Not sure how to make a savings plan? Read on…
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Tax refunds 2026: How to make every dollar count + MORE Apr 22nd
For many Canadians, a tax refund feels like a bonus—a bit of extra cash that shows up each spring. In reality, it’s your own money being returned after a year of overpaying taxes, and how you think about it often determines how far that money goes.
The difference comes down to mindset. When a.... More »
Reasons to consider early RRSP and RRIF withdrawals + MORE Oct 24th
Workers contribute to their registered retirement savings plans (RRSPs) during their working years, with the hope of paying a lower tax rate on withdrawals than the tax rate they save when contributing. Even if the tax rates are similar, there can be a benefit to the tax deferral and compounding of .... More »
Can you make RRSP contributions after age 71? + MORE Apr 23rd
Ask MoneySense
My CRA RRSP deduction limit shows I have contribution room of $25,051. But my wife and I have RRIF accounts as we’ve already turned 71. Should I ignore this RRSP contribution limit?
—Bob
Your annual notice of assessment (NOA) and your online Canada Revenue Agency (CRA) My A.... More »
Can you file multiple years of income taxes together in Canada? + MORE Dec 26th
Tax season is approaching. Soon, more than 30 million Canadians will be filing their tax returns. Most Canadians file their taxes every year but according to a paper from Carleton University, as many as 12% of Canadians don’t, and aside from missing out on tax refunds, this is costing many low inc.... More »
New year, new spending habits Dec 5th
Money-wise, it’s been a challenging year for Canadians but the new year is also a chance to build better strategies around how you spend money. Steer clear of these three common pitfalls for financial success in 2023.
Money mistake #1: Not paying off debt quickly
If you’re in the red, youâ.... More »
 Q. I would like to know whether it is better, financially speaking, to own my first house as an income property, or as my primary residence in Ontario. I am single, living with my parents, earn a steady income and have $80,000 in savings. I’ve already purchased a new-construction freehold townhouse for $320,000 (paid $30,000 in deposit), which will close in August 2020. While I had been planning to rent out this property, I’m wondering if it is better to treat it as my primary residence initially, to take advantage of all the benefits available to first-time home buyers (including the ability to borrow from my RRSP), then change to a rental later.
–Larry
A. I see where you are going with this, Larry. You’re wondering if you can take advantage of the Home Buyers’ Plan now—and, if you don’t, will the fact that your first home purchase is an income property prevent you from participating in any first-time home buyer programs when you do purchase your first primary residence in the future…
–Larry
A. I see where you are going with this, Larry. You’re wondering if you can take advantage of the Home Buyers’ Plan now—and, if you don’t, will the fact that your first home purchase is an income property prevent you from participating in any first-time home buyer programs when you do purchase your first primary residence in the future…
