How to go about securing the best savings strategy in Canada.
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The best high-interest savings accounts in Canada for 2025 + MORE Aug 13th
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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.
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Ask MoneySense
My wife has an RRSP in her name and a spousal RRSP in her name, plus a small LIRA. She will be turning 71 next year.
My question is: Can she open a RRIF account and contribute both of her RRSPs plus the LIRA amount into one single RRIF account without incurring any taxable conseque.... More »
Invest or pay off debt?
– moneysense.ca
Q: I may be coming into an inheritance and I want to know if it would be better to pay off all the debt I have or invest the money? I have the following debt:
Mortgage: $60,000, at 2.5%, variable rate
Line of credit: $20,000 at 5.7%, variable rate
Car loan: $24,000 at 3.75%
I am 62 years old and the thought of being debt-free is very appealing, but also want to make the best financial decision for the long run.
— McFeely, Alberta
Nawar Naji, mortgage broker with Mortgage Architects:
The answer to your question really depends on a few factors:
1) When is your retirement date? i.e, how many more income earning years do you have?
2) Do you have any other savings, such as RRSPs, that will be used during your retirement years?
Now, if you have a few working years left and you have a retirement plan, then consider paying off the high interest debt first (line of credit at 5.7%). Paying off a depreciating asset (car loan) is not the best idea. If there are additional funds in the inheritance consider investing them into cash producing (such as dividend stock) to supplement your retirement income…
How homemade pizza can tame bad money habits
– moneysense.ca
In our April 2016 issue of MoneySense, we introduced you to Sammu and Mandy Dhaliwall, a young married couple with three kids from Brampton, Ont. They are trying to juggle RRSPs, TFSAs, paying down their $350,000 mortgage as well as their $90,000 home equity line of credit. Throughout the year we gave them a financial challenge every four weeks to help them get their finances in tip top shape. Make sure to follow along! For their latest challenge, we asked them to read Moolala by Bruce Sellery and to write about three money lessons they learned from the book. Here’s what they had to say. .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}}Will shopping for mortgage rates hurt our credit score?
Both Mandy and I found Moolala by Bruce Sellery—along with its accompanying exercises—an interesting read on how to manage money more effectively. Both of us had already gone through similar money exercises before but these served as good refreshers…
