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MoneySense is a digital magazine and financial media website, featuring content produced by journalists and qualified financial professionals. MoneySense is owned by Ratehub Inc., but remains editorially independent. While our goal is to provide accurate and up-to-date financial content, we encourage readers to practice critical thinking and cross-reference information with their own sources—especially before making any financial decisions. While our editorial team does its best to ensure accuracy, details change and mistakes happen. If you read something you feel is incorrect or misleading, we would love to hear from you. MoneySense is not responsible for content on external sites that we may link to in articles. MoneySense aims to be transparent when we receive compensation for advertisements and links on our site (read our full advertising disclosure for more details). The content provided on our site is for information only; it is not meant to be relied on or used in lieu of advice from a professional. Advertisers/partners are not responsible for and do not influence any of the editorial content appearing on MoneySense.ca. Our Advertisers/partners are also not responsible for the accuracy of the information on our site. Be sure to review the provider’s terms and conditions for all products and services displayed on MoneySense.ca. Product information and details vary for Quebec. For complete and current information on any product, please visit the provider’s website.

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moneysense@www.moneysense.ca
20 Queen St. W. Suite 1100, Toronto, On. M5H 3R3
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553 Posts
What is considered day trading in a TFSA - MoneySense

What is considered day trading in a TFSA

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What is considered day trading in a TFSA - MoneySense
How to calculate the taxable amount for a cashed-in whole life insurance policy - MoneySense
How to calculate the taxable amount for a cashed-in whole life insurance policy Is cashing out whole life insurance taxable? Ah, Rasheed, I am sorry to tell you the insurance company is correct. Before cancelling a whole life insurance policy, contact the insurance company or your agent, and ask what the taxable amount will be. How not to calculate the taxable amount on insurance Many people assume the insurance cash value is just like any other investment-50% of a capital gain is taxable according to your income... more
How to calculate the taxable amount for a cashed-in whole life insurance policy - MoneySense
Making sense of the markets this week: April 16, 2023 - MoneySense
The Bank of Canada (BoC) holds the key interest rate at 4.5%, while emphasizing no plans to lower that rate any time soon. The interest rate pause was widely expected after February’s inflation rate came in at 5.2% and was reflective of a strong downwards trend. The BoC Governor Tiff Macklem made sure to temper good news with strong notes of caution. As part of his balancing act, BoC. Governor Macklem: “Let me assure Canadians.
Making sense of the markets this week: April 16, 2023 - MoneySense
Selling stocks at a loss in a TFSA: What it means for your contribution room - MoneySense
Selling stocks at a loss in a TFSA: What it means for your contribution room Capital losses in a TFSA A capital loss is when you sell an investment at a lower price than what you purchased it for originally. To answer your question directly, Wayne, you do not get additional TFSA room if you have a capital loss. How does TFSA contribution room work? TFSA room is based solely on your age, residency, deposits and withdrawals. Age: If you are 18 or older, you accrue TFSA room based on the TFSA limit for that year.... more
Selling stocks at a loss in a TFSA: What it means for your contribution room - MoneySense
Meet Michelle Hung: The Sassy Investor who shows clients how to realize their worth - MoneySense
Her most recent book, Investing for Teens: How to Save, Invest, and Grow Money, teaches young readers the basics of investing and personal finance. What is your earliest memory about money? My mom gave me money to buy McDonald's on a school trip to the zoo. Would you rather receive a large sum of money all at once or a smaller amount of money regularly for life? A large sum of money all at once, because I'd want to manage it on my own. You can invest in both if you're financially able to! What is the biggest... more
Meet Michelle Hung: The Sassy Investor who shows clients how to realize their worth - MoneySense
Meet Michelle Hung: The Sassy Investor who shows clients how to realize their worth - MoneySense
Her most recent book, Investing for Teens: How to Save, Invest, and Grow Money, teaches young readers the basics of investing and personal finance. What is your earliest memory about money? My mom gave me money to buy McDonald's on a school trip to the zoo. Would you rather receive a large sum of money all at once or a smaller amount of money regularly for life? A large sum of money all at once, because I'd want to manage it on my own. You can invest in both if you're financially able to! What is the biggest... more
Meet Michelle Hung: The Sassy Investor who shows clients how to realize their worth - MoneySense
Making sense of the markets this week: April 9, 2023 - MoneySense
The long-awaited federal approval of the $20-billion takeover of Shaw Communications was finally confirmed late last week. The buyout process began more than 746 days ago, and ended with Shaw shareholders receiving $20 billion. Rogers promised to spend $1 billion within five years to expand high-speed internet in areas where it’s not currently available. The government and proponents of the deal claim that with Vidéotron, a fourth national mobile carrier should actually increase competition. The Government... more
Making sense of the markets this week: April 9, 2023 - MoneySense
Best in show: How to find and invest in market leaders - MoneySense
Best in show: How to find and invest in market leaders Canadians approach retirement planning in many different ways, but there's one thing we can all benefit from: a strategy to save enough to retire comfortably and even generate income after we stop working. With so many options, how does a person choose? What is a market leader? One approach that's proven successful over time is to focus investments on industry leaders, or market leaders, as they're called in the world of finance. These are companies that... more
Best in show: How to find and invest in market leaders - MoneySense
Kristy Shen on living the FIRE life and using money to “buy back time” - MoneySense
Kristy Shen and Bryce Leung quit their high-paying jobs in software engineering to travel the world. They started sharing their adventures and investing approach on their blog, Millennial Revolution. They published Quit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required (TarcherPerigee) in 2019. We invited Shen to share her finance heroes, the best money advice she’s ever received, and much more. To do that, you need to invest in index funds.
Kristy Shen on living the FIRE life and using money to “buy back time” - MoneySense
Canada’s best Air Miles credit cards - MoneySense
The post Canada’s best Air Miles credit cards appeared first on MoneySense.
Canada’s best Air Miles credit cards - MoneySense
How to consolidate debt in Canada
What is debt consolidation? Managing multiple types of debt can be overwhelming and stressful. Debt consolidation can help you simplify it by combining two or more debts into a single monthly payment. Six types of debt consolidation strategies These are the most common debt consolidation methods. Generally, if you find that your debt exceeds 20% of your income, then you may find it helpful to receive professional advice from a non-profit credit counsellor to better manage your debt. These may include: Working... more
How to consolidate debt in Canada
What are money scripts? What’s yours? - MoneySense
What are money scripts? What's yours? Money scripts impact our thoughts, feelings and beliefs about money. Where did the term "Money scripts" come from? In 2011, financial psychologists Ted Klontz and Brad Klontz conducted a study on money beliefs and financial behaviours, and they coined the concept of money scripts. Money avoidance Money avoiders tend to believe that "Money is the root of all evil." They often associate wealth with corruption and greed, and they may feel guilty for wanting or acquiring money... more
What are money scripts? What’s yours? - MoneySense
Making sense of the markets this week: April 2, 2023 - MoneySense

