Skip to content
BARGAINBLOG.CA

BARGAINBLOG.CA

Because everyone deserves a good deal. Eh?

  • Home
  • About

Tag: tax free savings account

Posted on July 9, 2020July 9, 2020

Canadian Seniors Receive Covid-19 Payment Relief

A senior to denote seniors Canadians waiting to receive one-time covid-19 relief payment.

Canadian Seniors will receive a one time covid-19 relief payment this week as announced by the government earlier in the week. The goal is to help seniors curb rising costs for things such as grocery deliveries and prescriptions. During this pandemic, seniors have been one of the hardest groups affected. This payment is one way that the government wanted to lightened their load. This one-time payment is tax free.

Canadian Seniors Receive Covid-19 Payment Relief, How Much?

Canadian seniors can receive up to $500.00 in a one-time payment from the government. Here’s the breakdown from a recent article below:

“Any senior who is eligible for the Old Age Security (OAS) pension will receive a $300 payment, and an additional $200 is being sent to seniors eligible for the Guaranteed Income Supplement (GIS).

The federal government estimates there are currently 6.7 million seniors who are eligible for the OAS pension and 2.2 million who are eligible for the GIS. These payments are set to total $2.5 billion.”

Canadian Seniors Receive Covid-19 Paymet Relief, When and How?

The payment is directly made to any senior who is eligible. No application is needed to apply. Here are the payment details from the same article:

“Seniors who reside in Canada can expect to receive the payment by direct deposit or cheque this week, whereas seniors who reside outside Canada can expect this one-time payment in July for those on direct deposit, or by cheque with delays given international postal disruptions,” said the government in a statement.

Conclusion

For Canadian seniors, any help is good as they have been hit hard by COVID-19. As a result, they have to take extra precautions to stay safe. This has resulted in taking on a greater financial burden with limited income for many. Because of that, Canadian seniors will gladly accept the covid-19 one-time payment as every little bit helps.

You Might Also Like to Read:

Additional Support for Seniors During Covid-19

Posted on November 26, 2019November 26, 2019

Should I Open a TFSA Today?

A piggy bank to highlight article about TFSA

Should I open a TFSA? It’s an interesting question as it seems to be all the rage right now. It seems like an easy way to save money. However, before getting a TFSA, you should know a few things about it first.

What is a TFSA?

It is a tax free savings account. This means that whatever money you put in it, the interest, dividends and capital gains earned in this account is tax free for life. You can withdraw money from it at anytime and the money withdrawn is tax free!

What can I have in a TFSA?

You can have a wide range of investments inside of a TFSA such as:

  • cash
  • mutual funds
  • securities listed on a designated stock exchange
  • guaranteed investment certificates
  • bonds
  • certain shares of small business corporations

Advantages of Opening a TFSA

The biggest advantage is that any interest, capital gains or dividend income earned is tax free! As a result you can grow your money faster than in a typical investment or savings account as income earned in these accounts are subject to taxation when either earned or when money is withdrawn. Another advantage is that you can withdraw from it anytime which gives flexibility. Finally, anyone can set up a TFSA as you do not need to be earning income to have one.

Disadvantages of Opening a TFSA

One of the biggest disadvantages is that if you use it as a savings account, the interest rates are not very high. For example, if I want to put money in a savings account within a tax free savings account, the interest I would receive would be about 1% per year. If a put it into a high interest savings account, I can earn some where in between 1.5 to 3% which is a bit higher and can earn a higher rate of return even after the interest is taxed. Another disadvantage is that you can only invest a certain amount every year. For example the TFSA limit for 2019 was $6000.00. However, if you have never invested in it since its beginning then you could possibly invest up to $63500.

Should I Open a TFSA?

Yes you should! The only reason you might not open one is that you would be only using it as a savings account where the interest rates would be low. However, if you do not need to use the money in the foreseeable future, you might look at putting the money into a GIC where you might get a little better interest rate and there is no risk. But if you are an investor and you do not mind the risks involved investing in securities or mutual funds, then opening a TFSA is an absolute must as you will grow you money faster. So open a TFSA and use it correctly and you will not be disappointed!

