The parents opened an RESP in 2008 using globally balanced mutual funds, but when the market crashed, they lost 17%. The Chois needed to know the money would be there when their eldest reached university age. Unwilling to wait for a rebound, they sold 40% of their mutual funds for cash.
Preparing your annual tax return can actually be a rewarding experience if you know how to take advantage of all the tax deductions and credits, says CIBC’s tax and estate planning expert, Jamie Golombek. “If you know where to look, preparing your taxes can be enjoyable as you find savings and ways to reduce your […]
The provincial government in British Columbia (B.C.) is proposing a new Training and Education Savings Grant, which aims to assist more families in saving for their children's post-secondary education.
Are they the best gift parents can give children, or are there better options?
Many people move to give their children access to better education. Yet depending on when those children immigrate, they may not be able to take advantage of the Canada Education Savings Grant.
Students are set to head off to college and university with many valuables, but are they prepared for the financial risks? Read: Teens need money smarts Breaking and entering, as well as theft of valuables up to $5,000, accounted for 60% of police-reported property crime in 2011, finds Statistics Canada. The most common stolen items […]
Lifetime contribution amount: $50,000 for RESPs opened after 2007 Annual contribution limit: None Maximum age to open: None. However, Canadian Education Savings Grants are only available to children until December 31 of the year the child turns 17. Canada Learning Bonds are available to age 21. Read: Making cash gifts “resp”onsible Duration: until December 31 […]
A Toronto couple was dealing with the death of their one-year-old daughter when they were hit with yet more shocking news; the group RESP they’d invested in for her would only refund 10% of their money.
I focus all my energy on what I can control and don’t stress about the rest.
It’s not just individuals who are failing to plan and prepare for their retirement. Canadian business owners are no better, having to choose between investing in business or saving for a comfortable retirement, according to a BMO Financial Group study. Squeezed between slippery economic conditions and falling profit margins, almost half (49%) of those owning […]