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What is a line of credit and what is it best used for? We make it make sense + MORE Oct 10th
If people are interested in opening a line of credit, money expert Jessica Moorhouse emphasizes the importance of gaining a full understanding of what you are signing on to before having it set up.... 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 »
Stock market news for investors: Tariff talk continues on earnings calls + MORE May 21st
Here’s a round-up of news for Canadian investors this week.
Microsoft
Honda
CAE
Walmart
Featured RRSP Accounts
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EQ Bank
Build your retirement savings with 2.00% inte.... More »
It’s possible to be a first-time home buyer twice—here’s how + MORE Jul 9th
Can you do something and then later do it again for the first time? You can if that “first time” involves buying a home.
There are a few supports and programs in place for first-time buyers in Canada, including the Home Buyers’ Plan and the first home savings account (FHSA). First-time home.... More »
The best high-interest savings accounts in Canada for 2026 + MORE Feb 11th
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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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RESP guide: Making the shift from saving for your child’s post-secondary education, to funding it
– moneysense.ca
A Registered Education Savings Plan is a government-sponsored investment account that’s designed to help adults save towards post-secondary education costs for the children in their lives.
Canadians contributed $5 billion to RESPs in 2019, bringing total assets to $63.7 billion, according to the most recent Government of Canada figures. So it’s clear many of us with children in our lives recognize the benefits of saving in an RESP, which allows the contributor’s money to grow tax-free until it is withdrawn. Perhaps the best benefit is the fact that a portion of those contributions are matched by the federal government’s Canada Education Savings Grant: up to 20% or $500 per year (on the maximum contribution of $2,500), to a lifetime maximum of $7,200.
When the beneficiary of the plan—the student—needs those funds to pay for post-secondary education expenses, like tuition, housing and books, the money is usually taxed in the student’s hands. But because students’ income is usually much lower than the contributor’s, the tax bill is generally very small, or even $0…
Canadians contributed $5 billion to RESPs in 2019, bringing total assets to $63.7 billion, according to the most recent Government of Canada figures. So it’s clear many of us with children in our lives recognize the benefits of saving in an RESP, which allows the contributor’s money to grow tax-free until it is withdrawn. Perhaps the best benefit is the fact that a portion of those contributions are matched by the federal government’s Canada Education Savings Grant: up to 20% or $500 per year (on the maximum contribution of $2,500), to a lifetime maximum of $7,200.
When the beneficiary of the plan—the student—needs those funds to pay for post-secondary education expenses, like tuition, housing and books, the money is usually taxed in the student’s hands. But because students’ income is usually much lower than the contributor’s, the tax bill is generally very small, or even $0…
