Not sure how to make a savings plan? Read on…
Latest News
How to Get More on Your Income Tax Return with the New Climate Action Incentive + MORE Apr 12th
The federal government’s Carbon Tax officially came into effect on April 1, increasing the costs of gasoline and fossil fuel consumption.
The tax was introduced in an attempt to encourage Canadians to use more environmentally-friendly and energy-efficient processes, though subsequently, a tax cre.... More »
How a young couple can kill $142,000 in debt and start investing + MORE Mar 22nd
iStock
Julie and David live in Calgary with their two daughters, ages 10 and 7. David, 40, is a cable technician earning $150,000 annually while Julie, 37, works part-time at a retail store near home earning $6,000 annually. In 2014, their lives changed when David fell on the job and injured his lef.... 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.
Advertisement
Why trust us
MoneySense is an.... More »
How to stake Cardano (ADA) in Canada + MORE Nov 14th
Like other cryptocurrencies, ADA, the native coin of the Cardano blockchain, has been in a bear market since October 2021—meaning a recent pattern of price declines. Despite this downturn in crypto prices, Cardano seems to be a strong player among the public blockchains that offer smart contract f.... More »
Should you pay your tax instalment payments? + MORE May 13th
If you generally owe when you file your tax return, you are probably accustomed to paying quarterly income tax instalments. These are requests to pay some of your estimated tax for the current tax year in advance, even though it is not due until the following April.
Everywhere but Québec, the tr.... More »
Phoenix pay system highlights need for emergency fund
– moneysense.ca
In an effort to replace people with machines, the federal government recently unveiled the Phoenix pay system to pay civil servants. It was first conceived in 2009 and intended to save an estimated $70 million each year. The problem is it doesn’t work.Now thousands of federal employees aren’t being paid properly. Estimates are pegged at over 25% of the government’s 300,000 employees, in fact. Most of the problems relate to shortfalls on supplementary pay like overtime work, but many new employees and students aren’t getting paid at all.
What a great lesson to summer students working their first job! Despite what they thought, it doesn’t pay to work for the government.
Ask a Planner: Leave your question for Jason Heath »
Given that BMO’s most recent Annual Rainy Day Survey found that less than half of Canadians have more than $10,000 saved in an emergency fund, this situation serves as a stark reminder to the rest of us how important it is to have a contingency plan. I mean, if the federal government can get behind on payroll, what about the rest of us who work for small, medium and large private employers?
I personally struggle with the thought of Canadians sitting on cash earning next to nothing versus investing or paying down debt, but ideally one should strive to have some combination of cash, near cash or low-interest rate credit (like a secured line of credit) available in the event of the unforeseen…
Legislation that took effect this month makes lending rates for payday loans in Alberta the lowest in the country, the provincial government says.
