This tech worker makes $60,000 and has no savings. He wants to travel to see his sick grandmother. What can he do? + MORE Mar 13th

This week, we tackle some of our readers’ burning questions, from what happens to losses in a Tax Free Savings Account to how to choose where to put your money

Most Canadians are aware of the Big Five banks: RBC, TD, Scotiabank, BMO and CIBC. And, some may even know that occasionally National Bank of Canada sneaks in and expands that list to six. But even with these accounted for, there are dozens of banks in this country—including a growing number of fintechs and neo banks—each offering its own suite of personal banking products and services. Finding the best one is tricky, especially since it depends on your specific needs, covering everything from your everyday banking habits to your savings goals, if you need or have a mortgage, as well as investments and more. In this article, we take a look at the standout banks, so you can decide which one works for your personal banking needs. We’ll also cover if these banks are covered by The Canada Deposit Insurance Corporation (CDIC), meaning that deposits held at said banks are insured up to C$100,000 in case of a bank failure. Here are the best banks in Canada for 2022.

The best big bank in Canada: Scotiabank

All of Canada’s Big Five banks offer customers stability, a broad portfolio of financial products, and the convenience of thousands of physical bank branches and ATMs…

This week, we tackle some of our readers’ burning questions, from what happens to losses in a Tax Free Savings Account to how to choose where to put your money

Peter had $5,000 saved up for a trip to Colombia and a vacation to Asia later on, but after his car broke down his savings disappeared.

Can you also claim HST along with the advisory fees related to taxable investments that are non-registered investment accounts? I just want to be certain I can claim the HST that is paid with fee-based investments? —Elvira

Can you claim HST on a TFSA and/or RRSP on a tax return?

Elvira, you’re in luck—you can claim the harmonized sales tax (HST) on your non-registered account advisory fees. 

In your case, your advisor is not being paid by the investment company through commissions. Instead, your advisor is charging you a fee, and you are likely paying the fee out of the respective investment account.

However, you wouldn’t be so lucky if your advisor was earning trailing commissions because you can’t deduct those fees. Trailing commissions are paid to advisors through the management expense ratio (MER) of mutual/segregated funds. 

Did you know you can pay the management fees from any account? For example, you don’t have to pay your RRSP management fees from your registered retirement savings plan (RRSP)…