When my family and I moved to Canada seven years ago, we spent months driving through neighbourhoods trying to decide where we wanted to build our life. Every…
Read more What replacing my tires taught me about planning for retirementAs your financial needs change from early career to mid-life to pre-retirement to retirement itself, so, too, should the way you approach your investments. Setting foundations and leaning…
Read more A practical guide to investing at every life stage – MoneySenseNew TFSA contribution room Every Canadian resident aged 18 or older has $7,000 of new TFSA room as of January 1, 2026. This has been the annual maximum…
Read more Your TFSA reset for the new year – MoneySense1. Revisit your budget Budgets are a great tool to help you stay on track with your spending and savings goals, but they need regular updates to maximize…
Read more 5 money moves to make before the end of the year – MoneySenseLet’s dig into this by first understanding what will happen if your dad continues doing what he is doing and he doesn’t add money to his TFSA. If…
Read more What’s more important: your wealth or your legacy? – MoneySenseWhile some financial advisors recommend the 50-30-20 rule, where 50% of your pay goes to fixed expenses, 30% to discretionary and 20% to savings, putting aside just 10%…
Read more Financial planning for the first time? A guide for women on a single income – MoneySenseBut just because you’re on a tight budget doesn’t mean you’re stuck with your dated décor and dysfunctional layout. There are options, even for those who can’t tap…
Read more How to renovate your home on a fixed income – MoneySenseRESP contributions and withdrawals Registered education savings plans (RESPs) are used to save for a child’s post-secondary education. Contributing to an RESP can give you access to government…
Read more Year-end tax and financial planning considerations – MoneySense17. 2018: Transitioning to more protectionist policies, the United States initiated a renegotiation of the North American Free Trade Agreement (NAFTA)—brought into force in 1994. The Canadian government…
Read more 25 personal finance highlights from the last 25 years – MoneySenseInvestment Investment account Purchase price Sale price Gain Capital gains tax After-tax gains Bitcoin Non-registered $23,500 $61,000 $37,500 $3,750 $33,750 Bitcoin ETF TFSA $23,500 $61,000 $37,500 $0 $37,500…
Read more How to invest tax-free in a bitcoin ETF in Canada – MoneySenseThe difficulties facing newcomers to Canada with respect to retirement planning are particularly acute. Given how Canada’s immigration points system works, economic immigrants are usually in their late…
Read more New to Canada and no pension: How to save for your retirement – MoneySenseRetirement OAS payment dates in 2024, and more to know about Old Age Security Here’s how Canada’s Old Age Security pension program works, who’s eligible for OAS, when…
Read more How to plan for retirement when you have no pension – MoneySense“If someone’s not lucky enough to have a company pension, it’s that much more crucial for them to be building up savings on their own,” says Millie Gormely,…
Read more How to manage as a single parent with no pension – MoneySenseWorking as a financial planner, I am often asked, “What is the most tax-efficient way to draw down on investments?” From the outset, I question if a decumulation…
Read more Which savings should retirees draw down first? – MoneySenseIt’s not as big a problem as you might think. The key is to try to mimic the pay-yourself-first approach by setting up an automatic contribution to your…
Read more 40 and no pension: What do you do? – MoneySenseEarlier this year, the HBP got a significant makeover. Here’s what’s new about the HBP, plus how you can use it together with other savings tools: a first…
Read more How changes to the Home Buyers’ Plan could affect your down payment – MoneySenseCan you transfer a RRIF to a TFSA? A RRIF is a tax-deferred account. A TFSA is a tax-free account. So, you cannot do a direct transfer between…
Read more Can you transfer a RRIF to a TFSA—and what are the tax implications? – MoneySenseRibecco’s journey, however, shows the enormous potential expense of just conceiving a child—let alone the cost of raising one. National Bank, citing Statistics Canada data, pegged the cost…
Read more Why are fertility treatments so expensive in Canada? – MoneySense10 ways to use your tax refund How you choose to spend your tax refund will often boil down to your tax bracket and debt profile, Forward explains,…
Read more How long it takes to get your tax refund in Canada—and how to spend your refund – MoneySenseI am guessing you have downsized your home to move to a condo and now have money to contribute more to your registered retirement savings plans (RRSPs) as…
Read more Should you max out your RRSP before converting it to a RRIF? – MoneySense
