How to go about securing the best savings strategy in Canada.
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RESP investing for busy parents + MORE Oct 17th
Saving for university isn’t always top of mind when you’re a busy new parent, knee-deep in diapers. Add the steep cost of daycare along with the stress of trying to juggle work and toddlerhood, and setting aside funds for your child’s post-secondary education can feel like an insurmountabl.... More »
Audit-proof your side hustle + MORE Nov 29th
If you have joined the ranks of the self-employed, you’re in good company: According to Statistics Canada, 2.9 million Canadians run their own business. That’s 15% of the population, and the number is growing. Don’t forget, though, that with your new status comes a new relationship with the Ca.... More »
TFSAs & RRIFs: What’s the difference between beneficiaries, successor holders and successor annuitants? + MORE Jan 23rd
A MoneySense reader writes:
I’m writing to ask about beneficiaries, successor holders and successor annuitants for TFSAs and RRIFs. What is the difference between these, and how do you choose the right one for each account?
FPAC responds:
When you have a registered account, su.... More »
Need your money in five years or less? Park it in a savings account with tax benefits + MORE Oct 11th
TFSAs containing high-interest savings accounts only pay about 2%, but putting short-term money at risk in the stock market is foolish.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Feb 11th
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.
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What the Bank of Canada Rate Increase to 1.5% Means for Canadian Home Owners and Home Buyers
– ratesupermarket.ca
From personal loans to mortgages, simply put, it’s now more expensive and more difficult for Canadians to borrow money.
At the beginning of 2018, new mortgage rules raised the bar for qualification. Under federal law, all financial institutions are now required to put any new applicants under a strict “stress test”, regardless of their down payment amount. Borrowers have to prove they can still make payments at the greater of two options: either the five-year benchmark rate published by the Bank of Canada (currently 5.34 per cent), or the contractual mortgage rate plus two percentage points. Otherwise, those borrowers will not qualify for a mortgage.
And in recent news, the Bank of Canada raised its overnight lending rate to the highest level in almost ten years; the target is now 1.5 per cent. Commercial banks responded right away by raising their prime rate to 3.7 per cent. This means if you have a variable rate mortgage or have borrowed money from a line of credit, it is going to get more expensive to service…
