You can’t keep all your cash in Mr. Piggy forever. But hoping for any real gains in interest with a chequing or day-to-day operating account from the major banks is almost laughable. Half a point? Whoopee!
If you want something a little more substantial for storing your cash on hand, we suggest looking for a so-called high-interest savings account, either from your primary bank or an alternative. When choosing, make sure to watch for unappealing details such as a minimum balance, fees for use, limitations on interest payment and maximum number of transactions allowed.
ING (ingdirect.ca) offers a few choices for savings accounts -- at time of writing, their basic savings account offered a 1.5 per cent interest rate while the RSP and TFSA savings offered two per cent.
The President’s Choice Interest Plus savings account (pcfinancial.ca) offers a decent interest rate -- currently two percent -- but does require a minimum balance of $1,000 to get that rate. And there’s more: anniversary bonuses and no fees.
BMO (bmo.com) offers a savings account -- their Smart Saver Account -- boasting a 1.25 per cent interest rate at time of publishing, but they require a balance of $5,000 for that. Other incentives: Air Miles and access to: BMO MoneyLogic, an online financial management tool.
TD (tdcanadatrust.com) offers a High Interest Savings Account but they ding you five bucks if you use the debit machine -- unless there’s $25,000 sitting in there. Plus, interest is only paid on the balance above $5,000. Good reasons to always read the fine print.
These accounts tend to be very basic, without chequing or other bells and whistles, and are truly meant to sit there and grow. But, unlike many other kinds of investments, your money is accessible -- without penalties -- should you need to dip into it.
We asked bookkeeper and income tax specialist Susan Feldman of Tax Maam to deposit some savings tips into the old knowledge bank. Here’s her two cents:
Page 1 of 2 - Read page 2 to see what Susan Feldman has to say about savings
It makes sense to just leave a minimal balance in a chequing account with most of your money sitting in a savings account with a better interest rate to earn whatever you can. This means that you may have to transfer money between a savings account and a chequing account to ensure that there is enough to cover cheques and payments but not so much that the money is sitting there and not earning any interest at all. Online banking is helpful for this, as you can monitor your balance and do transfers whenever necessary.
Bank account fees are often directly related to the number of transactions, so you should review your banking plan to ensure that it will cover the number of transactions you think you will need every month.
Online banks such as ING and PC (which is actually operated by CIBC) definitely give the best interest rate on savings, have much lower bank fees and are the preferred savings account for most people. Remember that you do have to pay income tax on interest earned in a savings account. Your bank should give you a form come tax time.
TFSAs (tax-free savings accounts) are useful as a way of not paying tax on investment and interest income. But there are very strict rules limiting withdrawals and deposits that if not followed can result in a penalty from the CRA. Also, you can put all kinds of investments in a TFSA, not just a basic savings accounts, so it often makes more sense to use it for higher-earning investments rather than straight savings.
Bottom line? Whether you're saving for something specific, maintaining an emergency fund or keeping a buffer balance in your account, make sure that money's working for you as hard as it can. A little research and effort now can bring in decent returns over the long term.
Dainty and flavourful, everyone loves to indulge in tiny bites of traditional tea sandwiches. Though they appear finicky to make, these tea sandwiches are easy to assemble and entirely make-ahead.
Pinwheel Sandwiches Trim crusts from 5 slices white or whole wheat sandwich loaf, cut Pullman-style. (Ask bakery to cut sandwich loaf horizontally, or Pullman style.) Using rolling pin, flatten slices slightly. Spread with 1/3 cup (75 mL) butter, softened; spread with filling.
Place 1 asparagus spear (or 2 baby gherkins) along 1 short end of each. Starting at asparagus, roll up tightly without squeezing. Wrap each roll tightly in plastic wrap. Refrigerate for 1 hour. With serrated knife, trim ends; cut each roll into 6 slices.
