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
695
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
348
views
How to start investing at a younger age?
I am currently 23. I live in Quebec, Canada and I work full time at $17.31 per hour. My salary will increase 1% to 6% every December.
For the time being, my cost of living is relatively low. I ...
- 282
0
votes
1
answer
88
views
Do I have to pay taxes on external savings?
I am thinking on moving to Canada to work, save for retirement, and move back to Portugal due to the lower cost of living to live my retirement. I will contribute to the Canada Pension Plan and also ...
user88269
0
votes
5
answers
458
views
How Should I Start a Savings?
I'm 22 and looking to start saving, and having my money work for me. I've got a few options I'm aware of right now:
a) Going in with my bank's Mutual Fund plans,
b) going safe and using a TFSA-GIC ...
- 153
1
vote
1
answer
495
views
Extra money - pay mortage or invest?
Our situation:
Both 28 years old
Both working full time with stable jobs
No debts (no student loans, cars are paid, etc.) except a 80$/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
289
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
228
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
256
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