FINANCIAL PLANNING

Learn and plan better your finances in Canada including savings, investments, building credit for future to get loans, mortgages etc

Some Resources That could help you

Wealthsimple’s Personal Finance 101

Wealthsimple’s Investing Master Class

MoneySense’s Tips for Newcomers

common savings plans

rrsp

An RRSP (Registered Retirement Savings Plan) is a retirement savings plan that you can establish which is registered with CRA and to which you or your spouse or common-law partner contributes yearly.

Deductible RRSP contributions can be used to reduce your tax for a given year.

resp

An RESP (Registered Education Savings Plan) is a special savings account for parents who want to save for their child’s education after high school.

tfsa

The TFSA (Tax-Free Savings Account) is a way for individuals who are 18 and older and with a valid social insurance number to set money aside tax-free throughout their lifetime.

Contributions to a TFSA are not deductible for income tax purposes.

Any amount contributed as well as any income earned in the account (for e.g., investment income and capital gains) is generally tax-free, even when it is withdrawn

Some Major Banks with their Newcomer web pages

RBC (Royal Bank of Canada)
Visit page
TD (Toronto Dominion)
Learn More
CIBC (Canadian Imperial Bank of Commerce)
Learn More
Scotia (Bank of Nova Scotia)
Visit page
BMO (Bank of Montreal)
Learn More