The big news of the week came when the federal government announced they would increase the TFSA annual contribution limit to $10,000 per year. This is big news for savers and seniors looking to earn more tax free investment income. The big banks are now saying the money can go in right away.
While the TFSA annual contribution limit increase to $10k is seen as good news by many, there are others who think it only benefits the wealthy and will cost the government a ton of lost tax dollars in the long term. South Africa has a TFSA with an annual contribution limit and a lifetime cap – could a lifetime TFSA cap be implemented here?
Barry writes that although we may think otherwise, most of us are terrible at buying things. Emotional investing and the psychology of finding the best “deal” all come into play when it comes to making purchases.
Buying your first home is tough – all the costs that come along with moving are compounded by the huge down payment needed just to make the mortgage payments reasonable. A new BMO survey says 42% of new home buyers receive funding from their parents.
Click here to read the story of “QCash”, who retired at the age of 36 with a net worth of $1.5 million. 8 years has passed since he’s retired and he now has a net worth of $2.4 million.
From money & happiness, spending in retirement to savings rates – there are lots of money myths out there. Robb explains 9 money myths experts want you to stop believing.
Christine from the Wallet Diet writes about starting a business without a ton of cash – something she is currently in the process of doing right now. Best of luck to her and her new business.
Alan explains some red flags when it comes to finding the right tax preparer for you.
Be sure to check out Stephen’s new ultimate guide to spending less while dining out.