Making sense of the markets this week: April 2, 2023

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Making sense of the markets this week: April 2, 2023 - MoneySense
Canada’s budget 2023: What it means for you and your family - MoneySense
Canada's budget 2023: What it means for you and your family The annual budget speech marks the introduction of new policies, tax measures and fiscal updates from the federal government. Some changes to the alternative minimum tax for high earners The alternative minimum tax regime currently in place in Canada applies an alternative tax calculation to a taxpayer's income. The formula adds back certain tax deductions, credits and exemptions and applies a flat tax rate to see if the actual tax payable is lower... more
Canada’s budget 2023: What it means for you and your family - MoneySense
What happens to my RRIF when I die? - MoneySense

What happens to my RRIF when I die?

A smiling senior-age man at a dinner table with his adult son and daughter

Can you name a beneficiary on a RRIF?

Thanks for your question, Bob. A registered retirement income fund (RRIF) is one of several registered accounts available in Canada, along with the registered retirement savings plan (RRSP), tax-free savings account

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What happens to my RRIF when I die? - MoneySense
Best FHSAs in Canada: What to know about the new first home savings account - MoneySense

Best FHSAs in Canada: What to know about the new first home savings account

A man sits against a wall outside comparing FHSA rates online... more
Best FHSAs in Canada: What to know about the new first home savings account - MoneySense
First home savings account: A Gen Z guide to achieving home ownership - MoneySense
First home savings account: A Gen Z guide to achieving home ownership Becoming a home owner is a significant milestone that many young adults wish they could afford. Upon opening the account, you must also qualify as a first-time home buyer and not have lived in a home that you or your spouse or common-law partner owned in the last four calendar years. What rules do I need to follow? Here are some things you'll need to keep in mind when you open an FHSA: After withdrawing money from the account, you must purchase... more
First home savings account: A Gen Z guide to achieving home ownership - MoneySense
When should you sell a used car? - MoneySense

When should you sell a used car?

