If you work for a company that offers a group RRSP program, you’re in luck. Contributing to a group RRSP will not only allow your retirement savings to grow, but to accumulate tax-free. Read this short guide to better understand how group RRSPs work, and the benefits of joining one.

While most people understand that an RRSP is a savings vehicle that allows you to accumulate money in a tax-sheltered investment, the RRIF is the RRSP’s successor in terms of the retirement savings process. RRIFs are designed to convert that accumulated money from a tax-sheltered plan into an income stream.

While money contributed to an RRSP is taxable when withdrawn, contributions to a TFSA are made with after-tax dollars and are not subject to any further taxation. As a result, every dollar in a TFSA will be earning tax-free interest.


For those perplexed by the question of whether it is better for you to contribute to an RRSP or a TFSA, the best answer is to contribute to both. But in a lower after-tax dollars world, there are advantages and disadvantages to be had with both, depending entirely on your own personal financial situation.

More Americans unexpectedly filed applications for unemployment benefits last week, indicating companies let go of seasonal workers following the holidays.  Jobless claims climbed by 19,000 to 316,000 in the week ended Jan. 10, the most since early September, from a revised 297,000 in the prior period. The median forecast called for 290,000.

When it comes to personal bankruptcy, many Canadians have had a difficult time in the wake of the recent economic crisis. In fact, 145,233 people either filed for personal bankruptcy or a consumer proposal in the twelve months ended June 30, 2010. Additionally, the number of consumer proposals filed increased by 33.7% during that time, which is often a last resort before bankruptcy.

Minimum wage is the minimum amount that an employer must pay an employee. Hourly rates vary from one province or country to another. Similarly, some employment sectors may be subject to hourly rates that differ from the general rate.`

Microfinance refers to a system of finance offered to unemployed or low-income individuals who have no other means of accessing financial services. While microfinance lenders charge interest on loans, the applied interest rates are typically below bank rates.

When a woman gives birth to a child, she is entitled to a leave of absence from her work, without losing her job. The specifics of maternity leave vary from province to province in Canada.