TFSA contribution room calculator + MORE Nov 5th

All about Canadian insurance. Learn the ins and outs and get the latest news.
Latest News
 term insurance

Trip Planning and Travel Insurance Dec 11th

Planning a trip can be a very exciting time. You have a destination picked out and you are looking forward to activities that you love to do. Hotel rooms are booked, and you cannot wait to get going. But have you taken steps to protect yourself from medical emergencies? What about protecting yourse.... More »

The best travel insurance credit cards in Canada for 2024 Jan 4th

Spend The best travel insurance credit cards in Canada for 2024 Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required. Find my perfect card* .... More »
 insurance quote

Top financial innovations of the last 25 years Feb 29th

To mark MoneySense’s 25th anniversary, we dove into the top innovations that have changed personal finance since this magazine was founded in 1999. From new registered accounts and investment products to online services and developments in artificial intelligence, these are some of the biggest.... More »

Buying home insurance in Canada: A beginner’s guide Feb 25th

Home Insurance Home insurance in Canada: A beginner’s guide In under five minutes, get a personalized home insurance quote from one of Canada’s top providers—free of charge. Just tap the button to get started. Get a free quote now* .... More »

Why is auto insurance so expensive in Alberta? Dec 7th

Auto insurance in Alberta has been in the news recently with Premier Danielle Smith’s announcement that insurance rate premium hikes for “good drivers” will be capped at 3.7% as of January 1, 2024. The government chose this percentage to match Alberta’s inflation rate in September 2023, the .... More »
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.

powered by

Tax-free savings account is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds (ETFs), guaranteed investment certificates (GICs), bonds, stocks and, yes, plain old cash. While you do have to abide by the set amount of contribution room each year, any growth you earn on those investments will not affect your contribution room for the current year or years to come. Plus, the income earned is tax-free (more on that below). Any resident of Canada who is 18 or older and has a valid social insurance number can open a TFSA.

Compare the best TFSA rates in Canada

Is a TFSA really tax-free?

TFSA contributions won’t reduce your taxable income and generate a tax refund, unlike registered retirement savings plan (RRSP) contributions…

Continue Reading On »

It’s not only first-time home buyers who have to adhere to Canada’s down payment rules. When buying a second property, current home owners must also meet the country’s down payment requirements, which can differ from the rules applied to single-property ownership. 

So, how much of a down payment do you need for a second home? That depends on a few factors, including whether or not you intend to live at the property. 

Down payment requirements in Canada

Every Canadian home buyer is required to have a minimum down payment when purchasing property. A down payment is the money provided up front towards the purchase of the home, and it is directly tied to the value of the property. 

When buying a home, the down payment rules in Canada are as follows:

Purchase priceMinimum down payment required$500,000 or less5% of the purchase price$500,000 to $999,9995% of the first $500,000 of the purchase price +10% of the portion of the purchase price above $500,000$1 million or more20% of the purchase price

If you’re buying a home priced under $1 million and your down payment is less than 20%, you’ll need to purchase mortgage default insurance, also known as mortgage loan insurance—which protects the lender if you can’t make your mortgage payments…

Continue Reading On »


Compare insurance quotes through - save time and money!