Personal Savings getting you down? There are always smart ways to increase your savings.
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Detox your spending and experience better financial health + MORE Jan 2nd
Using your creativity and resourcefulness to stop spending for a week on anything but essentials will give you more savings and less stress; you win both ways, Lesley-Anne Scorgie writes..... More »
The best high-interest savings accounts in Canada for 2023 + MORE Jan 30th
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The best savings accounts in Canada for 2023
Here are the best accounts to hold your savings.
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The rates in the finder tool below are offered by Ratehub partners. Keep scrolling for information .... More »
“I inherited my husband’s TFSA. Does that affect my contribution room?” + MORE Jul 30th
Ask MoneySense
I have a question about TFSAs that I have not seen being answered anywhere. My problem is as follows: In 2009, both my husband and myself started to make the total allowable contributions to our individual TFSA accounts. When my husband passed away in 2020 the balance in his TFSA at t.... More »
A guide to the best robo-advisors in Canada for 2022 + MORE Aug 7th
“You had me at low fees!” That was our reaction to the arrival of robo-advisors in Canada, beginning in 2014. Faced with few alternatives to mutual funds and self-directed brokerage accounts, young and middle-income investors embraced the option of having their savings passively managed in a bun.... More »
25 timeless personal finance tips from MoneySense + MORE Jan 30th
To help celebrate MoneySense’s 25th anniversary, we are republishing (and updating) an article from the June 2014. The editors collected some timeless financial advice and money tips from the archives. Editor- and expert-approved, and fit for 2023 and beyond.
1. Pay yourself first
.... More »
Making sense of the markets this week: August 16
– moneysense.ca
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.Come on, tax me. I’m Canadian.
Will taxes go up in Canada? How will we pay for the pandemic? There are many guesses and rumblings about upcoming tax hikes. In a previous post, I broke the bad news that Canada will soon have $1 trillion in debt. Of course, we’ll have to pay for that one day. We’ll have to cover the borrowing costs, at least.
Here’s a tweet from Teri Courhene, economist and instructor at University of Toronto, School of Continuing Studies.
I’ve seen it often suggested that we will likely see an increase in the capital gains inclusion rate from 50% to 75%. But tax your principal residence? Will the TFSA accounts also be on the table? Will the tax free savings account become the sort-of-tax-free-savings account? Introducing the ATFSA.
The Almost Tax Free Savings Account.
I have penned previously that I do not think the TFSA is entirely immune to a tax grab over the longer term…
How Many Credit Cards Is Too Many?
– ratesupermarket.ca
The average Canadian has two credit cards. So, if you were to peek into your neighbour’s wallet, it’s likely you would find at least two—in some cases, even more. Consumers are told to build up a credit history through the responsible use of credit cards, but is there a point where you have too many open accounts? It comes down to your personal financial habits and how you use the payment capabilities that cards provide.
Having multiple cards is a good idea
When reviewing your credit report, you’ll see a list of your open accounts and payment history. That includes things like personal loans, student loans, cell phone bills, mortgages, and yes—credit cards. Companies calculate your credit score based on several factors, including your credit utilization ratio, age of credit, payment history, credit mix, and credit inquires.
Here’s how having multiple cards can help your score.
Credit utilization ratio
The credit utilization ratio is the amount of credit you use against how much total credit you have available…