Makes 30 pieces. Pinwheel Sandwich recipe: Curried Egg Salad Triangle Sandwiches Spread 16 thin slices whole wheat or white sandwich bread with 1/3 cup (75 mL) butter, softened; spread filling evenly over 8 of the slices. Top with remaining slices, pressing lightly. Place on rimmed baking sheet and cover with damp tea towel; cover tightly with plastic wrap and refrigerate until firm, about 1 hour. Trim off crusts. Cut each sandwich into 4 pieces.
Makes 32 pieces. Triangle Sandwich recipe: Ham Pickle Spread Square Sandwiches Make sandwiches as in Triangle Sandwiches above except use 8 thin slices white and 8 thin slices whole wheat sandwich bread. Cut each sandwich into quarters.
Makes 32 pieces.Square Sandwich recipe: Pimiento Cheese Spread Finger Sandwiches Make sandwiches as in Triangle Sandwiches above. Cut each sandwich lengthwise into 4 fingers.
Makes 32 pieces. Finger Sandwich recipe: Tuna Olive Salad
Choose the best-quality bread. Never serve end slices. Freezing bread before cutting and then spreading makes for easier handling.
Bread should be lightly buttered no matter what the filling. Butter should be at room temperature before spreading. Sandwiches will not become limp and soggy as readily if you spread butter right to edge of bread.
Cut crusts off bread with long, sharp knife after (not before) assembling sandwiches. This keeps everything neater.
Since tea sandwiches should be delicate, cut each sandwich into thirds or quarters or in half diagonally. Or use cookie cutters to cut into decorative shapes.
Want an in-demand job with a healthy future? Look no further than the skilled trades in Canada. "There is an incredible amount of opportunity in the trades industry in Canada right now," says Peter Harris, editor-in-chief of Workopolis, who reports on trends and changes in the Canadian job market.
"Trades workers need not be subject to the boom-and-bust cycles of provincial economies, because trades jobs are evergreen and also come with a great deal of freedom of mobility," he says. For example, in every city across the country, homeowners are always looking for reliable, affordable work on their homes: renovation, plumbing, electrical, roofing and more, says Harris.
Positions in the skilled trades offer another bonus: These roles are far more insulated from being sent offshore and to automation, says Harris. "[These are] the two biggest threats to many career paths," he says. Furthermore, Canada faces a shortage of one million tradespeople by 2020, as many people in that field will be retiring, he says. "The average age of welders is 57, and large numbers of trades workers across the board are also into their 50s."
Defining the "best" trade is highly subjective; it depends on where you live and what you consider most valuable: lots of demand, high pay, flexibility to set your own hours or whatever you feel is vital to a good job. That said, based on the job opportunities being posted online in the skilled trades, Harris says the most sought-after employees are in these five vocations.
1. Construction workers Whether it be working on new home construction, infrastructure (like roads) or commercial enterprises, construction workers are in high demand in Canada. Construction is considered a cornerstone of Canadian industry and it represents about seven percent of the Canadian workforce, according to the Canadian Construction Association. While positions may be plentiful, construction work is often seasonal and contract-based.
2. Vehicle repair In the past year, the number of job postings for the mechanic trades has spiked 94 percent over June 2013, says Harris. As anyone who has ever owned a car knows, auto mechanics tend to be perennially busy. According to Human Resources Skills Development Canada, this job is also called automotive service technician, helpful keywords if you're searching for post-secondary education programs, which tend to use this title instead of "car mechanics."
3. Maintenance worker Although maintenance work comprises a very broad array of specialties, these jobs are in high demand across the country, says Harris. Not just hands-on repair (although it can include these skills), maintenance work encompasses operations, planning and information management skills as well. These jobs are posted under a variety of names, such as maintenance technician, maintenance mechanic, maintenance specialist and, of course, maintenance worker.
