All Questions
34
questions
6
votes
5
answers
2k
views
Do High Interest Savings Account (HISA) have an associated risk?
I have been chatting with a friend who asserts that all investments have an associated risk. In reference to this I suggested a High Interest Savings Account, claiming it has no risk. My friend ...
- 243
0
votes
0
answers
40
views
How do I open an RESP account where I am both the subscriber and the beneficiary?
I am located in Canada and am trying to open an RESP account where I am both the subscriber and the beneficiary. The government of Canada website says I can open an RESP for myself here. I’ve called ...
- 171
6
votes
4
answers
4k
views
Is there any benefit to keeping money in a checking account?
I have been getting a lot of "tips" from my bank lately about different ways to save. Things like "Save $1 week 1, $2 week 2", etc or "tax my spending habits".
Whenever I see things like this, they ...
- 193
-1
votes
5
answers
1k
views
What's the lowest risk highest reward I can invest in for 5 years?
Good day;
Canadian here, 23.
I'm looking to place money (at a rate of 100$-200$ per month) into savings, for 5 years (locked or not).
I don't have a "specific" plan in 5 years. I just need to have ...
- 282
3
votes
3
answers
696
views
The balance between Renting and Buying
My girlfriend and I are spit-balling the idea of buying a house. We've heard pros and cons for mortgages; you're putting your money into an investment vs you're paying far more than you anticipate due ...
- 153
0
votes
1
answer
349
views
How to start investing at a younger age?
I am currently 23. I live in Quebec, Canada and I work full time at $17.31 per hour. My salary will increase 1% to 6% every December.
For the time being, my cost of living is relatively low. I ...
- 282
0
votes
1
answer
88
views
Do I have to pay taxes on external savings?
I am thinking on moving to Canada to work, save for retirement, and move back to Portugal due to the lower cost of living to live my retirement. I will contribute to the Canada Pension Plan and also ...
user88269
0
votes
5
answers
459
views
How Should I Start a Savings?
I'm 22 and looking to start saving, and having my money work for me. I've got a few options I'm aware of right now:
a) Going in with my bank's Mutual Fund plans,
b) going safe and using a TFSA-GIC ...
- 153
1
vote
1
answer
495
views
Extra money - pay mortage or invest?
Our situation:
Both 28 years old
Both working full time with stable jobs
No debts (no student loans, cars are paid, etc.) except a 80$/month 0% interest 2 years loan for home furnitures.
Family ...
user76558
1
vote
1
answer
279
views
How to grow wealth? [closed]
I just recently reached a financial goal of $20,000 in my savings and I'm looking for tips, advice, suggestions on how to make this money work for me and start growing , I'm open to everything and ...
- 11
4
votes
1
answer
290
views
Using a line of credit for long-term investing
I have recently opened an unsecured line of credit for $20k at 1%. I have a savings account at the same institution making 1.5% - both compounded daily and paid monthly.
I've read a few questions on ...
- 143
1
vote
1
answer
229
views
Where to start with personal finance in Canada?
This will obviously differ by situation, and might be overly broad, and very closely related to Where to start with personal finance?.
But how about some Canada specific answers?
Say you've reached ...
- 129
1
vote
0
answers
123
views
Where can cash reserves be stored in Canada, with 100% protection of principal and higher interest than high-rate savings accounts?
I abbreviate 'the amount of reserves to be deposited' to 'principal.'
Criteria:
This principal must be conserved (excepting rarities like the
collapse of Canada)
Must be able to be withdrawn no ...
user10763
1
vote
2
answers
464
views
How are money market mutual funds just as risky as cash?
Foreword: In this question, I ask NOT about default risk.
Abbreviate 'money market mutual funds' to MMMF. MMMF are a type of mutual fund, which is always riskier than cash, per this MoneySense ...
user10763
2
votes
1
answer
258
views
Should I put a small amount of savings in a high interest savings account?
