Ms. Money and Math adds up the good advice and subtracts the bad + MORE Apr 1st

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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 TFSA savings account

Earn 3% interest tax fee.

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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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Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999…

Math is taught in school, but finances? Not so much. Michelle Robertson is good at math, especially accounting. She became a Canadian Chartered Professional Accountant and has worked for PwC, the Globe and Mail and the PanAm Games. But she admits she “lived beyond” her means, “paycheque to paycheque.” When enough was enough, she got out of debt—fast!—and grew her investments to over seven figures. Now as a digital nomad and real estate investor, Robertson teaches women how to manage their own finances at her own company Ms. Money and Math, as a Qualified Associate Financial Planner, having since added QAFP after CPA. The keynote speaker and mindful money coach sits down to answer My MoneySense questions about how money affects her and her life. 

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Who are your money heroes?  

I don’t have any famous ones really. I have a few investor friends that have built eight-figure real estate portfolios and worked themselves out of their full time jobs…

Canadians can now boost their savings for a down payment on a home with a new type of registered account—the first home savings account (FHSA). The account, also referred to as the tax-free first home savings account, creates up to $40,000 in tax-free savings room for first-time home buyers. To date, more than 300,000 Canadians have opened an FHSA. In this article, we’ll answer common questions about the account and help you find the best one for your needs.

Frequently asked questions about FHSAs

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“text”: “On April 1, 2023, Questrade became the first company to launch an FHSA in Canada. Since then, more than 20 other financial institutions, including all of Canada’s Big Six banks, have launched the new account…

Ask MoneySense
I’m of retirement age and have some soft and hard assets, which—if redeemed, sold or when I pass away—will incur capital gains. My children will have to come up with funds to pay. So, my question is, how can I best prepare hereon to either minimize such tax or to shield against the impact of such tax? For example, just a haphazard thought, should I buy more insurance so that such insurance can possibly help my children to pay the capital gains tax?

—Nazim​​

Who pays tax upon your death?

When you die, you are deemed to sell all of your assets. There is a so-called deemed disposition based on the value on the date of your death. Some assets, like those left to your spouse or common-law partner, may avoid this tax event. When you leave assets to your surviving spouse, they can generally be transferred to them at your cost base with no tax payable.

Capital gains tax, Nazim, might apply to some of your assets. If you own non-registered stocks or a rental property, for example, they might be subject to a capital gain on your death…