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Latest News
Best FHSAs in Canada: Where to get the new first home savings account Jun 5th
First home savings account (FHSA) highlights
The FHSA is a type of registered account that allows you to contribute up to $8,000 annually, up to a lifetime limit of $40,000, to save for the purchase of your first home.FHSAs became available on April 1, 2023. However, availability is currently limite.... More »
Asset location: Where to hold investments for tax savings + MORE Oct 17th
If you’ve ever put together an investment plan, you’re familiar with asset allocation. That’s the mix of stocks, bonds, real estate and other investments driving the expected risk and return of your portfolio. But you may have given less thought to asset location, or how those assets are distr.... More »
Should I use retirement savings to pay off credit card debt? + MORE Jun 11th
Ask MoneySense
Should you cash out some of your RRIF monies to pay down credit card debt or take out a loan at a bank or private lending? Thank you.
—Marcia E.
Does it make sense to pay off debt with savings or take out a loan?
Thank you for your question, Marcia. You’ve worked hard to.... More »
How much income do you need to buy a home in Canada? A look at home affordability in March 2025 + MORE Apr 30th
Canada’s spring housing market is missing in action. That’s what the latest March data from the Canadian Real Estate Association (CREA) reveals. Home sales plunged to a low not seen for the month since 2009, with transactions down 9.3% year over year.
The sideline approach taken by buyers isn.... More »
Calculating expected returns on the sale of real estate + MORE Feb 27th
How do I calculate the capital gain on real estate sold in Ontario? I’m trying to figure out how much I should list my main resident property for—after deducting all expenses (interest, fees, taxes)—to arrive at a reasonable profit margin. Is there a tool or app that can do that? I searched th.... More »
What is the Difference Between Personal Loans and Payday Loans?
– ratesupermarket.ca
While they may seem like a quick and easy way to access cash, payday loans (or cash advance loans) are high-risk products that have the potential to lead borrowers into a never-ending spiral of debt and interest payments. A payday loan may be the quick fix that provides instant cash with minimal questions asked, but it can quickly lead the borrower into massive amounts of debt. In many cases, the borrower gets caught up in a vicious cycle of applying for more payday loans just to pay down the interest on their initial loan.
Why do people get payday loans?
Payday loans are typically marketed through smart and often misleading advertising campaigns as a sensible way to see consumers through until their next paycheque. However, these types of loans often come with exorbitant interest rates. Lenders don’t typically ask many questions and don’t generally conduct a credit check, so payday loans may seem enticing to vulnerable people who likely have a bad credit score and are under significant financial stress…
RRSP withdrawals in your 40s
– moneysense.ca
Q: I’m a federal government employee and was thinking about take some time and using my RRSPs to live on during that time (1 year). My bank said I could turn my RRSPs into a RRIF and withdraw monthly from that for income. I’m only 40. Is this possible? I’ve read online that you must be at least 65 to withdraw from a RRIF.
—CL
A: You can certainly take Registered Retirement Savings Plan (RRSP) withdrawals to fund your leave, CL, subject to a few conditions.
First, if your RRSP is just a regular, personal RRSP account, there should be no limitations. You can take withdrawals at any point regardless of your age. Your online research is incorrect.
READ MORE: Should I convert my RRSP to a RRIF early?
If it’s a locked-in RRSP that has come from a pension plan transfer, the locked-in status should prevent you from taking withdrawals prior to age 55 unless you have financial hardship or a shortened life expectancy. Presumably, neither is the case as your leave sounds voluntary…
