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Latest News
Making sense of the markets this week: November 13, 2022 Nov 11th
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Cooling inflation leads to red-hot day for the markets
Part of being neighbours with the most powerful country in the world is that.... More »
Canada Goose, Lightspeed report earnings + MORE May 16th
Two Canadian companies report their fourth-quarter earnings this week, along with some other news.
Canada Goose reports $5M Q4 profit, YOY revenue up 22%
Canada Goose Holdings Inc. (TSX:GOOS) reported a profit in its fourth quarter compared with a loss a year earlier as its revenue rose 22%. T.... More »
Six avoidable financial mistakes and how to fix them Apr 18th
You might be suffering from the impacts of making these financial mistakes. Here’s what to avoid, and how to fix each one..... More »
The best GIC rates in Canada for 2024 Jun 1st
Investing
The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our.... More »
TFSA contribution room calculator + MORE Apr 8th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
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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 e.... More »
Investing on COVID vaccine news: it isn’t all upside
– moneysense.ca
It’s been a good couple of weeks for those who have been looking for signs that the COVID-19 crisis is nearing its end. Yes, cases continue to rise in record-breaking numbers every day, and it seems as though governments in Canada and the U.S. are losing control of the virus’ spread, but with a new U.S. president expected to take office in January—one who will likely take a different approach to battling the pandemic—people are feeling a little more optimistic.
There’s also a potentially major breakthrough on the vaccine front. On Monday, Pfizer announced that its vaccine was found to be 90% effective in preventing novel coronavirus infections. While on Nov. 16, Moderna revealed that its vaccine had a 95% effectiveness rate. Could this really be the end of COVID-19? Stock markets seem to think so, with the S&P 500 up by 7.5% since Nov. 3, and the S&P/TSX Composite Index up by 5.2%
The last couple of weeks have given investors a glimpse into what a post-pandemic stock market could look like…
There’s also a potentially major breakthrough on the vaccine front. On Monday, Pfizer announced that its vaccine was found to be 90% effective in preventing novel coronavirus infections. While on Nov. 16, Moderna revealed that its vaccine had a 95% effectiveness rate. Could this really be the end of COVID-19? Stock markets seem to think so, with the S&P 500 up by 7.5% since Nov. 3, and the S&P/TSX Composite Index up by 5.2%
The last couple of weeks have given investors a glimpse into what a post-pandemic stock market could look like…
House rich: How to access the equity in your home
– moneysense.ca
With the national average home price up a record 18.5% in August 2020 compared to the same time last year, more Canadians than ever have a significant portion of their wealth tied up in their homes.
Who are these “house rich” homeowners? They range widely—from retirees on a fixed income, to baby boomers who’d like to help their adult kids financially, to young parents struggling to save due to the high cost of living and childcare.
Many are now looking at ways to access the equity in their homes. These include refinancing their traditional mortgage, obtaining a home equity line of credit (HELOC) or getting a reverse mortgage. But how can you determine which option is best for you? To help you decide, we’ve outlined four common scenarios of house-rich homeowners, and how—or if—they should go about tapping into the equity in their properties.
Scenario 1: Pensioners who need to increase cash flow
While lucky enough to have company pensions, these retirees underestimated their post-work cash-flow needs…
Who are these “house rich” homeowners? They range widely—from retirees on a fixed income, to baby boomers who’d like to help their adult kids financially, to young parents struggling to save due to the high cost of living and childcare.
Many are now looking at ways to access the equity in their homes. These include refinancing their traditional mortgage, obtaining a home equity line of credit (HELOC) or getting a reverse mortgage. But how can you determine which option is best for you? To help you decide, we’ve outlined four common scenarios of house-rich homeowners, and how—or if—they should go about tapping into the equity in their properties.
Scenario 1: Pensioners who need to increase cash flow
While lucky enough to have company pensions, these retirees underestimated their post-work cash-flow needs…
