Robo-advisor or all-in-one ETF: which is best for new investors? + MORE Jun 24th

Credit Cards

The best travel credit cards in Canada for 2024
From points to perks, a good travel credit card can make your trip more affordable, more comfortable and even more secure.

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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers…

Before delving in here, just a reminder that I am a Certified Financial Planner who does not sell any financial products, so I have no horse in this race. This commentary is entirely objective. 

In my opinion, the best thing about the evolution of the investment industry is a (slight) increase in transparency. There is a long way to go, and consumers are still disadvantaged in a lot of ways, but we are making progress.

I am also of the opinion that not everyone should be a self-directed investor. Sure, it can be relatively easy, but having worked directly with thousands of clients during my career, I can also say that does not matter to some people who would never think of pressing the buy and sell button themselves. 

Investment professionals are better off working with clients who do not want to micromanage them. Conversely, investors who want to take control of their own portfolios have lots of tools at their disposal. I like to see everyone investing in the way most suited to their situation…

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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.

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Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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Ask MoneySense
Our daughter lives and works in the U.S. As our only child, she is the sole beneficiary of our Canadian estate. We have no U.S. assets of any kind; everything is in Canada. Once all the appropriate taxes are paid to CRA on the estate, will there be any fees, transfer, gift or estate taxes levied by the U.S. which might further reduce the value of the estate? And might there be other complicating factors we should be aware of?

—Gail

The implications of having U.S. beneficiaries

Thanks for your question, Gail. When your only child lives and works in the U.S. as a permanent resident, making sure your estate planning is efficient and tax-effective becomes a top priority. As Canadian parents with an estate made up entirely of Canadian assets, you’ll face some unique challenges when leaving it to a beneficiary in the U.S. The process of distributing these assets involves navigating different legal, tax and financial landscapes. Understanding these aspects is key to ensuring a smooth transfer and compliance with the laws of both countries…

Investing

The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.

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Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

By Keph Senett and Justin Dallaire on June 24, 2024Estimated reading time: 22 minutes

Here you’ll find the answers to common GIC questions, along with information on the best GIC rates available right now. If GICs are new to you, and you want to learn everything there is to know, start by reading our guide below…