If you’d like to put your raging spending on a leash, you should consider checking some of the budgeting apps out there. Most budgeting apps have similar functions, although there are quite a few with unique features. Because these apps are in their hundreds – if not thousands, you must pick the app that works …
Are you struggling to open a bank account as a citizen or resident of Canada? Or are you planning to migrate to Canada and you are overwhelmed with the thought of how to get a bank account? Do you need to open a bank account in Canada as soon as possible, but simply can’t leave …
Personal Finance Management is an essential skill that every Canadian should have. It involves a holistic understanding of your financial situation and taking practical steps to make the best use of your earnings. Financial planning can be quite technical, and it requires a lot of discipline as well as comprehensive knowledge of useful finance techniques. …
There are a lot of tools out there to help you save money. They teach you about how to set up your savings accounts and where to set up your savings to get the best returns. You should study them as much as possible as they could mean the difference between healthy personal finance and …
RRSP stands for “registered retirement savings plan.” The Canadian government initiated this investment vehicle in 1957 to protect Canadians’ investments as they retire from their jobs. RRSPs work by deferring taxes on funds contributed. It is an incentive for Canadians to put more money into their retirement fund. RRSPs are known as “tax-deferred” because the …
Financial freedom and the ability to call it quits at your job while young may seem unachievable for many Canadians today. But with a committed effort and the right financial strategy, even the unachievable can be doable in these challenging times. ‘How to retire early in Canada’ is one question burning on the lips of …
Strategies for Achieving Early Retirement in Canada Read More »
Canada has a financial system anchored on conservatism, which means small calculated risks return even lesser rewards, so you’d expect your regular savings account to earn a low interest. But if you’d like to make good money on your deposit, a high-interest savings account (HISA) is your best choice. However, there is so much to …
Human wants are insatiable, and our means to reach them are limited. However, with proper planning and financial management, we can achieve the majority of our goals. Everyone seeks to be financially independent and build significant wealth. And as an Army General draws up tactics to win a war, creating a financial plan can be …
How to Build a Solid Financial Plan to Achieve Your Goals Read More »
Many Canadians use the average savings in Canada as a yardstick to determine how much they should have saved at their age. While this might be the right step toward financial accountability, it’s not the best way to approach savings. Before the pandemic, Canadians saved just 2-3% of their income, that’s way below the recommended …
Canadian Savings Habits: How Much Do People Really Save on Average? Read More »
Saving money in Toronto is pretty difficult for many people. There’s no way around it – living in Toronto is expensive. According to Numbeo, the average cost of living for a family of four in Toronto is over $4,000 and that’s without rent! Add in the Toronto rent factor, and you’re looking at at least …
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