4. Electricians Electricity is vital to life as we know it in Canada. Licensed electricians lay out, assemble, install, test, troubleshoot and repair electrical wiring, fixtures, control devices and related equipment in buildings and other structures, according to Human Resources and Skills Development Canada. Electricians are highly sought-after in commercial, industrial and residential spheres. There are many positions open with electrical contractors, maintenance companies and industries, and there are also ample self-employment opportunities.
5. Heavy machinery operators (such as a backhoe, bulldozer) Wherever there's a freshly paved road or newly built construction, a heavy machinery operator isn't far behind. Operators work backhoes, bulldozers, graders and other heavy-duty construction vehicles. Another term that describes this trade is heavy equipment operator, which is the terminology post-secondary schools and colleges use to designate program offerings. Like construction work, these roles can be plentiful across the nation, but also tend to be seasonal.
Here are some scary truths: 70 percent of new Alzheimer's patients in Canada will be women, and we're diagnosed with depression and dementia at twice the rate of men. But new research says there are three simple lifestyle changes we can make right now to keep our brains healthy as we age.
You brush your teeth to prevent tooth decay and check your blood pressure to monitor for signs of heart problems. But are you doing anything to keep your brain in tip-top shape? Because you should be. Brain health, which experts define as a combination of cognitive (memory, attention, thinking) and mental (emotional well-being) fitness, is a major, albeit under-the- radar, health issue for Canadian women.
It's major because as we age, so do our brains. Vascular changes can decrease blood flow; we can lose volume in key areas, including the hippocampus and the prefrontal cortex, the regions responsible for learning and memory. Myelin, a fatty material that makes up the protective coating around nerve fibres, starts to deteriorate, causing the brain to slow down. And nerve cells can develop plaques and tangles— structures caused by the buildup of proteins called beta-amyloids that can disrupt the brain's normal function. In some people, these and other signs of normal aging can cause mental health problems, strokes and brain disorders such as dementia and Alzheimer's, and increase the risk of diseases such as multiple sclerosis.
Brain health is an under-the-radar issue because, though women are more likely to experience cognitive decline (thanks to dementia or Alzheimer's) and to suffer from depression, most of the research on these conditions still focuses on men.
Thankfully, studies are showing that straightforward lifestyle changes—exercising regularly and not smoking are at the top of the list—help shore up what researchers call "cognitive reserve," a buffer that "delays the changes or makes your body better equipped to handle those changes," says Lauren Drogos, a brain researcher at the University of Calgary.
In fact, Drogos says there's evidence to show that, in some people, even serious symptoms do not necessarily develop into cognitive impairment. She points to the Nun Study, a famous long-running research project on aging and Alzheimer's that has been tracking 678 nuns from convents across the United States since the mid-1980s. One of the nuns, Sister Mary, died at the age of 101 showing no outward signs of cognitive decline—but when researchers examined her brain, they were shocked to find she had "abundant neurofibrillary tangles and senile plaques, the classic lesions of Alzheimer's disease." Scientists don't know exactly why some people can have severe symptoms, such as plaques and tangles, without experiencing cognitive decline, but, happily, cases like Sister Mary do show that dementia isn't an inevitable part of aging.
And since women are more likely than men to be diagnosed with many of these problems, the more we consider brain health when making our day-to-day lifestyle decisions, the better. (Bonus: These changes also benefit your heart and help prevent other diseases, including Type 2 diabetes and cancer.) So here's what you can do to take care of your brain.
This is your brain on exercise If you had to pick just one lifestyle change to make in the name of brain health, experts agree exercise tops the list—especially for women.
We consider neuroplasticity, the brain's capacity to form new neural connections, an exciting part of a child's development, but we now know our brains can continue to grow, repair and improve as adults, too. Physical activity is a well-researched trigger. Not only can working out bolster our day-to-day functioning and alertness but it also appears to help us repair brain damage. Plus, it slows down aging and the onset of age-related brain diseases.
