New to Canada? A new way to transfer your credit score + MORE Oct 29th

Personal Savings getting you down? There are always smart ways to increase your savings.

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For young investors who are building the fixed-income portion of their portfolio, it’s best they keep their approach simple and go for low-cost investment options, experts say. “If they’re just starting out, they don’t need to maybe source out an individual bond right away. I think .... More »

Canada has new rules for high-interest loans—here they are + MORE Jan 7th

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How to manage your tax withholding in retirement + MORE Jun 18th

Every spring, I tend to have a lot of conversations with retirees who are disappointed that they owe tax on their tax return, that the Canada Revenue Agency (CRA) has asked them to pay income tax in installments, or that their Old Age Security (OAS) pension has been clawed back. If it makes you f.... More »

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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 »

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Wealthsimple Cash review 2024

– moneysense.ca

Wealthsimple Cash is a high-interest chequing/savings account that offers one of the highest interest rates in Canada. It has appealing yields and includes a prepaid Mastercard with no foreign exchange fee, so many consumers are naturally attracted to the account. Is it any good? The short answer is yes, but there are a few quirks to be aware of.

What is Wealthsimple Cash?

Wealthsimple started as a robo-advisor offering low-cost portfolio management, but it has since expanded to provide more products and services, such as self-directed investing (under Wealthsimple Trade), tax returns, mortgages and savings accounts.

Wealthsimple describes the Cash account as a high-interest chequing account. That label is important: it’s what allows Wealthsimple to claim it offers the highest interest rate in Canada. (A few high-interest savings accounts, or HISAs, offer similar interest rates.)

Wealthsimple also incentivizes customers to spend the money in their account by offering rewards on purchases, which is likely another reason it’s referred to as a chequing account instead of a savings account…

Continue Reading On moneysense.ca »

New to Canada? A new way to transfer your credit score

– moneysense.ca

Equifax Inc. is launching a program to allow newcomers to transfer their foreign credit history to Canada.

The credit reporting company said Thursday that the Global Consumer Credit File will make it easier for immigrants to access services like loans and cellphone plans in Canada by providing the additional data.

“It’s really important when newcomers land that they get access to the financial services ecosystem, and without credit history that’s very difficult to do,” said Sue Hutchison, head of Equifax Canada.

“They’re typically looking to, you know, rent an apartment, get a mobile phone, probably a credit card, and all of those things require credit history. So not having it makes it very difficult for newcomers.”

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