Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
Latest News
Do you need mortgage life insurance? Sep 22nd
Ask MoneySense
I am a single, 70-year-old with a reasonable mortgage of $115,000. I have no family and no dependants. I find that the life insurance on my mortgage is too expensive. Do I need mortgage life insurance anyway? What for?
—Katerina
What is mortgage life insurance?
I’m glad.... More »
The best balance transfer credit cards in Canada for 2024 Feb 16th
Spend
The best balance transfer credit cards in Canada for 2024
Moving your credit card debt to a balance transfer card can help you pay off the debt more quickly by paying little or no interest.
Compare now
&l.... More »
Best Student Bank Accounts in Canada: 9 Bank Accounts for Post-Secondary Students Apr 8th
Whether you’re a student currently enrolled in a post-secondary institution or you’re beginning post-secondary studies in the near future, you want a bank account that works with your life. Thankfully, Canada’s banks offer chequing accounts designed specifically for students. IR.... More »
Making sense of the markets this week: March 19, 2023 Mar 17th
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Why are banks suddenly folding?
The big news of the week was, of course, that the 12th biggest bank in the U.S.A.—Silicon Valley .... More »
The best credit cards in Canada for 2024 Mar 1st
Spend
The best credit cards in Canada for 2024
Whether you’re looking for rewards, low fees or valuable perks like travel insurance or airport access, we can help.
Compare now
powered by
Why trust us
.... More »
What can I hold in an FHSA?
– moneysense.ca
Would Canadians have access to different account types such as GICs and self-directed investing when it comes to the new tax-free first home savings account, which is rumoured to be introduced this year?It seems this would only make sense as it’s the case with other tax-sheltered accounts (i.e. TFSA, RRSP and RESP accounts).—Rohan
FHSA in Canada: Qualified investments and limitations
Bill C-32, which included certain provisions of the 2022 federal budget, was passed into law on December 15, 2022. The bill included the introduction of the tax-free first home savings account (FHSA) effective April 1, 2023.
In theory, Rohan, savers should be able to open an FHSA in April 2023, but some financial institutions may roll the account out as the year progresses.
The registered disability savings plan (RDSP) is an example of how access to certain accounts can be limited. The RDSP was introduced in 2008, and only 17 banks, trust companies and wealth management firms offer the account currently…