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By MoneySense Staff on June 25, 2013
Estimated reading time: 1 minute

Saving incentives

By MoneySense Staff on June 25, 2013
Estimated reading time: 1 minute

Boosting the CPP will only hurt Canadian RRSPs, the Fraser Institute says. This and more in the daily roundup.

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Mandatory contribution increases to the Canada Pension Plan would likely result in reductions to RRSP contributions, according a new study from the Fraser Institute. The think-tank studied CPP and RRSP contributions over the last two decades and found that the percentage of tax-filers contributing and the amount they contributed to their RRSPs in each age and income group decreased as the CPP contribution rate increased.
Navigating the banking sector can be tough for anyone let alone new Canadians. According to a poll from TD Canada Trust, most newcomers said they did not know how to open a bank account (47%), apply for a credit card (58%) or mortgage (87%) or send money to family overseas (72%) in their first three months in Canada. The biggest surprise new Canadians encountered setting up their finances was the credit rating system (24%) and not having access to credit right away (23%). The bank suggests immigrants apply for a secured credit card at their local branch and get into the habit of paying all their bills on time in order to quickly establish a favourable credit score.

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