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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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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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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CEBA Repayment: What Are My Options?
In response to the 2020 pandemic, the Canadian government set up the Canadian Emergency Business Account (CEBA) as a financial lifeline for businesses struggling with the crisis. Over 900,000 Canadian companies benefited from this interest-free support.
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Equifax Canada Survey Highlights Canadians’ Financial Concerns
Equifax Canada recently conducted a consumer survey that sheds light on the financial worries of Canadians as we approach Financial Literacy Month in November. The survey reveals a range of concerns, including the ability to pay bills on time, manage debt, and protect personal financial data.
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Breaking the Taboo: Discussing Mental Health in Financial Planning
In an increasingly complex and interconnected world, discussions around mental health have become more open and necessary. However, there’s one area where the conversation is often overlooked or shrouded in stigma: financial planning. Just as mental health plays a vital role in our overall well-being, it significantly impacts our financial decisions and behaviours.
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When Debt Becomes Overwhelming: Signs that Bankruptcy May Be the Right Choice
Debt can be a heavy burden that weighs down individuals and businesses alike. Sometimes, despite our best efforts, financial challenges can become overwhelming, making it necessary to explore options such as bankruptcy.
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