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Savings Account Guide
Published by My Rate Compass Team | Updated Apr 15, 2020
Savings Account Guide: What You Need to Know Learn the basics of savings accounts and how they can help you reach your short-term financial goals.   What is a Savings Account? A savings account is a bank account that pays interest on your deposits. They’re available through the Big 5 banks and online-only self-serve banks.   Savings accounts aren’t for your daily transa

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TFSA Withdrawals Rules
Published by My Rate Compass Team | Mar 30, 2020
TFSA Withdrawals Rules   A TFSA, or tax-free savings account, is one of the most powerful saving and investing tools available to Canadians. At some point, you may need to access the money within your TFSA for a home down payment, tuition, emergency or virtually any other reason. Thankfully, making a withdrawal from a TFSA is quite simple, but there are some rules and restrictions to be a

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RRSP Withdrawals Rules
Published by My Rate Compass Team | Updated Sep 08, 2020
RRSP Withdrawals Rules   In 1957, the Government of Canada introduced RRSPs to Canadians as a way to motivate them to save for retirement. Today, RRSPs continue to be one of the most powerful retirement savings tools available to Canadians. In general, withdrawing from an RRSP should be avoided because of all the severe consequences. However, there are times when you may need to make a wi

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TFSA Contribution Limit
Published by My Rate Compass Team | Updated Sep 08, 2020
TFSA Contribution Limit   TFSA, short for tax free savings account, is a savings and investment tool introduced to Canadians in 2009. A TFSA is one of the most powerful financial tools available to Canadians because all investment income is tax free. However, before you begin to save and invest, there are some very important contribution rules to understand. Everything you need to know abou

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