When Should You Contribute to your RRSP?

A couple on a bench with the text 'Contribute to your RRSP - Grow your money faster by deferring taxes'

How I finally settled on contributing to my RRSP

In my last job my employer matched up to 3% of my salary to my RRSP so contributing was a no brainer. My current company doesn’t match contributions so the question is back on the table. How do you decide whether to contribute to your RRSP or not? I decided a few calculations would be the best way to convince me and will walk you through the same steps.
Continue Reading

Painless Saving – Save Your Raise


As a career long corporate employee I have an annual performance review followed by a raise for the next year. Part is performance and part is an inflation related increase. I save my raise each year and regardless of the amount it is painless saving. You haven’t gotten used to seeing it in your pay check nor have you put it in your budget.
Continue Reading

Reducing Taxes – Smart RRSP Contribution

A dreamy night sky background with the text Save taxes and invest in your future? Your RRSP can do that

In 2017 my boyfriend and I bought a house. In order to make the down payment I sold most of my stocks and index funds and have a resulting capital gain. While obviously this is a great problem to have I don’t want to pay tax on it come April 2017 so I will make an offsetting RRSP contribution.
Continue Reading

Net Worth – How Much You Have Saved and How Far You Have to Go

A picture of mountain peaks with the words 'Knowing your net worth is like learning where your map starts'

Calculating your net worth sounds scary but is actually easy and will make a lot of other personal finance calculations and decisions much easier. First, knowing it will give you some credibility and confidence. Second, your net worth is one number that will tell you exactly where you are financially. You need to know where you are in order to make a plan to get to your goal (financial freedom, retirement, you name it).

Continue Reading

Retirement – How Much Do You Really Need?

A picture of a cottage on a lake in the forest and the caption 'Start Saving for Retirement'

It seems like there is a constant flow of articles and news featuring people who don’t know how much to save for retirement. It is easy to sympathize with this problem but even after reading the articles I don’t feel like there is a clear answer on how much to save. There are many ‘rules’ that all seem to have as many pros as cons. I am going to breakdown a couple rules and how I got to my retirement savings goal.
Continue Reading

Your Emergency Fund – Keeping You Out of Debt

Black background with white text 'Count on your Emergency Fund Visit Successtosaving.ca'

Having an emergency fund decreases my stress because I know I have money in case of an emergency and lets me stick to my savings goals even when times are tough. Even with a good budget unexpected events happen.

An emergency fund must be easy to access and large enough to support you through a short period of difficulty. This could vary from job loss to poor health to a family crisis to any other challenge that you encounter. What they have in common – they would have a negative impact on your finances. An emergency fund will reduce your financial stress and decrease your dependence on credit cards when times are tough.

Continue Reading