Can transferring ownership of a house help avoid probate tax? + MORE May 2nd

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The best TFSAs in Canada for 2024
We’ve rounded up the best TFSA rates on savings accounts and GICs, as well as the best TFSA investment accounts.

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Featured TFSA Accounts

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Best GIC rate

Earn a guaranteed 5.35% tax free when you lock in for 1 year.

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Best online brokerage

Open a TFSA investment account and trade ETFs and stocks with $0 commission on all transactions.

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The Best RRSPs

Aside from a TFSA, another powerful tax-advantage account is an RRSP. Check out the best RRSPs in Canada…

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The best chequing accounts in Canada for 2024
Most people expect little from their chequing accounts—but we’ve scouted out options that offer surprising features, from breaks on fees to rewards programs.

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Featured chequing accounts

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EQ Bank Personal Account

Earn up to 4% interest on your savings. Plus, use the pre-paid Mastercard for everyday purchases and free ATM withdrawls.

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The Chequing Account For Newcomers to Canada

Awarded Best Bank for Newcomers to Canada by MoneySense. No monthly fees for up to 3 years and $100 cash back when opening an account.

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Simplii Financial No fee Chequing

Earn $400 when you become a new client…

With the tax season in full swing (individuals had to file April 30 and self-employed have until June 15), you might be wondering about the processing time for tax refunds in Canada—and how to best spend yours. While the idea of a vacation or new wardrobe might be tempting, there are many savvy ways to use your tax refund that can significantly benefit you financially in the long run. 

Let’s examine the Canadian tax refund. With the help of a Certified Financial Planner (CFP), we’ll also explore how to secure your refund, the typical timeframe for receiving it and some smart strategies for spending it to build long-term wealth and stability. 

Featured accounts

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Savings account

Earn up to 4% interest on your savings. Plus, use the pre-paid card for everyday purchases and free ATM withdrawls.

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Online brokerage

Low-fee stock and ETF trading, with access to stock analysis tools and real-time data…

RRSPs

The best RRSPs in Canada for 2024
We’ve rounded up the best RRSP rates on savings accounts and GICs, as well as the best RRSP investment accounts.

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By Rebecca Cuneo Keenan and Keph Senett on May 1, 2024Estimated reading time: 19 minutes

Presented By Scotiabank

Why should you open a registered retirement savings plan (RRSP)? This account type is often described as “tax-advantaged,” meaning it offers a tax-efficient way for savers and investors to build wealth for the future, usually for retirement. To maximize its potential, it helps to know the differences between an RRSP and other kinds of registered accounts, like the tax-free savings account (TFSA) and first home savings account (FHSA). Plus, not all RRSPs are built the same—you’ll want to compare their interest rates and fees, for example…

Ask MoneySense
I was having dinner with a friend and talking about inheritance tax regarding her parents’ house when they pass away. If they transferred ownership while the parents were still living, what would the impact of the inheritance tax be?

–Mary

Understanding inheritance tax in Canada

Thanks for your question, Mary. Many Canadians may not realize that Canada does not have an “inheritance tax.” That’s right, Mary, when a loved one passes away and leaves assets or money behind, the beneficiaries actually receive their inheritance tax-free. So how does this work? The estate itself is responsible for any taxes owing on the assets held at time of death, not the beneficiaries. Many Canadians mistakenly believe they must pay tax on any monies they receive. Rest assured, you can inherit assets or cash without worrying about any extra tax burden at the time of receiving the inheritance. 

While beneficiaries do not have a specific inheritance tax, that does not mean that estates are entirely tax-free…