Sow Good Seeds

7 Accounts You Must Have in Canada Do you know that 45% of Americans and Canadians live paycheck to paycheck and have less than $1,000 saved in the bank? Also, one in a third of Canadians have no retirement savings before the age of 35. Why do you need 7 accounts? It's not only because you can earn extra money but also because you should have different accounts for different goals. These 7 accounts, it's a wise way to manage money toward your brilliant future. 7 accounts:  Chequing Account HISA -    High-Interest Savings Account  GRRSP - Group Registered Retirement Savings Plan  RESP   -    Registered Education Savings Plan  TFSA -    Tax-Free Savings Account  FHSA -    First Home Saving Account   RRSP -    Registered Retirement Savings Plan  My personal Chequing Account: CIBC. 1. Chequing Account  I use a CIBC Chequing account. Chequing account only for day-to-day expenses.  Do NOT save money in this account with 0% interest rate.  Also, not recommended to save money in a reg

What is Simplii Financial?  Who owns Simplii Financial? Simplii Financial is an online bank owned by the Canadian Imperial Bank of Commerce (CIBC) It means CIBC is a physical bank. Simplii is an online bank. Simplii Financial used to be PC Financial. Most Canadians often go shopping with PC Financial Mastercard to earn points.   Is Simplii Financial and CIBC the same bank? Simplii is a division of CIBC Bank. CIBC is a physical bank. Simplii is an online bank Is Simplii Financial safe? Yes. Simplii IS SAFE. Simplii is as safe as the top 5 Canadian banks. The owner of Simplii Financial is CIBC Bank. It holds your deposits and is insured by the CDIC. Eligible accounts are covered up to $100,000. Why do you need an online bank account? The simple answer is:  Allow your money to make more money for you. We all want our money to produce some extra cash flow every month. Do NOT save money in a chequing account.  Also, do NOT save money in a regular savings account with 0.1-0.5%  interest rate

What is Wealthsimple? Wealthsimple Inc. is a Canadian online investment platform. It was founded in September 2014 by Michael Katchen, Brett Huneycutt, and Rudy Adler and is based in Toronto.  Since 2014, Canada’s Wealthsimple has helped hundreds of thousands of investors who want to grow their money. It's a commission-free stocks and ETFs trading platform.  Wealthsimple Trade offers TFSA, RRSP, RESP, FHSA,Cash, Crypto and non-registered accounts. Is Wealthsimple safe? Wealthsimple 100% keeps your money safe. How is my cash protected, exactly? Everything is encrypted: Wealthsimple uses state-of-the-art data encryption when handling your financial information and two-factor authentication (2FA) protection. Wealthsimple works with CDIC (Canadian Deposit Insurance Corporation) member institutions to stack your protection to up to $500,000 on eligible deposits. Learn more about CDIC coverage Powerful backing: Wealthsimple has received $265M in investment from some of the world's la

  How to Retire Early At The Age Of 31? Before your plan to retire early, you need to know the 5 major money mindsets: It is impossible to retire early on a fixed salary alone. Inflation is an invisible killer that takes away your wealth. You must learn to invest and manage your money. Invest(buy) in assets, not liabilities. Never spend more than you make. No matter your age, learn to invest in yourself first always, this is the best investment in the world.                                                                                Recommend a book of life financial management, called: Quit Like A Millionaire Hear the author's true stories about early retired life  »  # 1   #2   #3 How did the author of Quit Like A Millionaire turn from earning only 44 cents a day to having the free cash flow of wealth? How to use creativity, resilience, adaptability, and perseverance to achieve F inancial I ndependence R etire E arly (FIRE) life? How to build a portfolio? How to increase incom

Send money abroad in a fast and cheaper way with EQ  in Canada. What is EQ Bank? Equitable Bank (EQ) is a Canadian physical bank headquartered in Toronto, Ontario, with a history of more than 45 years. EQ Bank is a subsidiary of Equitable Bank, which is a federally regulated bank that manages more than $42 billion in assets. EQ is the first online bank in Canada to complete digitization. During the non-promotional period, EQ Bank is still one of the banks with the highest interest rates in Canada.  Interest rates will change from time to time, go to the official website to check the latest deposit interest rates. 💛GOOD NEWS! Announcing 2.50% interest. EQ bank is excited to announce an increased everyday interest rate! Effective 2024, the Savings Plus Account, Joint Savings Plus Account, TFSA, RRSP, and FHSA now come with 3.00% interest. Annual interest; calculated daily, paid monthly. I am earning 20 times more interest on my savings account compared to 0.05% on the physical savings

Largest online stock exchange in Canada Questrade Questrade is a self-directed trading platform that lets you create your own portfolio at a lower cost than traditional financial institutions. It is currently the largest online stock exchange in Canada. Questrade was established in 1999 and is headquartered in Toronto.  Is Questrade safe? Questrade is a registered broker of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF).  Your account with Questrade is protected indeed, which means your account is protected with $10 million in insurance if this company goes bankrupt. The Questrade account opening process is simple, which is very suitable for investors who live in Canada or study abroad to open an account to invest in a variety of investment products including Canadian and U.S. stocks,  ETFs, GICs, IPOs, bonds, golds, etc.  Got 4.40% rates in a 1-year GIC in EQ bank. Learn more» Why you shouldn't put your money int

  The Power of TFSA What is TFSA? The full name of TFSA is Tax-Free Savings Account. TFSA is a tax-preferential account set up by the Canadian government for every eligible person. Your TFSA savings can be withdrawn from your account at any time, for any reason, and all withdrawals are tax-free. And if you want, you can put back the amount you withdraw into your TFSA. However, you have to do it the following year so it will not impact your contribution room. You can put various products in the account, such as: Cash Guaranteed Investment Certificates (GICs) Mutual Fund Exchange-traded funds (ETFs) Stocks(U.S and Canadian and International) Real Estate Investment Trusts (REITs) Bonds Options Gold and silver If you are still using a TFSA account as a “savings account” PLEASE DO NOT. Why do I say that I need to manage my account properly? Because most people think that TFSA is just a regular savings account, deposit cash or only deposit products with low-interest rates. If you use TFSA i