Personal Savings getting you down? There are always smart ways to increase your savings.
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New study highlights trends in Canadian term life insurance + MORE Feb 25th
Choosing a term life insurance policy is a balancing act: how much coverage do you need, who should benefit, and how long should the policy last?
If you’ve ever wondered how your choices compare to other Canadians, PolicyMe’s newly released 2026 study, Canadian Term Life Insurance: A Market S.... More »
The real cost of going back to the office + MORE Jul 10th
If your daily commute currently involves a sweatpants-clad walk from the coffee maker to your home office, you may have seen significant benefits, including a rise in your bank account balance. A 2022 survey from CISCO found that Canadians saved an average of $11,530 per year while working remotely.... More »
RESP vs RRSP and TFSA: What’s the best option for education savings? + MORE Aug 28th
Welcome to Education Money, a new column that covers the questions and concerns parents and investors have about funding their child’s education. Andrew Lo, CEO of Embark, shares his thoughts and insights on how to make the most of RESPs. To kick off the column, he explains the different options C.... More »
TFSA vs RRSP: How to decide between the two + MORE Jul 4th
One of the most common questions out there is whether to invest in a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA). Both will help you save, and save on taxes, but each works in different ways. Understanding these investments will help you know when to use one or the.... More »
The best high-interest savings accounts in Canada for 2023 + MORE Jan 9th
The rates in the finder tool below are offered by Ratehub partners. Keep scrolling for information about additional product options.
Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “hol.... More »
Debt repayment mistakes you’re probably making
– moneysense.ca
The single biggest mistake when trying to control and pay down debt is failing to eliminate the highest-interest debt first. You have to prioritize by two factors: the rate of interest being paid and whether or not it’s tax deductible. Credit-card debt for consumption purposes is the most pernicious because a) the interest rates are onerous at near 20% a year; and b) there’s no way to deduct the expense of this interest from your taxes.
Given this, the obvious conclusion is to pay off high-interest, non-deductible credit-card debt ahead of all other debts—ahead of student loans and ahead of mortgage debt, both of which usually involve much lower rates of interest.
The second biggest mistake is paying off non-tax-deductible debt ahead of valid tax-deductible debt. You may ask what debts ARE tax deductible? Well, if you are a business owner you may have a corporate credit card you use exclusively for valid business expenses that should therefore be deductible from business income: valid auto expenses, office supplies and equipment, various professional services and the like…
Given this, the obvious conclusion is to pay off high-interest, non-deductible credit-card debt ahead of all other debts—ahead of student loans and ahead of mortgage debt, both of which usually involve much lower rates of interest.
The second biggest mistake is paying off non-tax-deductible debt ahead of valid tax-deductible debt. You may ask what debts ARE tax deductible? Well, if you are a business owner you may have a corporate credit card you use exclusively for valid business expenses that should therefore be deductible from business income: valid auto expenses, office supplies and equipment, various professional services and the like…
What the heck is a TFSA?
– moneysense.ca
One of the side-effects of working for a personal finance magazine is that my buds good-naturedly ask me for advice. I always oblige, albeit sheepishly, without letting on that I’m still learning, too (which I freely admit here).For instance, the other day I was having lunch with some friends when we started talking about money. The exchange went something like this:
Friend: Ugh, I’m so lost when it comes to money. What should I do?
One of the greatest mistakes young people can make right now (other than blow their money on something stupid, like, say, a house in Toronto) is not realize that their money can do more than just sit there.
Me: Well, do you have a TFSA?
Friend: Yes (in a proud voice).
Me: That’s great, you’re ahead of the game. What are you investing in?
Friend: W-w-what?
I then went on to explain what a TFSA really is. The tax-free savings account is NOT, I repeat, NOT just a savings account.
What is a TFSA?
A tax-free savings account (TFSA) should really be called a tax-free INVESTMENT account…
Friend: Ugh, I’m so lost when it comes to money. What should I do?
One of the greatest mistakes young people can make right now (other than blow their money on something stupid, like, say, a house in Toronto) is not realize that their money can do more than just sit there.
Me: Well, do you have a TFSA?
Friend: Yes (in a proud voice).
Me: That’s great, you’re ahead of the game. What are you investing in?
Friend: W-w-what?
I then went on to explain what a TFSA really is. The tax-free savings account is NOT, I repeat, NOT just a savings account.
What is a TFSA?
A tax-free savings account (TFSA) should really be called a tax-free INVESTMENT account…
Costco wasn’t the world’s first retail warehouse club, but in the nearly 35 years since opening in Canada, it’s become a staple shopping destination for families and groups who want deep discounts on bulk buys. The way that Costco works is that it relies on membership—you can’t walk into a location without signing up—but for those who pay the annual fee, starting at $60, the savings can be significant.Up until 2014, the only credit card accepted by Costco was a store-branded American Express. Unless you were carrying that card, you’d have to pay in cash at the till, making the shopping experience clunky and inconvenient. This deal changed in 2015 when Costco partnered with Mastercard instead. In general, this was seen as an improvement—American Express isn’t accepted at nearly as many places as Mastercard.
Today, in addition to cash, Canadians can pay for their Costco purchases using any Mastercard, including the store’s branded Capital One Mastercard for Costco members…
Does a spouse’s real estate ownership cancel out first-time homebuyer qualifications?
– moneysense.ca
Q. My husband and I married recently, and we have lived together in a rental apartment since we got engaged and married. He has a condo, which he purchased seven years ago, but he has not lived there for the past three years. I’ve never lived in that condo and he didn’t use the Home Buyers’ Plan to purchase it. If we were to purchase a property together, to live in as our matrimonial home:
Am I eligible to use first-time homebuyer programs? How about my husband?
If I am eligible, but my husband is not, can I buy a joint property and I still use first-time homebuyer benefits?
–Meredith
A. There are a few first-time home buyer incentives from the federal and provincial governments. The Home Buyers’ Plan (HBP) allows a withdrawal of up to $35,000 from your Registered Retirement Savings Plan (RRSP) to use towards the purchase of a qualifying home. Both spouses can utilize the $35,000 limit if they qualify.
And to qualify, you must be a first-time home buyer, meaning you did not occupy a home that you or your spouse owned in the four years prior to buying a home…
