The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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The top 5 questions about RESPs + MORE Sep 7th
An RESP, short for registered education savings plan, is a powerful tool that families can use to save for a child’s post-secondary education. RESPs have many great benefits, including tax-deferred growth and access to thousands of dollars’ worth of free government grants and bonds. But… using.... More »
Making sense of the markets this week: August 6, 2023 Aug 4th
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Amazon primes the profit pump
Big tech finished earnings season with a bang on Thursday as Amazon absolutely crushed earnings expec.... More »
Should you hold on to unused RRSP contributions? + MORE Dec 4th
Ask MoneySense
I have $66,000 unused RRSP contributions for the 2023 tax year (unused deductions, not unused contributions).
My plan is to start my RRSP withdrawals in January 2025, and to start claiming the unused deductions on my 2025 taxes, when most likely it will be over $70,000. In 2025, I .... More »
Caring for aging parents in Canada: Financial challenges and strategies for relief Apr 12th
Did you know that 1.8 million Canadians are “sandwiched” between multiple care responsibilities, including looking after their children and aging parents? This shift in caregiving responsibilities from parent to child (especially while having kids of your own) can have significant financial.... More »
What to expect for GICs in 2024 + MORE Nov 20th
In late 2020, major banks were offering 5-year guaranteed investment certificates (GICs) with rates of less than 1%. Now, just three years later, bank GIC rates for 5-year terms are over 4%. Some credit unions and trust companies are offering rates over 6% for short-term GICs, though 4- and 5-ye.... More »
Best online brokers in Canada for 2023
– moneysense.ca
Self-directed online investing has normalized after a few years of outsized activity spurred by house-bound investors and government stimulus payments, especially after a bad year for stocks in 2022. Account openings have now stabilized and are back to pre-COVID and pre-meme-stock-phenomenon levels. And the trend of $0 commission firms—specifically no limitations on stocks and exchange-traded funds (ETFs)—has stalled at two and a half legitimate firms. Yes, you read that last part correctly. (More on that half-firm later, where we talk about $0 commissions.)
Now, the question for Canadian online investors—or for that matter the actual online brokerage firms—is what’s the next marketing ploy to watch for? Is it something to attract new investors to the industry and in turn to the firm? Or is it something to make existing investors entertain the thought of trying a new online broker or even switching?
It seems the current marketing focus is to target Canadian investors with words like “easy” and “simple…
