The Canadian dollar has seen a sharp spike up in recent months, as we’re seeing it get closer to par again. That means opportunities to save money!

Some of these opportunities will happen automatically, as in lower prices on goods you buy that are imported into the country, lower prices on some foods, etc.  Others you will have to think about and decide if it’s worth it for you to explore.

Here’s some ideas to consider: Read More…

We’ve discussed many tips on using TFSAs to improve your cash flow and here are two more important tips to maximize your cash flow, courtesy of CanadianTaxMan, a tax specialist himself. Read More…

For Canadians lucky enough to have a pension plan where they work, they often wonder if it makes sense to also contribute to an RRSP.  The answer?  It depends. Read More…

The new tax free savings account (TFSA) is a great tool for various reasons.  However, what if none of those reasons applies or appeals to you?  If this is the case, you may want to consider this more, uncommon strategy. Read More…

Like many people, I dislike paying bank fees, but I didn’t want to switch all my daily banking to a free account such as what President’s Choice offers.  I like the full service features of my bricks and mortar bank such as Royal Bank of Canada, TD, Bank of Montreal, etc., just not the high monthly fees!

The Solution

My solution was to Read More…

The new TFSA, available as of Jan 1, 2009, is a great tool for many Canadians. It’s an account where you can hold almost any type of investment (GIC’s, mutual funds, stocks, etc.), without having to pay taxes on your interest, dividends or gains.  It differs from an RRSP in that you get no tax deduction when you make contributions to it and you will pay no taxes when you withdraw from it.

The Catch

As great as the TFSA is, it adds a new layer of confusion for many people and further complicates the RRSP vs Mortgage debate. Read More…