How to build a credit history while renting in Canada + MORE Oct 2nd

RRSP contribution deadline highlights
The RRSP contribution deadline for 2023 is midnight, 11:59 PM ET, on Feb. 29, 2024. Contributions made before the deadline must be reported on your 2023 tax return, but you can choose to carry the deductions forward into 2024 or beyond.

Every year, Canadians are asked to prepare an income tax return for the previous tax year. Most of the time, the tax year and calendar year align perfectly, meaning you’ll file a return in 2024 based on income you earned and deductions you qualified for between January 1 and December 31, 2023.

There’s one well-known exception to this rule: With registered retirement savings plans (RRSPs), Canadians have 60 days after the end of the calendar year to make contributions for the previous tax year. This means you have until midnight, 11:59 PM ET, on February 29, 2024, to make an RRSP contribution and lower your taxable income for the 2023 tax year.

What’s an RRSP? 

An RRSP is a registered savings account designed to help Canadians save for retirement…

Ask MoneySense
My parents have RESP savings, and I have a few part-time jobs and some support from other family members. But it’s not enough. I am wondering about OSAP, as I have a tight budget. My parents always warned me that taking on debt was “bad,” though, because they had student loans and it took a long time to pay them off. Is student debt a bad idea? Will it keep me stuck in debt? Can I consolidate it when I’m done school?

—Sam

Can you include student loans in debt consolidation?

Thank you for your questions, Sam. You’re definitely not alone in worrying about taking on student debt. We’ll explore ways to keep your debt down during your studies, and I’ll walk you through what to do if you can’t repay your student loan.

How much does post-secondary education cost in Canada?

For many Canadians, post-secondary education can be the key to achieving their career goals. While schooling in Canada isn’t as expensive as it is in, say, the United States, it can still be much more than some people can afford…

Being a young adult may afford you the freedom to live on your own. But for most people, that means renting a space—more than 80% of individuals aged 25 to 29 are renters. What’s more, younger Canadians who live in urban areas make up the largest group of renters, according to a study by RBC. 

As you start your career and put money into your savings account, you’ll soon realize your credit history and credit score are important factors in getting approved for credit products. For instance, if you want a credit card, car loan, line of credit or mortgage, you’ll need a credit history and a decent credit score to prove to lenders that you will reliably make payments on time. 

In the past, Canadians weren’t able to build their credit through renting. Fortunately, in recent years, new programs have launched to help renters build their credit history. Here, I’ll share how you can apply for these programs to help you reach your financial goals and become established later on in life, like buying a home…