Working up a sweat and pumping up your heart rate can lead to a healthier vascular system in the brain, which decreases blood pressure and oxidative stress (when your body's antioxidants can't fight off free radicals), and increases antioxidant activity, according to Marc Poulin, an Alzheimer's researcher and professor of physiology at the University of Calgary. Vigorous exercise also floods the bloodstream with a protein called brain-derived neurotrophic factor, which readies the body for repair and heightens the brain's ability to learn and form new memories. Plus, hitting the gym helps the brain repair myelin; a lack of the nerve fibre–protecting substance is a factor in developing multiple sclerosis.
Exercising can also restore crucial brain volume. Research has shown that the hippocampus— home to memory, learning and emotion—starts shrinking after age 55 by about one to two percent a year, but just one year of moderate-intensity aerobic exercise done three days a week can increase its size by two percent.
And while most of the research is about the benefits of getting in your cardio, Dr. Teresa Liu-Ambrose, an associate professor and Canada research chair at The University of British Columbia and the Vancouver Coastal Health Research Institute, says strength training is also effective, as it can enhance brain performance and function by 11 to 17 percent. "Women live longer [than men], and age itself is the greatest risk factor for dementia," she says. "But the good news is when we look at the benefit of aerobic exercise on cognition in older adults, women seem to benefit more."
The takeaway: You can reap the rewards from even a 15-minute walk. Of course, the longer you exercise, the better, especially if you get your sweat on and your heart rate up. If you want to tick a few other brain health tips off your list, consider joining a team sport. It blends physical, social and cognitive skills, and "can also add pleasure and meaning to our lives," says Dr. Nasreen Khatri, a registered clinical psychologist, gerontologist and neuroscientist at the Rotman Research Institute at Baycrest Health Sciences in Toronto.
If you have an office job and find you're sedentary most of the day, take a few minutes every hour or so to get up and move around. Research also suggests switching to a standup desk may improve your brain function.
Did you know? Taking care of a loved one—most often a spouse in your later years—can be a risk factor for developing depression and, eventually, dementia . But research out of the Rotman Research Institute at Baycrest Health Sciences in Toronto found, for the first time, that cognitive behavioural therapy, a form of talk therapy, can improve both mood and cognition.
This is your brain on sleep After a good night's sleep, you feel alert and ready to tackle the day. But that's not just because your brain has been resting. It has also been busy filing away memories and taking out the trash, so to speak, thanks to the glymphatic system, which washes the brain of waste materials. For example, a protein called betaamyloid, which is known to play a role in the development of Alzheimer's, acts as a neurotoxin when it builds up, killing neural cells in the brain. But a good sleep removes excess beta-amyloid and other waste materials, says Dr. Liu-Ambrose.
Because one of the common symptoms of Alzheimer's is disrupted sleep, it's unclear whether a lack of shut-eye should be considered part of the progression of the disease or a risk factor on its own, due to the buildup of beta-amyloids.
Nevertheless, poor sleep hastens your brain's aging process—much like sitting in the sun sans SPF speeds up your skin's aging process. And disturbed sleeping has been linked to all aspects of brain health, including an increased risk of depression and a decline in cognitive functions such as memory and reasoning. In one U.K. study out of University College London Medical School, middle-aged women who reported a drop in the average number of hours they slept had lower scores on cognitive tests involving reasoning and vocabulary.
What's more, our central clocks—a.k.a. our circadian rhythms—can drift from the patterns of our childhood, making it hard to get that much-needed rest. "As we age, our central clock is less sensitive to stimuli like light, food and physical activity," says Dr. Liu-Ambrose; this change makes it harder to fall, and stay, asleep. We can also become more vulnerable to stress and anxiety, which further disrupt those rhythms.
One way to combat these fluctuations is to try what seasoned travellers do for jet-lag recovery: Get exposure to real daylight and eat your meals on time to nudge your brain into a routine. And don't use bright screens at night, especially before bed, because they mimic sunlight and tell our circadian system that it's day, not night—and, therefore, not time to sleep. Those who need more help might consider light therapies that have been developed to treat seasonal affective disorder, says Dr. Liu-Ambrose.
