Making sense of the markets this week: July 21, 2024 Jul 19th
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How to read your investment statements Oct 16th
Top 5 questions about family RESPs + MORE May 13th
Stock news for investors: BlackBerry reports Q2 profit growth while Air Canada slashes guidance post-strike + MORE Sep 26th
The best GIC rates in Canada for 2024
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The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
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The best high-interest savings accounts in Canada for 2024
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
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Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
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I’m 58 years old. I will retire in five to seven years. My RRSP, TFSA, defined benefit pension plan and a house are my financial properties. I plan to leave some of my wealth to my two children. How do I go about doing that and still retain my financial independence and dignity?
My DB pension plan allows me to choose a lump sum before 65 years old or annuity payments to death. I wonder which one to choose. Would a fee-only CFP help me to answer the questions?
—Ty
Supporting adult children financially and the impact on your retirement
One of the challenges at your age, Ty, is that you may have 40 years or more left to fund (a few working, and many retired). It makes it tough to focus too much on sharing your wealth with your kids if you are not financially independent yourself yet.
You should have a retirement plan that accounts for the hope that you will have a long, healthy life ahead, as well as a will that outlines your wishes for when you die.
A lot can happen in the next five to seven years you plan to work…
“We’re set for life. Should we cash out an RRSP?”
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I enjoy reading all the articles you write and the advice you provide for so many people. I’ve decided to send you a question to see if you would provide an answer to a small dilemma I have with my RRSP.
A little background about the situation. My wife and I are retired and have income from two defined benefit pensions: $70,000 mine and $23,000 hers. We also have income from CPP (both), OAS (hers) and her RRIF. Total income gross of around $147,000. My issue is an RRSP I have with about $200,000 in it. I’m considering converting it to cash, as I don’t need the RRIF income it will provide at 71, and converting it would alleviate any issues should I pass before I reach 71. I’m aware that my OAS would be put on hold for a few years but as you’ve explained in some articles that would not be a bad thing. I’m 65 so if I don’t collect until 67 or 68 no big deal.
—Randy
When should retirees cash out their RRSPs?
What is the RRSP dilemma you see for yourself if you die before age 71, Randy? I’m not sure I see it…
Should you get a 30-year mortgage?
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While prices in Toronto have fallen slightly, with an average selling price of $1.16 million in May 2024, according to figures from the Toronto Regional Real Estate Board, they remain significantly higher than they were pre-2020. In some cities, like Vancouver, home prices continue to go up. The benchmark price for all Vancouver residential properties was $1.2 million, according to the Canadian Real Estate Association, a 2.3% increase over the previous year.
You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.
Historically high interest rates are still taking a toll on Canadian homebuyers, even as the Bank of Canada (BoC) cautiously suggests rate cuts are on the horizon…
