A Registered Retirement Savings Plan (RRSP) is one of the most powerful tools available to Canadians for building a secure financial future. By offering tax advantages and encouraging long-term savings, RRSPs can play a pivotal role in helping individuals achieve their retirement goals. However, like any financial tool, they come with nuances that can trip you up if you’re not careful.
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RRSP 101: Everything You Need to Know to Start Saving for Retirement
A Registered Retirement Savings Plan (RRSP) is a cornerstone of retirement planning for Canadians, offering significant tax advantages to encourage saving for the future. Understanding how RRSPs function is essential for maximizing their benefits and securing a comfortable retirement.
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Beware of Fake Banking Representatives: How to Protect Yourself and What to Do If You’re a Victim
In recent months, a new wave of fraud has surfaced in Canada, particularly involving scammers posing as banking representatives. This scam, known as the “fake banking representative” fraud, has left many Canadians vulnerable to financial losses. Scammers call or visit victims, pretending to be from their bank, and claim there’s an issue with their account. They then manipulate their victims into sharing personal information or handing over their bank cards. Here’s how to avoid falling victim and the steps you should take if you’ve been targeted.
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How Rising Interest Rates are Affecting Debt Management and Insolvency in Quebec
In recent months, Quebec residents have become increasingly concerned about the impact of rising interest rates on their financial stability. A recent survey by found that more than half of Quebecers are worried that interest rates may not fall anytime soon, posing significant challenges for those managing debt or facing insolvency.
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5 Effective Ways to Protect Yourself from Fraud and Scams During Economic Hardships
Economic hardships often create fertile ground for fraudsters and scammers looking to exploit vulnerable individuals. With financial stress and uncertainty, people are more likely to fall victim to various schemes promising quick solutions. Protecting yourself from fraud and scams requires vigilance, knowledge, and proactive measures.
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Navigating Financial Stress and Debts After Job Loss
Losing a job can be one of the most stressful experiences in life. Not only does it affect your daily routine and self-esteem, but it also has a significant impact on your financial stability. Navigating financial stress and debts after job loss requires careful planning and proactive steps to manage your finances effectively.
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Saving Money on a Tight Budget
The annual measurement of viable income by the Institut de recherche et d’informations socioéconomiques (IRIS) in Quebec highlights the increasing cost of living in 2024. This study reveals not just the financial demands for basic necessities but also the broader economic realities many face today.
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5 Types of Debts That Cannot Be Discharged in Bankruptcy or Consumer Proposal
If your financial situation becomes unbearable, bankruptcy and consumer proposal are effective and powerful solutions to relieve the pressure from your creditors. However, it is crucial to understand that not all debts can be discharged through these processes. Here, we will break down the different types of debts that are excluded in the context of bankruptcy or a consumer proposal.
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Wage Earner Protection Program: Who Is Entitled to What?
The Wage Earner Protection Program (WEPP) is a federal program administered by Service Canada with the aim of assisting workers whose employer is bankrupt or subject to receivership.
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Canadian Business Landscape: A Snapshot of Q4 2023
In the fourth quarter of 2023, Canada’s real gross domestic product (GDP) remained relatively stable for the second consecutive month in August. Despite this, inflationary pressures persisted, registering a 3.1% year-over-year increase in October. Employment exhibited minimal change, but the unemployment rate rose to 5.7%, marking the fourth increase in six months.
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