The takeaway: Many researchers consider six to eight hours of sleep a night to be the standard sweet spot, though this can vary by individual. If you're routinely getting less than that and waking often in the night, not feeling refreshed in the morning and experiencing bouts of sleepiness during the day, talk to your doctor about sleep strategies—especially if you're experiencing anxiety or depression. In the short term, napping can reverse some of the effects of poor sleep, including memory loss and increased stress. And you only need a 30-minute catnap to feel the results.
This is your brain on a healthy diet There's no perfect "brain food," but eating a nutritious diet (lots of veggies and fruit, lean meat, fish and healthy fats) is the smartest way to maintain long-term brain function and memory, and to slow the development of brain diseases.
Getting enough of specific nutrients like omega-3 fatty acids is important but not the holy grail. University of Pittsburgh researchers recently found that people who eat broiled or baked fish at least once a week have larger brain volumes in the areas used for memory and cognition, despite varying levels of omega-3 in the fish they ate. Senior researcher James Becker concluded that he and his colleagues were "tapping into a more general set of lifestyle factors that were affecting brain health, of which diet is just one part."
In a 2015 study from Rush University Medical Center in Chicago, researchers looked at the broad set of eating habits of more than 900 people over 4 1/2 years and found that those who adhered to a diet high in fish, vegetables, nuts and berries, and low in fat and sugar, slowed down their brains' aging by about 7 1/2 years when compared to those with less-healthy diets. The healthy eaters cut their risk of Alzheimer's by up to 53 percent. And even when those people only adhered to the diet part time, they saw some benefits— an effect that has not been found in other diets, says Drogos.
The researchers dubbed the most promising cluster of these eating habits the MIND (Mediterranean-DASH Intervention for Neurodegenerative Delay) diet, which blends the longevity-boosting Mediterranean diet and the heart-healthy low-fat DASH (Dietary Approaches to Stop Hypertension) diet that doctors recommend to patients at risk of high blood pressure and heart disease. More studies need to be done on why it works, but in the meantime, there's no downside to eating healthier and ditching the junk.
The takeaway: Add more veggies to your diet. Research shows that older adults who report eating more of this food group perform better in mentally stimulating activities than those who don't.
Did you know? "Menopause brain" is a real thing. As with "pregnancy brain," its more famous counterpart, women approaching menopause really do experience memory problems and brain fog. Researchers think a drop in estrogen levels might be the cause.
Can you train your brain? Does firing up a brain-training app actually help improve your memory and ward off dementia? Sorry to disappoint, but right now, evidence for the benefits of computer-based brain games is weak, says Dr. Teresa Liu-Ambrose, an associate professor and Canada research chair at The University of British Columbia and the Vancouver Coastal HealthResearch Institute. Brain games appear to help you learn to play them better, but research doesn't show that those tasks transfer to other aspects of brain performance. The same goes for crossword puzzles and sudoku, which help your vocabulary and math skills, but nothing more.
How to maintain your mental edge at any age
In your 30s: This is the time to make sure you establish healthy habits—such as getting plenty of exercise and sleep, and eating a good diet—that will affect your brain health throughout your adult years. "When it comes to maintaining brain health, the best time to start is yesterday," says Dr. Nasreen Khatri, a registered clinical psychologist, gerontologist and neuroscientist at the Rotman Research Institute at Baycrest Health Sciences in Toronto. If you feel you need a boost at work, consider old-fashioned writing instead of typing on your computer. A study in the journal Psychological Science found that university students who made handwritten notes were better equipped to recall conceptual ideas from their professors' lectures than those who had typed notes on their laptops.
In your 40s and 50s: People in this age group are part of the "sandwich generation," and often face caring for their aging parents on top of dealing with their other work, financial and parenting obligations. So, unsurprisingly, they're super stressed—and this can affect both mental health and day-to-day brain function. Dr. Khatri says it's essential to prioritize and edit out activities and commitments that increase stress without adding value to your productivity or happiness. That's because "maintaining mental health in early and mid life is key to safeguarding cognitive health later on," she says. "Untreated depression in midlife doubles your risk of developing dementia in later life."
