the RRSP deadline hitting on March 1, 2021. Are you putting in enough? Too much? Are you optimizing your rate of return? Maybe you ..read more
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Saving vs. Investing: Which is Right for Me
CI Direct Investing
by Julia Faletski
3y ago
When should you save, and when should you invest? The answer depends on what you have planned for the future—and what you want to do with your money.  First, let’s look at the most important differences between saving and investing. Then, we’ll help you figure out which is right for you. In this article we’ll cover: How a savings account works How an investment account works Comparisons between saving and investing Reasons to use a savings account Reasons to use an investing account The differences between saving and investing Broadly speaking, when you put your money into an investmen ..read more
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When’s the RRSP Contribution Deadline? Key Dates you Need to Know
CI Direct Investing
by David Dyck
3y ago
The 2021 RRSP deadline is fast approaching! This is the time of year when Canadians tend to rush and contribute a little extra in order to unlock a bigger tax return.  Here are the key things you should know about the RRSP deadline: What is the deadline to contribute to an RRSP? March 1, 2021 is the deadline to contribute to your RRSP for the 2020 tax year. Typically, you have until the 60th day of the year to contribute to your RRSP, but because that falls on a weekend this year, the deadline is actually the next business day (Monday, March 1). This is the last day that you can contribu ..read more
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What is an RRSP and how does it work?
CI Direct Investing
by David Dyck
3y ago
Maybe you can’t drive stick shift. Maybe you don’t know the name of your local representative. Or maybe you’re still unclear on what, exactly, gluten actually is.  We all have holes in our knowledge that we’re embarrassed to admit. If you still aren’t sure what an RRSP is, or how it actually works—don’t worry.  Using an RRSP doesn’t have to be complicated or intimidating. In fact, once you break it down, they’re pretty straightforward. Even better? Learn how RRSPs work, open one, start contributing, and your future self will benefit. So grab a coffee refill and carve out ten minut ..read more
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RRSP vs. TFSA: Which is right for me?
CI Direct Investing
by David Dyck
3y ago
Which is better—a TFSA, or an RRSP? That’s kind of like asking, “Which is better—a t-shirt, or a sweater?” Fundamentally, they do the same thing—t-shirts and sweaters both keep you covered, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) both let you save money for the future. But the way they do it is different, and which one you choose depends on your needs. That being said, sometimes it’s good to wear a t-shirt, and throw on a sweater if it gets chilly. In the same way, TFSAs and RRSPs can work together, depending on circumstances. But choosing the right one ..read more
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