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A student’s guide to selecting the best bank account in Canada

Ratehub.ca — Fri, 27 Sep 2019 16:02:54 +0000

If at all possible, save in advance for your renovation project. If you can, spend this spring cleaning and polishing (you’ll be amazed at what some elbow grease and fresh paint can do for your space), and plan to take a hammer to it next year. Not only will that leave you with 12 months to save in advance, it will also give you a chance to think carefully about your renovation plans and keep an eye open for sales on items you’ll need.

For home renovations, there are two savings tools that work particularly well.

The first is a high interest savings account. Unlike the regular savings account at your bank that probably pays next-to-no interest, a pays in the neighbourhood of 2.3% interest and allows you to withdraw your money at any time.

The second is a (TFSA) which, despite the name, can be used as a container for all sorts of investments. The advantage of using a TFSA is that you don’t have to pay tax on your investment income, and you can take out your money without penalty at any time.

Even though there’s a program in place that allows you to , it’s not recommended to withdraw money from your RRSP to fund a renovation. You won’t get the contribution room back and you’ll pay expensive tax on the withdrawals. Leave your retirement fund alone and consider other choices for home improvements.

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Why credit cards should be included in your financial discussions & your budget

Ratehub.ca — Tue, 27 Aug 2019 14:10:20 +0000

For home renovations, there are two savings tools that work particularly well.

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Common Canadian home & auto insurance myths

Ratehub.ca — Thu, 25 Apr 2019 06:06:58 +0000

Commonly held myths about finances can cost you hundreds, if not thousands of dollars every year. Which of these common myths have you been believing for years?

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Here’s why social media is making you overspend

Ratehub.ca — Mon, 25 Mar 2019 06:06:01 +0000

While travel, food and entertainment photos on Instagram are some of the best things out there, they also play a role in our spending habits and debt.

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Driving for Uber vs hosting on Airbnb: What you need to know

Ratehub.ca — Tue, 22 Jan 2019 06:33:30 +0000

The gig economy is a great way to supplement income, but beware of the many details. Here are a few things to consider before driving for Uber or hosting through Airbnb.

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5 smart ways to use credit cards this holiday season

Ratehub.ca — Mon, 03 Dec 2018 08:12:21 +0000

Getting sucked into the holiday vortex of credit cards and overspending is hard to avoid. Here are 5 ways you can use your credit cards this holiday season.

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Why shopping for insurance matters

Ratehub.ca — Tue, 09 Oct 2018 15:47:53 +0000

Shopping for insurance can save you money and not knowing how you’re covered can cost you thousands.

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3 steps to get in control of your credit card debt

Ratehub.ca — Mon, 07 May 2018 09:44:15 +0000

Credit cards (and the debt associated with them) have gotten a bit of a bad rap over the past several years – and it’s not entirely undeserved.

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