In your 60s and beyond: In your senior years, socializing with friends and family, and picking up activities that allow you to connect, such as volunteering, are key to maintaining brain health. And sorry, keeping up with folks on Facebook isn't enough. "Ask yourself: Is social media rounding out my real-life social experiences?" suggests Dr. Khatri. What you need is face-to-face interaction.
Planning a picnic or family barbecue anytime soon? Give yourself one less thing to worry about and go for one of our easy pasta salad recipes. It's sure to be a hit!
Pasta salads are great to make ahead, and are absolute tops for large groups. They also take the cake for being an extremely versatile dish – with a host of added ingredients, toppings and dressings, simple pasta salads can go from humble side to star entrée in no time.
We asked Test Kitchen food specialist Amanda Barnier to share some top tips for preparing pasta salads, and why they're a crowd favourite. Here's what she had to share:
Pasta salads: the perfect make-ahead dish
"Pasta salads can easily be prepped in advance and can feed a crowd with little effort," Amanda says. "It can be made in advance and cooled immediately after cooking."
One important tip to remember, she adds, is to "add dressing the day it's being served, because it will quickly absorb the dressing."
Pasta salad favourites
"I like using cheese filled tortellini for a hearty salad. Soba and rice noodles are great with Asian dressings, whole grain and coloured pastas," Amanda says.
How to store pasta salads
"Keep salads well wrapped and refrigerated," she says. "Salad has the same storage life as its ingredients. Seafood is best eaten within 2 days, and chicken (within) 2 to 3 days. If traveling, be sure to store pasta salads in coolers packed with lots of ice."
"Proteins should not be within 4 C and 60 C for longer than a four hour period," she adds.
The long and short of it: best pasta shapes
"Short shapes are best with vinaigrettes and creamy dressings, and chunky ingredients such as chopped vegetables and beans," Amanda says.
"Long pasta shapes are better used with thinly sliced vegetables, proteins, herbs, spices and vinaigrettes."
Tips for making pasta salad
"If making a pasta salad in advance, rinse with cold water to stop the cooking process and drain well," she advises. "Add dressing just prior to serving. Pasta quickly absorbs liquids; if the dressing is added too soon, the pasta will absorb it."
So whether you prefer chunky pasta salads with a cool, creamy dressing perfect for summer picnics, or entrée-worthy pasta salads with long rice noodles and a tangy vinaigrette, you're sure to find a new favourite with from our collection.
Mediterranean Orzo Salad
This salad highlights many fresh flavours of the Mediterranean and is at its best when made with good-quality olive oil.
Photography by Jeff Coulson
The Best Macaroni Salad
This is a great keeper salad and perfect for a picnic or BBQ. Just make sure you pack it with plenty of ice packs to keep it nice and cold, both during transportation and at the table.
Photography by Annabelle Waugh
Chicken, Broccoli and Bocconcini Pasta Salad
Make this pasta salad for the whole family—the kids will love the mild dressing and round bocconcini cheese, while the adults will appreciate it as a light alternative to a sandwich.
Warm Roasted Red Pepper Pasta Salad
The dressing lends a taste of summer any time of year. The red peppers provide vitamins A and C and potassium. Quick and easy to make, this salad is perfect to take to a last-minute potluck or picnic.
Tuna Pasta Salad
Using tuna packed in both oil and broth means you'll need less oil in the dressing.
Salmon Pasta Salad
Start with melon wedges to whet your appetite for this quick and light dinner.
Grilled Vegetable Pasta Salad
Grilled market-fresh veggies meet marinated olives and artichokes in this healthy dish made with whole wheat rotini. So chock full with taste and texture, carnivores won't complain about this vegetarian dish.