A Tax-Free Savings Account (TFSA) can be your savings vault that can unlock a million-dollar treasure for which you don’t have to pay any tax. If you study the benefits the Canada Revenue Agency (CRA) offers through a TFSA, you can unlock its true potential and multiply your wealth. Source: Getty Images Maximum TFSA impact…
“Investing and stocks have never been my thing,” reflects Laureen, an investor coming from a branding job. She has been an invaluable asset to her company. Her clients loved her ideas as she gave justice to the product. A millennial who made a successful career in a big firm is now looking to start investing….
The Canada Revenue Agency (CRA) offers certain cash retirement benefits, such as Canada Pension (CPP) and Old Age Security (OAS), to help retirees meet their basic needs. These benefits are structured to cover your food, clothing, and utilities. If you are still living in a rented apartment or your medical bills are high, CPP and…
The Tax Free-Saving Account (TFSA) can be your treasure chest locked away from the tax hands of the Canada Revenue Agency (CRA). However, there are certain rules to keep your wealth protected. Remember, the CRA is watching your financial transactions. The tax consequences won’t be felt immediately after the transaction, but during year-end tax filing,…
Millennials and Gen Zs are giving away free money by using their Tax-Free Savings Account (TFSA) as a bank savings account. They keep their money there and withdraw it to meet immediate future expenses. You are making the biggest financial mistake if you are also doing the same. Remember, cash is a depreciating asset and…
China’s richest man, Jack Ma, said, “If you put the banana and money in front of a monkey, the monkey will choose a banana because the monkey doesn’t know that money can buy a lot of bananas.” That’s exactly what millennials and Gen Zs are doing. They are just leaving the money on the table…
The Canada Revenue Agency (CRA) made Canada Pension Plan (CPP) contributions mandatory to ensure every Canadian has a basic income for food, medicine, and utilities during retirement. If you have a mortgage or debt to pay off, CPP may not suffice. Do not rely on the maximum CPP payment, which is $2,034.86 in 2025, as the…
Most Canadians depend solely on the Canada Pension Plan (CPP) for retirement. But here is a harsh truth: the payout may not be sufficient to meet your requirements, especially if you pay rent or have a loan. The Canadian pension plan was designed to give you enough money for your basic needs for the rest…