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Do you need that bank mutual fund? Maybe not + MORE Jul 10th
A regulator-led survey of Ontario mutual fund dealers based out of big banks finds a sizable minority are not always acting in the interests of clients.
The survey of close to 3,000 dealers by the Ontario Securities Commission and the Canadian Investment Regulatory Organization found that 25% say.... More »
6 things to consider before borrowing from the Bank of Mom and Dad for your first home Jul 10th
As homes remain unaffordable to many Canadians, more and more young adults are turning to the Bank of Mom and Dad to help with a down payment or with mortgage payments. A recent CIBC survey showed that 31% of first-time home buyers in Canada received financial help from their parents or a relative, .... More »
Fixed or variable mortgage rate: Which should you choose in 2024? May 28th
If you have a mortgage on your home or have been trying to break into the housing market, you’ve probably watched interest rates go up, up, up over the past two years. Both fixed and variable mortgage rates have been higher than any other time in recent memory, leading many new home buyers and exi.... More »
Making sense of the markets this week: April 28, 2024 + MORE Apr 26th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
Google starts paying out
Several big tech names made waves this week, but for very different reasons.
Tech earnings .... More »
Best online banks and credit unions in Canada for 2024 + MORE Mar 20th
Where can you get the best digital banking experience in Canada? We set out to find out in this inaugural review of the best online banks and credit unions in Canada. To come up with the ranking, MoneySense partnered with Surviscor, a leading Canadian research and consulting firm specializing in fin.... More »
ETFs and RESPs: It’s always a good time to invest in education
– moneysense.ca
Registered education savings plans (RESPs) are a smart way to save for your kids’ or grandkids’ college or university tuition and other school expenses. Not only are you setting aside money for their future, but the RESP also gets a boost from government grants.
With that in mind, here’s a key date to circle on your calendar: Dec. 31. That’s the deadline for making RESP contributions to maximize government RESP grants each year. The Canada Education Savings Grant (CESG) matches 20% of what you put in, up to a limit of $500 annually. To receive the full $500, your contributions must total at least $2,500 by the end of December. The lifetime CESG maximum per beneficiary (child) is $7,200, and you can only catch up one year at a time—so, you can see why that annual deadline merits attention. That’s especially true if you only have a few years to save before your child heads off to school.
Now is a great time to plan your contributions for this year. Here are some things to consider…
