RRSP or TFSA? Go For TFSA When You Can’t Decide

TFSA: You Can’t Go Wrong

First Published Date: February 18, 2017

This time of the year, when the RRSP deadline is fast approaching, it’s hard not to notice an article about TFSA or RRSP in Canadian newspapers or magazines. However, if you get confused after reading so many of these articles and can’t decide, going for a TFSA is not a bad option at all.

In the past, I wrote about TFSA. As far as I can remember, that was the only time I wrote about TFSA, as after seeing so many articles about TFSA and RRSP again and again and writing about the same stuff I decided not do discuss it anymore. And that is a good change for someone who is trying to sort out TFSA and RRSP will only be more confused after bombarded with too much information.

If you are confused about these two and still not sure, the best thing to do is park your money in a TFSA, rather than in an RRSP. The reason is very simple: TFSA lets you able to take out your money any time without paying back withholding taxes, unlike an RRSP. One thing you need to keep in mind is that the money you are taking out from your TFSA will create equal contribution room next year, not in the same year.

And what should you do if you want to get some clear grasp of TFSA? Talk to a qualified financial professional face to face. And yes, don’t forget to write down all your questions and concerns before meeting

Canada Is One of The World’s Best Countries to Grow Old In

Canada Stays in Top 5 Countries to Grow Old In

First Published Date: Oct 13, 2013

Rcent study co-sponsored by the UN created Global AgeWatch Index by looking at 91 countries covering 89% of the world’s older citizens. The Index ranks older population in terms of social and economic well-being and is the first of its kind. Canada ranks high on this index, staying on 5th place. Sweden is on top of the list and Afghanistan on the bottom. Let’s look at the top ten countries:

1.   Sweden

2.   Norway

3.   Germany

4.   Netherlands

5.   Canada

6.   Switzerland

7.   New Zealand

8.   United States

9.   Iceland

10.   Japan

Here are some other facts from the report:

– The world’s envy, Canada’s universal health care system, generous old age benefits, and long life expectancy helped to achieve its 5th position.

– Countries like Sri Lanka, Bolivia, and Mauritius stay relatively high on the list, while countries like India, Pakistan, Russia stay on the lower side.

– Population ageing is happening faster in the poor developing countries. Two-thirds of the older population live in poor countries.

– South Korea, one of the richest and technologically advanced countries in Asia, surprisingly stays low on the index at 67.

– Bangladesh, a model for one of the world’s worst industrial disasters, is not on the list due to lack of old age data.

– By 2050, older population (older than 60) will outnumber younger population (younger than 15).

Scammers Are Working Hard This Holiday Season

Protect Yourself From Scammers

First Published Date: December 16, 2016

Hard working Canadians are busy this time of the year trying to make their families happy by presenting a memorable holiday season. Likewise, relentless scammers and con artists are busy on innocent Canadians to make their holiday season a miserable one. Scammers are always coming up with innovative ways to scam and it’s just not possible to warn everyone about each specific type. However, here are some common scams that are popular among scammers and con artists this time of the year.

Author/Copyright: Ahmed Dawn www.adawnjournal.com

Text Message Scam – Scammers send a text asking you to be a mystery shopper, wrap your car with advertisements, a job offer, a moneymaking opportunity, etc. You will receive a cheque from scammers and in return you have to refund the extra money they paid you or give them your banking info. The cheque they sent is fake, so they will have your extra money and can empty out your bank account if they have banking details.

Shaved Cat Scam – Scammers shave or pluck cats’ hair and sell them as pricey hairless sphynx cats or kittens.

Fake Online Retailers – Scammers set up fake online stores and send out mega-sale flyers or online deals via email or text directing consumers to their fake websites.

Door-to-Door Scam – Scammers are on foot going door-to-door and asking for donations for various charities. Obviously there are no charities and the collected money is going to their own pockets.

There are many other scams that con artists come up with. Your best defence is your common sense and vigilance. If you believe you or someone else have been a victim of a scam, contact your local police and central anti-fraud authority such as The Canadian Anti-Fraud Centre (CAFC).

Happy Holidays Everyone!

A Dawn Journal YouTube Channel

First Published Date: December 25, 2016

If you are familiar with A Dawn Journal or just stumbled upon it for the first time, I would like to take this opportunity to wish everyone a very happy holiday season.

A Dawn Journal has tons of articles to make people’s lives better by covering various aspects of life. Recently, I have stepped up publishing more videos from various walks of life on my YouTube channel. You will find the same quality content which is unbiased, non-sponsored, and authored by myself, just like this website.

Without your support, it would not be possible for this site to survive and thrive as a high-traffic website. I appreciate that and look forward to your visits for years to come.

Don’t Throw Away Credit Cards Before Closing Accounts

Close Credit Card Accounts Before Throwing Out

First Published Date: August 24, 2016

We all have credit card accounts here and there we are not aware of. Sometimes we just throw away credit cards once we don’t use them anymore. But is that the proper way of getting rid of those credit cards you don’t need?

For regular credit card accounts, if you just throw away or destroy your credit card your account remains active with the issuing financial institution. That means on paper you still hold that credit card and your credit account will appear on your credit report, regardless of whether you physically have that credit card or not.

For store credit card accounts, it depends on that store’s policies. Some of them will close your account if you are inactive for some time and some of them will keep it active regardless of whether you are active or not.

So if you were applying for store credit cards at different places just to get the 10 percent off on the first purchase and forgot about it after, you may have many credit cards appearing on your credit report you were not aware of – and when you apply for a new loan or mortgage the lender may not like seeing too many open credit accounts.
The best way to get rid of any credit cards is to call the issuer and close the account. Then shred it or cut it into pieces and trash them separately in separate garbage bags.

So next time, pick up the phone and close your account first before getting rid of those cards you don’t need.