There are plenty of bank savings account options in Canada! Stay on top of the best plans right here.
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How to save money in Canada: A new way that offers higher interest and more flexibility + MORE Dec 17th
If you’re saving up for a financial goal or large expense—whether it’s a vacation, future vet bills or just your rainy day fund—chances are you’re setting aside money in a regular chequing account, a high-interest savings account (HISA) or a guaranteed investment certificate (GIC). Maybe y.... More »
Can I have a multi-generational RESP? + MORE Mar 29th
Q: I have an existing RESP for my children, but they may not use all the money. Can I add grandchildren (once born) to the same RESP and keep this going in terms of growth and returns?
— Frank
A: A Registered Education Savings Plan (RESP) is a great way to save for a child or grandchild’s post.... More »
Need your money in five years or less? Park it in a savings account with tax benefits + MORE Oct 11th
TFSAs containing high-interest savings accounts only pay about 2%, but putting short-term money at risk in the stock market is foolish.... More »
The best TFSAs in Canada for 2026 + MORE Feb 4th
Featured TFSA Accounts
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EQ Bank TFSA Savings Account
Earn 1.50% tax-free on your cash savings.
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How much credit card debt does the average Canadian have? + MORE Nov 7th
As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these .... More »
New rules of saving
– moneysense.ca
Rainy day savings accounts are a bad idea
In this new age of low interest rates, rainy day savings make a lot less sense. It’s hard to justify keeping six months’ salary in a plain-vanilla account. “If you have a mortgage, money in a savings account is better spent putting it towards the mortgage,” says Dan Bortolotti, MoneySense columnist and certified financial planner with PWL Capital in Toronto. As well, if you have a mortgage, an equity line of credit on your home makes sense. “Just ensure you get the equity line of credit approved while you’re employed,” says Bortolotti. A word of caution—only tap the line of credit in a real emergency. It’s tempting to dip into it for impulse buys like a new car or trip to Vegas. “You have to avoid that,” says Bortolotti. And if you don’t have a mortgage? Then you likely have money sitting in either a TFSA or RRSP. Simply put a portion of the TFSA money in investments you can access quickly in a pinch—say, if the car needs engine repairs or your home needs a new roof…
New rules of investing
– moneysense.ca
Be more aggressive about stocks & risk tolerance
If you’ve been reading MoneySense for any period of time you know how important it is to diversify your portfolio between stocks and fixed income. There is no shortage of rules to help. Your age should match the percentage you allocate to bonds. Or subtract your age from 100 to get your allocation to stocks.
Unfortunately, with yields on bonds near zero, you will have to take on more equities (with added risk) to keep your nest egg growing and not run out of money before you die (remember we’re living longer now). A more general rule for many has been for a 60-40 split between stocks and fixed income as a solid retirement savings strategy. That’s not really true either; at least not the way most of us understand it.
“That’s just the beginning of the conversation,” says Moshe Milevsky, associate professor of finance at the Schulich School of Business and an expert in the nuances of portfolio allocation. It may work for some people, but as Milevsky explains, it’s terribly inappropriate for a large percentage of the population…
New rules of spending
– moneysense.ca
Real estate isn’t just a place to live
A home is now an integral part of your financial plan but it wasn’t always this way. According to the Canadian Real Estate Association data, the average Canadian home cost just $76,534 in 1984. It rose to $226,604 by 2004 and currently sits at $442,264, a stunning 478% increase in just three decades.
“At one point, a home was considered a place to live,” says Talbot Stevens, author of The Smart Debt Coach. “It wasn’t part of the investment decision.” But with rapidly increasing housing prices, our attitude toward real estate has changed.
“Real estate is clearly very important,” says CIBC deputy chief economist Benjamin Tal. “Many people are using the valuation of their house as a forced savings plan, but there are negative implications to this strategy.”
Like most assets, housing is subject to market conditions and investor sentiment. But CFP Vicki Campbell with Ottawa-based financial planning firm Ryan Lamontagne points out: “it’s also not like any other investment…
