Not sure how to make a savings plan? Read on…
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2023 tax credits, due dates and when you can file: Your 2023 income tax return guide + MORE Mar 19th
You’ll want to bookmark the MoneySense guide for 2023 personal income taxes. We will be updating it frequently, as information becomes available and deadlines approach. Plus, we get answers from the experts you won’t find anywhere else, thanks to our Ask MoneySense and Ask A Planner columns.&nbs.... More »

The best high-interest savings accounts in Canada for 2024 + MORE Nov 5th
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.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate mo.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Feb 4th
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.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate mo.... More »

High interest rates and unemployment: Expectations for June’s rate announcement May 14th
The odds of a June interest rate cut from the Bank of Canada (BoC) appear to have fallen after the latest jobs report from Statistics Canada showed employment jumped by 90,000 last month. The jobs gain far surpassed forecasters’ expectations and marked the largest employment increase in more than .... More »

How has inflation affected Canadians’ finances in recent years? + MORE Oct 15th
Inflation and higher interest rates have eroded Canadians’ purchasing power since 2022, particularly for lower-income households, a new report from the parliamentary budget officer has found.
But wealthier households have seen their purchasing power rise thanks in big part to their i.... More »
You opened an RESP—now what?
– moneysense.ca
As many Canadian parents and grandparents know, a registered education savings plan (RESP) is a powerful savings tool. Although you can create a college or university fund for your child in other ways, such as a bank account or a tax-free savings account (TFSA), they don’t offer the same valuable government grants that an RESP does. It’s designed to encourage families to save, and the only way to get those grants is to make contributions. In addition, an RESP can hold the same types of investments as TFSAs and other registered accounts, and any investment growth in an RESP—including interest, dividends, and capital gains—is tax-deferred until it is withdrawn. (And when it is, it will be taxed in the hands of the plan’s beneficiary—your child, who will likely pay little to no tax.)
Once you’ve opened an RESP for your (grand)child or (grand)children, though, what should you do with it?
How often and how much to contribute to an RESP
Ideally, you should contribute at least $2,500 per year, if possible…