Not sure how to make a savings plan? Read on…
Latest News
New rules of saving + MORE Nov 9th
Rainy day savings accounts are a bad idea
In this new age of low interest rates, rainy day savings make a lot less sense. It’s hard to justify keeping six months’ salary in a plain-vanilla account. “If you have a mortgage, money in a savings account is better spent putting it towards the mort.... More »
Everything you need to know about RRSPs, TFSAs and RESPs + MORE Feb 15th
With the March 1 RRSP deadline just a few weeks away, many savers are no doubt asking themselves whether they should be putting money into this stalwart retirement account or if they should be investing in the decade-old tax-free savings account, or their Registered Education Savings Plan (RESP), in.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Dec 24th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
Advertisement
Why trust us
MoneySense is an.... More »
Four smart things to do with your income tax refund + MORE Apr 19th
You might be tempted to spend your refund on a new TV set, but there are financially smarter options, writes Gordon Pape..... More »
Cheap Whole Foods prices won’t trigger price wars + MORE Aug 31st
TORONTO — Cheaper avocados at Whole Foods might get fans of the organic grocery chain salivating over savings, but retail analysts say it probably won’t launch price wars at Canadian supermarkets.
Amazon took ownership of Whole Foods Monday and immediately decided to cut the cost of some of.... More »
Buy a house with cash or mortgage?
– moneysense.ca
(Stuart Dee/Getty Images)Q: My husband and I are both 60 and working full time. We’ve just made an offer to purchase a house for $75,000 that we will use as a cottage. We have $30,000 in cash for the purchase but could take money out of our TFSAs to pay full price for the place. Thing is, the cottage needs extensive renovations which we think will take about two years to complete and will cost us roughly $50,000. Once all this work is done, we plan to rent out the property for $1,000 per week for 15 to 20 weeks each year.
We’d like to know if it would be better to pay the full $75,000 purchase price now, and slowly do the renovations using our homeowner’s line of credit. If it gets high enough, we could renegotiate this debt into our primary home mortgage. Or should we use our $30,000 cash as a down payment, get a mortgage for $45,000 and use a combination of our TFSA money and line of credit for the renovations?
— Debra Hamel, Ontario
Nawar Naji, mortgage broker with Mortgage Architects:
A: Since mortgage rates are at historic lows it makes sense to buy the cottage with just a 20% down payment and mortgage the rest…
Lower food prices may be coming to a Metro near you
– moneysense.ca
TORONTO – The CEO of Metro said Friday the grocery chain is committed to passing savings on to its customers if food inflation continues to subside.Eric La Fleche said food prices continued falling in the third quarter as more fresh produce is purchased from local sources and the foreign exchange rate stabilizes.
“The quarter was marked by rapidly declining food inflation,” La Fleche said in a conference call with analysts following the release of Metro’s results.
The Montreal-based company’s internal food inflation measure fell to 1.5 per cent — down from 2.8 and three per cent in its first and second quarters, respectively.
La Fleche cited meat costs as one example where the company, which operates more than 600 grocery stores in Quebec and Ontario, lowered prices for customers.
.cbR{box-sizing:border-box;display:block;width:100%;margin:1em 0;border:1px solid #bbb;padding:.5em}@media (min-width:480px){.cbR{width:250px;margin:0 0 1em 1em;float:right}}How to save money on groceries
“We will give back to our customers as the market, you know, plays out,” he said…