You Might Also Like:

10 Ways to Save Money on Rent – Saving on Apartments and Condos

Search

Send an Amazon eGift Card

Our Recent Posts

  • Urban Outfitters Customer Service information – Phone number and Online chat
  • CPP and OAS Payment Dates 2021 – Canada Pension Plan payments and Old Age Security
  • PC Optimum Bonus points and offers at Shoppers Drug Mart this week – Points haul!
  • Diaper Deals this Week in Canada – Sales at Walmart, Superstore, Amazon and more – baby stuff on sale
  • 10 Ways to Save Money on Groceries and Food in Canada – Offline and Online Shopping Tips

Trending Posts

  • A person on a calculator to denote someone calculating their budgeting based on CERB ends and being replaced by new EI, CRB, CRSB and CRCB programs.
    CPP and OAS Payment Dates 2021 – Canada Pension Plan payments and Old Age Security
    February 25, 2021
    By christinam | 3 Comments
  • 10 Ways to Save Money on Groceries and Food in Canada – Offline and Online Shopping Tips
    February 15, 2021
    By christinam | 1 Comment
  • Bargains on Cool Cat Furniture and Cat Trees in Canada
    February 8, 2021
    By christinam | 0 Comments
  • 10 Ways to Save Money on Rent – Saving on Apartments and Condos
    February 11, 2021
    By christinam | 2 Comments
  • Air Miles Canada – Redeem for Merchandise – Best Air Miles deals this week
    February 11, 2021
    By christinam | 0 Comments
Glasses from $9

Categories

  • 50% off
  • Aeroplan
  • AirMiles
  • Amazon
  • Automotive
  • baby
  • Banking
  • bargain of the day
  • Bath
  • Beauty Deals
  • bedding
  • bills
  • Blog Hopping and Bargain Hunting
  • BMO
  • Bokksu
  • Books
    • Book Outlet
  • check out 51
  • Chocolate
  • Cleaning Tips
  • Clearly.ca
  • clothing
    • men's clothing
  • Coffee
  • computers and accessories
  • coronavirus
  • Costco
  • Coupons
  • CPP
  • Crafts and Hobbies
  • credit card
  • Customer Service numbers
  • Debt
  • Decor
  • Diaper Deals
  • Dollarama
  • eco friendly
  • Entertainment
  • Eyewear
  • Fiverr
  • Flyers
  • Free Shipping
  • Freebies
  • frugal living
  • Furniture
  • Giant Tiger
  • gift card
  • Gift Ideas
  • grants and benefits
  • grocery bargains
  • grocery deals
  • Health and Beauty
  • Home and Garden
  • HP
  • Indigo
  • Joe Fresh
  • Kids
  • kitchen gadgets
  • laptops
  • Linen Chest
  • Linens
  • local shops
  • Make Money Online
  • Making money
  • money
  • Mr. Big & Tall
  • Natural health tips
  • No Frills
  • No Frills Calgary
  • Nordstrom
  • OAS
  • Old Navy
  • online business services
  • Online shopping
  • Overstock
  • PC optimum
  • Personal Finance
  • pets
  • Promo codes
  • Royal Bank
  • Save on Foods
  • scotia bank
  • Scotiabank
  • Shoppers Drug Mart
  • small appliances
  • starbucks
  • Superstore
  • Target
  • TD Bank
  • The Thrifty Three
  • travel
    • expedia
  • Uncategorized
  • Under $5
  • Under Armour
  • Wagjag
  • Walmart
  • Wayfair
  • Well.ca
  • Wellwise.ca
  • women's clothing
  • Yves Rocher
Be Rewarded with the Web's Premiere Rewards Site

Get Updates On Our Latest Posts

Search

Proudly powered by WordPress