2
votes
2answers
66 views

How does a TFSA work? Where does the interest come from?

I have extremely little knowledge about finance in general, but I have had a TFSA for several years now and know that my money keeps magically growing. Exactly where does the interest I gain come ...
0
votes
2answers
171 views

Where should a young student put their money?

I'm a young student with no student debt (my tuition is paid for, I've long since saved up enough.) I'm looking into my future and looking at investing in index funds or other sorts while I still live ...
2
votes
4answers
304 views

Relation between inflation rates and interest rates

In Canada, as of the time of writing this question, the: Key interest rate is 1.00% (source) The inflation rate is 1.50% (source) In India, at the time of writing, the: Base interest rate is ...
1
vote
2answers
292 views

Is it a good idea for me to divert savings to pay off my debt?

I own a car which I had bought under desperation and stupidly agreed to pay a high interest rate (8%). Recently, I used money from my line of credit, which was at 6%, to pay off my car loan. Now I ...
1
vote
2answers
140 views

First time investing advice (Canada)

I am 29 years old with a wife and we are planning on having a child in the next 2-3 years and as such I have been making a lot of life changes and planning for the future. Fist off I am sorry this ...
1
vote
0answers
18 views

How do CDIC savings insurance work? [duplicate]

Savings accounts are insured by CDIC up to $100k. Is it a total of $100k across all savings accounts I have with different banks or 100k per account?
4
votes
1answer
288 views

Where to invest proceeds from home sale to be used to buy new house within five years?

My wife and I have just sold our house (mortgage was paid off) in the city we lived previously. We're currently renting because we're not sure if we're going to remain in our new city. At some ...
9
votes
3answers
2k views

First time home hunters. Pay debt or save for down payment

tl;dr We want to buy a house. We've done all the pro's and con's of home ownership. We have 1/2 a down payment and some highish loan payments Would it be wiser to pay down the loans and go ...
3
votes
1answer
966 views

Can one designate a beneficiary for a savings account in Canada?

For most registered accounts, you can designate a beneficiary in the event of your demise. Is it possible to do the same for a regular bank or high-interest savings account without creating a will? An ...
7
votes
2answers
495 views

Should my husband & I be saving money?

My husband and I are looking to buy a new house with a mortgage of about 400K-500K and a downpayment of 200K-300K (max value of home:700k). (We currently own a home that we purchased for 300K, and ...
3
votes
2answers
225 views

How can I determine which is right for me, RRSP or TFSA, if any at all?

I'm 22 years old, and currently dumping all my money into my general savings account. I'd like to take this further but I'm not sure where to go with this. What type of savings account should I get ...
7
votes
4answers
4k views

Comparison between US and Canada's taxes and possibility of savings?

Given two jobs earning equivalent amounts where one is in the US and another in Canada, where would I take home more money after taxes?
3
votes
1answer
2k views

I have not yet invested into a TFSA - how much can I invest in 2011?

I have not yet created a TFSA, nor invested anything in it. I am looking to put some money in in 2011, what will my cap be?
11
votes
3answers
219 views

What does quantitative easing 2 mean for my bank account?

My wife and I have been saving aggressively for the last year now and all of our savings are in the form of cash in the bank. About half of the money is in US dollars and half is in Canadian dollars. ...
11
votes
4answers
466 views

What's the general principle behind choosing saving vs. paying off debt?

In "general" is it better to pay off one's debt (line of credit, etc.) or is it better to invest (retirement account / RRSP or the like)? I understand that the answer will depend on terms of debt and ...
57
votes
8answers
4k views

Where can I park my rainy-day / emergency fund? Savings accounts don't generate much interest

Savings accounts don't seem to generate much interest. What other options do I have for my emergency fund?
2
votes
2answers
134 views

What is covered by CDIC savings deposit insurance?

In the unlikely event that a financial institution fails in Canada, what is covered by the Canadian Deposit Insurance Corporation? What is the limit of coverage?