Financial Library

Make 2024 Your Best Financial Year Yet

Many of us reflect on our yearly financial goals as the calendar turns to a New Year. But bringing goals to fruition can't happen without a clear plan of action and determined effort. This is especially true as we continue to live with lingering effects of above-average inflation and the highest interest rates in over 20 years. To help maximize your investment success and end this year on a financially positive note, we have put together some key ideas:

A Fresh Look at RRSPs vs. TFSAs

The Tax-Free Savings Account (TFSA) contribution limit will increase to $7,000 (from $6,500) for 2024. This new limit means that a taxpayer who has never contributed to a TFSA and has been eligible for one since its inception will have a cumulative contribution room of $95,000. TFSAs are now a serious portfolio and investment planning alternative to making RRSP contributions. So, which is better you ask? Well, it depends…

These Rainy Days Aren't About the Weather

The last year or so has been a very rude awakening for many. Too many people today are so busy living a lifestyle, they forget that emergencies may need to be dealt with. It's all too easy to take one's cash flow for granted and get lulled into the belief that it will go on uninterrupted. Those who are best able to handle the financial rainy days that inevitably come along are in the habit of living well below their means and paying themselves first.

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