The best high-interest savings accounts in Canada for 2026 + MORE Feb 18th

A spousal loan can be a useful tool for splitting income with a lower income spouse. It is a prescribed rate loan that legitimately avoids the spousal income attribution rules and allows a higher income spouse to loan money to a lower-income spouse to invest and have interest, dividends, and capital gains taxed on their tax return. 

Prescribed rate

The prescribed rate is determined by the Canada Revenue Agency (CRA) each quarter and applies to loans made during that quarter. The current interest rate used for low-interest loans is 3% as of Q1 2026. 

It fell to 1% in 2020 for 2 years following the pandemic onset and was 1% as well for several years during the 2010s. As a result, lots of taxpayers took advantage of this low threshold and established loans that are still at that same low rate. 

Repaying a spousal loan

You are not required to repay a spousal loan, though you are required to make the annual interest payments by January 30 to avoid income attribution…

Having a relatively clear picture of your expected tax bill before the calendar year ends can help you take advantage of last-minute tax-planning opportunities. Strategies such as contributing more to your registered retirement savings plan (RRSP) or first home savings account (FHSA), or making a meaningful donation to a deserving charity sooner rather than later can reduce the tax you owe or increase your refund.

Featured RRSP Accounts

featured

EQ Bank

Build your retirement savings with 1.50% interest, tax-deferred contributions and zero fees.

go to site

featured

Registered GIC rate

Earn a guaranteed 2.75% in your RRSP when you lock in for 1 year.

go to site

Best RRSP rates

See our ranking of the best RRSP accounts and rates available in Canada…

Here’s a round-up of news for Canadian investors this week.

Manulife

Sun Life

Cineplex

Air Canada

Brookfield Corp.

Fortis

Featured RRSP Accounts

featured

EQ Bank

Build your retirement savings with 1.50% interest, tax-deferred contributions and zero fees.

go to site

featured

Registered GIC rate

Earn a guaranteed 2.75% in your RRSP when you lock in for 1 year.

go to site

Best RRSP rates

See our ranking of the best RRSP accounts and rates available in Canada.

read now

Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999…

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 award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings of major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

Best high-interest savings account rates in Canada

Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest rate is a no-brainer…