How to go about securing the best savings strategy in Canada.
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You may be able to claim these commonly overlooked medical expenses on your tax return + MORE Feb 27th
Whether you do your own taxes or enlist professional help, you want to avoid leaving money on the proverbial table. Yet, a number of medical expenses are commonly overlooked by taxpayers when filing their tax returns.
Medical expenses may be eligible for a federal non-refundable tax credit on your t.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Jan 21st
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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MoneySense is an.... More »
Our roundup of the best tax tips for Canadians + MORE Nov 14th
Tax tips are like opinions—everyone has one. But the key is to listen to the ones you can trust. That’s why we rounded up our favourite expert tax advice. Regardless of whether you are doing your taxes yourself, or you have someone do them for you, you will find most of these helpful to your tax.... More »
Ayana Forward, financial advisor + MORE Feb 18th
Meet Ayana Forward
Ayana Forward is a Certified Financial Planner based in Ottawa, Ont. She owns Retirement in View, a fee only financial planning firm that specializes in helping clients within one to five years of retirement navigate the financial and lifestyle aspects of transitioning out of t.... More »
I need to take out a short-term loan. What are my options? + MORE Aug 28th
With inflation at 7.6 per cent, many Canadians are turning to short-term loans to pay for necessities. Experts point out several options..... More »
Should You Accept That Pre-Approved Credit Limit Increase?
– ratesupermarket.ca
If you faithfully pay your loans, mortgage and credit cards each month, then you’ve probably received a call or letter from your bank with the news that you were pre-approved for a credit increase or a line of credit.
You might be thinking, “I don’t even use all the credit I currently have. I don’t need an increase.”
But guess what? Accepting a pre-approved credit increase may help your credit score.
Why Were You Offered a Pre-approved Increase?
If you already have an account with a bank, they may pre-approve you for a credit increase or a new line of credit, because they recognize you for being a good customer. By diligently paying off your card every month and staying on top of your current loans, your bank now trusts that you will pay them back if they increase your limit.
How Does an Increased Credit Limit Improve Your Credit Score?
No hard check
Usually, when you apply for a loan or request a credit increase, your bank sends in a request to the credit bureau for your current credit score…
4 Low Risk Alternatives to Chequing Accounts
– ratesupermarket.ca
Investments like stocks, mutual funds, or cryptocurrencies carry some level of risk which you might shy away from for a variety of reasons. Whether you’re saving for college, getting ready to buy a house, or nearing retirement, if you’re looking for safer investment options, here are some of the most common low-risk alternatives for Canadians.
Savings Accounts
While large, traditional banks may only offer minuscule interest rates, some high-yield savings accounts will pay you a reasonable rate of return. Newer, online-only banks offer savings accounts that pay as much as government bonds. Examples include EQ Bank, Motusbank, and Wealthsimple, which each pay at least a 2% annual interest.
High-interest savings accounts can be a great investment option because your cash is liquid—this means you can withdraw your funds whenever you chose without penalty. Plus, savings accounts are insured for up to $100,000 by the Canada Deposit Insurance Corporation, so you won’t lose your money if the financial institution fails…
