There’s been a whole lotta awesome Canadian money stuff this past while, so I’ve got something for everyone – all ages and stages! There’s the First Home Savings Account (FHSA), an increased Canada Child Benefit (CCB), the enhanced Canada Workers Benefit (CWB), cancellation of Canada Student Loan interest, some retirement resources, and a few money tools too.
Today is all about getting more money!
Let’s do this!
Today’s newsletter is 521 words, 2½ minutes.
10 Money things worth reading this week
1. Canada Student Loans. The federal government permanently eliminated interest on Canada Student Loans. Excellent! You’ll still have to pay off the principal on schedule, but there’s no interest to slow you down. I did a TikTok with all the details. Oh, hey – I’d love a follow!
5. First Home Savings Account. The FHSA is rolling out and the ‘uptake is phenomenal‘, apparently. The FHSA allows first-time homebuyers to save for their first home tax-free, with an annual contribution limit of $8,000 and a lifetime total of $40,000. Learn more about the FHSA.
7. DIY Investing. One of my favourite YouTube investing channels is by Justin Bender and Shannon Bender – portfolio managers with PWL Capital Inc. You’ll learn about RRSP investing, portfolio building, and all things Exchange Traded Funds (ETFs) – just to name a few topics. Yes, go to DIY Index Investing with Justin Bender.
8. Canada Workers Benefit. Eligible Canadians got a boost thanks to a newly enhanced CWB. To qualify recipients must earn a working income below the net income level set for their province which ranges between $33,015 to $58,932 depending on how many children the applicant has, as well as whether they are single. Payments are automatic and are set for July 2023, October 2023, and January 2024. Read more.
9. Retiring on low income. As part of my Qualified Associate Financial Planner (QAFP) certification I’ve been delving into retirement strategies for Canadians on all incomes. If you’re concerned about GIS and OAS clawbacks, absolutely read the free Low Income Retirement Planning Guide (PDF) by John Stapleton. He shares FOUR things to think about, including how to maximize government programs. I highly recommend his site too.