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Canadians Gain More Room to Save with 2025 TFSA Limit

  The Tax-Free Savings Account (TFSA) contribution limit for 2025 has been set at $7,000 , giving Canadians another opportunity to grow their investments tax-free. Since its launch in 2009, the TFSA has become one of the most popular savings tools in the country, offering flexibility and tax advantages that appeal to both short-term savers and long-term investors. For those who have never contributed to a TFSA and were eligible since the beginning, the total cumulative contribution room now stands at $102,000 . This allows Canadians to deposit a significant amount into their accounts without worrying about taxes on investment gains, dividends, or withdrawals. One of the TFSA’s biggest advantages is that withdrawals are tax-free and the amount withdrawn is added back to your contribution room the following year . This makes it ideal for saving toward major purchases, retirement, or even emergency funds. Unlike RRSPs, contributions are not tax-deductible, but the growth inside the...
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Tips for Renewing Your Mortgage in 2024


Renewing your mortgage can be a daunting task, but it doesn’t have to be. With the right preparation and knowledge, you can make the process as smooth as possible. Here are some tips to help you renew your mortgage in 2024.

1: Start early. Don’t wait until the last minute to start thinking about renewing your mortgage. Start researching your options at least six months before your current mortgage term expires.

2: Shop around. Don’t just accept the first mortgage offer you receive. Shop around and compare rates from different lenders to find the best deal.

3: Consider a shorter term. If you can afford higher payments, consider a shorter mortgage term. This can help you save money on interest in the long run.

4: Negotiate. Don’t be afraid to negotiate with your lender. You may be able to get a better rate or more favorable terms if you ask.

Renewing your mortgage can be a great opportunity to save money and improve your financial situation. By following these tips, you can make the process as smooth as possible.


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