A guide to the best robo-advisors in Canada for 2022 + MORE Jan 9th

As the name suggests, tax-free savings accounts (TFSAs) offer a tax break on contribution income—meaning that, unlike with a regular savings account or non-registered investment account, what you earn inside your TFSA isn’t taxed, even when you make a withdrawal. TFSAs are flexible, too, allowing you to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds, so you can tailor your account to different financial strategies and goals. The TFSA contribution limit for 2021 is $6,000, but keep in mind that if you qualified to make a contribution in 2020, but didn’t that contribution room is still available to you. For those who turned 18 in the year 2009 or prior, the lifetime contribution limit is $75,500.

Watch: What is a TFSA

The best TFSA accounts in Canada for 2022
Read on to learn the basics about TFSAs and browse the best TFSA rates and accounts for Canadians to determine which account suits your needs best. These accounts have been listed based on their individual rates of return, security and other benefits…

While your physical chequebook may considered be a relic of the past, a chequing account is still a necessity to carry out day-to-day banking—even in 2022. Your chequing account, or even a hybrid chequing/savings account, is designed to handle tasks like ATM transactions, paying bills, point-of-purchase sales, transferring money and can even earn you some cool rewards. So, with necessity in mind, we’ve outlined the features of some standout accounts to help you find the best chequing account for you.
These are current accounts offered by Ratehub partners. You can find information about additional product options and MoneySense editor’s picks further below.

Summary of the best chequing accounts in Canada for 2022

Best no-fee: Simplii Chequing Account
Best student account: Scotiabank Student Banking Advantage Plan*
Best basic accounts from a big bank: Scotia Basic Banking Account*, RBC Day to Day Bank Account
Best premium bank account for bundling: Scotiabank Ultimate Package*
Best rewards account: PC Money Account
Best online-only accounts: Motive Chequing Account, motusbank No-Fee Chequing Account

If you’d like more information about the features offered by each of these accounts—from great interest rates, to no fees, to the ability to earn rewards—check out the table below, or jump ahead to the detailed profiles below…

A registered retirement savings plan (RRSP) is an investment that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribution. However, you will have to pay income tax when you withdraw money during your retirement. The advantage is built on the assumption that your income is higher now than it will be in retirement. If you plan things right, you will be in a lower tax bracket in retirement, meaning that you pay less tax on your withdrawals than you saved initially by stashing your money inside an RRSP. 

You can open an RRSP and contribute income up until the year you turn 71, at which point it has to become a registered retirement income fund (RRIF) and you begin to withdraw the money as taxable income. Read on to learn about the best RRSP accounts in Canada.

The best RRSP accounts  in Canada for 2022

Best RRSP savings account: EQ Bank RSP Savings Account* (1…

“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 bundle of exchange-traded funds (ETFs) matched to their goals and risk tolerance for about a penny on the dollar per year: A perfect set-it-and-forget it solution for people with better things to do. It would seem all robo-advisors are the best, right?
Fast forward to today and the honeymoon atmosphere has dissipated. Against the backdrop of an extraordinarily long-lived bull market in stocks, active management has made a comeback (not least in the ETF space), exotic asset classes like cryptocurrency are on the rise, and new competition is coming from asset-allocation ETFs that do the job of portfolio management all in one security.
Suddenly robo-advisors find themselves having to prove their worth anew, all the while trying to establish a profitable business model in a low-margin corner of the investment universe…