What is financial freedom in Canada? + MORE Oct 23rd

All about Canadian Savings. Learn the ins and outs and get the latest news.

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How should young Canadians invest in bonds? + MORE Apr 9th

For young investors who are building the fixed-income portion of their portfolio, it’s best they keep their approach simple and go for low-cost investment options, experts say. “If they’re just starting out, they don’t need to maybe source out an individual bond right away. I think .... More »

How to plan for taxes in retirement in Canada + MORE Oct 22nd

Ask MoneySense When I retire and start to take an income, I would like to make sure the withholding tax is sufficient to cover what I would owe, when all my sources of income are considered. In my case I will have CPP, OAS, a small pension, RRSP/RRIF income. For each of these sources can I ele.... More »

The best TFSAs in Canada for 2024 + MORE Jan 9th

Tax-free savings accounts (TFSAs) are more than a simple tax-sheltered savings account. TFSAs allow Canadians to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds within a structure backed by the government. Any interest made during you.... More »

Can you make RRSP contributions after age 71? + MORE Apr 23rd

Ask MoneySense My CRA RRSP deduction limit shows I have contribution room of $25,051. But my wife and I have RRIF accounts as we’ve already turned 71. Should I ignore this RRSP contribution limit? —Bob Your annual notice of assessment (NOA) and your online Canada Revenue Agency (CRA) My A.... More »

Retirement taxes explained: Withholding, clawbacks, and other surprises + MORE Sep 17th

Many working-age Canadians wonder what the impact of retirement will be on their tax situation. As you save and build wealth, it is important to plan for the eventual tax treatment of your retirement assets and income as you approach that transition. Taxation in Canada When you are.... More »

What is financial freedom in Canada?

– moneysense.ca

Canadians aren’t short on advice for achieving financial freedom. A quick online search for “how to become financially free” will give you results that can be either informative or confusing. To be fair, some of it is correct, some is misleading, and some is downright wrong. Sources range from personal anecdotes that have worked for the author, to well-researched evidence-based strategies. But you’re not here to learn about my recent Google search history, so let’s dive in.

What is financial freedom?

Financial freedom is the belief that a certain amount of savings is the ultimate ticket to living a life you want without worrying about money. However, this often means tight budgets, excessive saving and putting off simple pleasures. That could mean not dining out or not taking a spontaneous weekend getaway just to save money, so that one day you can enjoy these things. But when? What happens if it never comes and our time runs out?

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Does financial freedom work?

To answer this, remember that happiness and a fulfilling life go beyond money…

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Marriage or mortgage: Which is the better investment?

– moneysense.ca

Weddings can be expensive, but so can many of the things that come after a wedding—like a home purchase, starting a family and saving for retirement. That means money is an important relationship issue even before a couple ties the knot.

Both weddings and home purchases can both cause people to think or spend irrationally—especially amid the rush to “get in the real estate market” while mortgage rates are higher than they have been in 15 years. How can a couple decide which is the better use of their hard-earned savings?

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How much does it cost to get married these days?

Let’s start with weddings. The costs associated with their big day can range drastically from couple to couple, depending on their wedding plans and the size of their family. The dollars differ widely among industry estimates, as well. According to The Knot Worldwide’s 2023 Global Wedding Report, the average Canadian wedding costs USD$19,000—about $25,000 Canadian at the current exchange rate…

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