The highest in Canada that I've found is 2.8% interest, compounded annually where the interest is calculated daily. I have $2000, and the initial amount and the interest earned is guaranteed by a ...
- 133
3
votes
4
answers
904
views
How can a 'saver' maintain or increase wealth in low interest rate economy?
If low interest rates disadvantage 'savers' what are they supposed to do if they are not inclined to buy and spend? Where should you put your money (instead of it stagnating in low interest rate ...
- 131
11
votes
4
answers
2k
views
I'm not broke, but I'm feeling stuck on a fixed income
I'm living on a fixed disability income, with little hope of ever being able to work again. I cannot receive any income of any kind while on disability (or I have to pay it back anyway, and risk ...
- 267
2
votes
2
answers
800
views
How does a TFSA work? Where does the interest come from?
I have extremely little knowledge about finance in general, but I have had a TFSA for several years now and know that my money keeps magically growing.
Exactly where does the interest I gain come ...
- 121
0
votes
2
answers
290
views
Where should a young student put their money?
I'm a young student with no student debt (my tuition is paid for, I've long since saved up enough.) I'm looking into my future and looking at investing in index funds or other sorts while I still live ...
- 27
2
votes
4
answers
1k
views
Relation between inflation rates and interest rates
In Canada, as of the time of writing this question, the:
Key interest rate is 1.00% (source)
The inflation rate is 1.50% (source)
In India, at the time of writing, the:
Base interest rate is 8.00% (...
- 1,293
1
vote
2
answers
946
views
Is it a good idea for me to divert savings to pay off my debt?
I own a car which I had bought under desperation and stupidly agreed to pay a high interest rate (8%). Recently, I used money from my line of credit, which was at 6%, to pay off my car loan. Now I ...
- 183
2
votes
3
answers
340
views
First time investing advice (Canada)
I am 29 years old with a wife and we are planning on having a child in the next 2-3 years and as such I have been making a lot of life changes and planning for the future.
Fist off I am sorry this is ...
- 265
1
vote
0
answers
22
views
How do CDIC savings insurance work? [duplicate]
Savings accounts are insured by CDIC up to $100k. Is it a total of $100k across all savings accounts I have with different banks or 100k per account?
- 16k
4
votes
1
answer
480
views
Where to invest proceeds from home sale to be used to buy new house within five years?
My wife and I have just sold our house (mortgage was paid off) in the city we lived previously. We're currently renting because we're not sure if we're going to remain in our new city. At some point,...
- 225
13
votes
3
answers
4k
views
First time home hunters. Pay debt or save for down payment
tl;dr
We want to buy a house.
We've done all the pro's and con's of home ownership.
We have 1/2 a down payment and some highish loan payments
Would it be wiser to pay down the loans and go with a ...
- 285
3
votes
1
answer
3k
views
Can one designate a beneficiary for a savings account in Canada?
For most registered accounts, you can designate a beneficiary in the event of your demise. Is it possible to do the same for a regular bank or high-interest savings account without creating a will? An ...
- 2,283
9
votes
2
answers
2k
views
Should my husband & I be saving money?
My husband and I are looking to buy a new house with a mortgage of about 400K-500K and a downpayment of 200K-300K (max value of home:700k). (We currently own a home that we purchased for 300K, and ...
- 477
3
votes
2
answers
407
views
How can I determine which is right for me, RRSP or TFSA, if any at all?
I'm 22 years old, and currently dumping all my money into my general savings account. I'd like to take this further but I'm not sure where to go with this. What type of savings account should I get ...
user2987
12
votes
5
answers
23k
views
Comparison between US and Canada's taxes and possibility of savings?
Given two jobs earning equivalent amounts where one is in the US and another in Canada, where would I take home more money after taxes?
user2191
4
votes
1
answer
2k
views
I have not yet invested into a TFSA - how much can I invest in 2011?
I have not yet created a TFSA, nor invested anything in it. I am looking to put some money in in 2011, what will my cap be?
- 1,659