What’s the best way to pay down debt? + MORE Sep 2nd

With Bay and Wall Streets trading in record territory, and certain high-flying stocks like Nvidia making headlines for their share price rallies, it’s tempting for investors—especially those who are just starting their investment journey and who might not have a lot of money to invest right off the bat—to want to jump in on the action.

But before the fear of missing out gets the best of you, experts advise taking a moment to ask why you want to invest in that company. “Many investors get caught in the hype,” said Ryan Gubic, certified financial planner and founder of MRG Wealth Management. “When you have high-performing or winning investments, they’ve already gone from potentially a low period to a high period,” he said, which means there could be a chance that the stock might plateau or trade lower going forward…

Many Canadians have debt of different amounts and for many different reasons. Common types of debts can include car loans, credit card debt, lines of credit and personal loans, and mortgages. 

Canadian consumer debt reached $2.54 trillion in the third quarter (Q3) of 2024, according to credit bureau Equifax Canada. That’s a 4% increase from the same period last year, with non-mortgage debt up 3.8% from Q3 2023. The average consumer debt is $21,810, up $796 from the year before. Overall credit card debt continued to rise in 2024 (up 9.4% over 2023), partly due to population growth and partly because Canadians are carrying a higher average balance. 

The reality is that a lot of Canadians are struggling financially. A recent survey by insolvency trustee Harris & Partners shows that 57% of those who responded said their income is not enough to cover basics like rent, food, and utilities…

Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.

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 of major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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Highest GIC rates in Canada

Banks, credit unions, trust companies and discount brokerages all offer GICs. Below, you’ll find the best rates available from a variety of financial institutions, including credit unions and Canada’s Big Six banks. The rates listed are for non-redeemable GICs held in non-registered accounts—the most popular type of GIC in Canada…

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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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 of major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

Best high-interest savings account rates in Canada

Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest rate is a no-brainer…