A smiling young woman driver holds out a set of keys

Even before that unmistakable new-car smell disappears, a new car has become a depreciating asset—it’s no longer worth what you paid for it, and it will keep losing value over time. Huge downer, right? While you can’t avoid car depreciation, you can reduce how

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When should you sell a used car? - MoneySense
For Canadians living abroad, is it worth investing in foreign ETFs? - MoneySense
For Canadians living abroad, is it worth investing in foreign ETFs? Investing in foreign ETFs as a Canadian Canadian residents are taxed on their worldwide income, Nick, regardless of citizenship. The exchange-traded fund you are thinking about buying-VWCE-is the Vanguard FTSE All-World UCITS ETF. It trades in Euros on three stock exchanges: the NYSE Euronext, the Deutsche Börse and the Borsa Italiana S.p. I use these ETFs as examples of widely held, large ETF alternatives from Vanguard in North America, but... more
For Canadians living abroad, is it worth investing in foreign ETFs? - MoneySense
How to buy mutual funds in Canada - MoneySense

How to buy mutual funds in Canada

A smiling young woman sits with her laptop and looks out the window

Did you know that mutual funds have been around in Canada since the Great Depression? Though exchange-traded funds (ETFs) have gained popularity as an alternative, mutual funds are still the go-to option for many Canadians. According to the Investment

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How to buy mutual funds in Canada - MoneySense
Making sense of the markets this week: March 26, 2023 - MoneySense
A couple of mid-sized niche U.S. banks collapsed, and one terribly-managed Swiss bank got "Sold off for parts." But, as far as the average person's confidence in the overall system went, we were essentially out of the woods. Banking fears resurfaced in Europe Friday morning as we were going to press, with both UBS and Deutsche Bank tumbling. These statements came after Yellen stated earlier in the week: "The steps we took were not focused on aiding specific banks or classes of banks. Our intervention was necessary... more
Making sense of the markets this week: March 26, 2023 - MoneySense
How retired parents can use the FHSA to help their adult children - MoneySense
How can retired Canadians use the FHSA, HBP, TFSA and more Counting the FHSA, there are now three tax-efficient government programs that can be combined to help young soon-to-be home owners save up for a down payment. Who qualifies for the FHSA? To qualify for the FHSA, you must be 18 years old, Canadian and be a first-time home buyer, but can only tap the FHSA once. Roberts cautions, "Unlike RRSPs, contributions made within the first 60 days of a given calendar year cannot be attributed to the previous tax... more
How retired parents can use the FHSA to help their adult children - MoneySense
How to have the most tax-efficient retirement income plan - MoneySense

How to have the most tax-efficient retirement income plan

A woman in her 60s holds a coffee, pondering how to have the most tax-efficient retirement income plan... more
How to have the most tax-efficient retirement income plan - MoneySense
Video: Buying your first home? Learn about the First-Time Home Buyer Incentive - MoneySense

Video: Buying your first home? Learn about the First-Time Home Buyer Incentive

If you’re saving up to buy your first home, you may benefit from the federal government’s First-Time Home Buyer Incentive program. This shared-equity program helps improve affordability for qualified first-time home buyers. Watch for more details about how the program works.

Video: The First-Time Home Buyer Incentive function request_ad(e,t){t(e)}!function(e,t,n,o,i,u){e._Rumble=o,e[o]||(e[o]=function(){(e[o]._=e[o]._||[]).push(arguments),1==e[o]._.length&&(i=t.createElement(n),u=t.getElementsByTagName(n)[0],i.async=1,i.src="https://rumble.com/embedJS/ulkdw1"+(arguments[1].video?"."+arguments[1].video:"")+"/?url="+encodeURIComponent(location.href)+"&args="+encodeURIComponent(JSON.stringify([].slice.apply(arguments))),u.parentNode.insertBefore(i,u))})}(window,document,"script","Rumble"),function(){var

... more
Video: Buying your first home? Learn about the First-Time Home Buyer Incentive - MoneySense
Canada’s inflation rate slowed to 5.2% in February. When will it return to normal? - MoneySense
What is the inflation rate in Canada? The Consumer Price Index, through which Canada tracks inflation, rose 5.2% year-over-year in February. What does inflation mean? Inflation is the rising cost of goods and services, which leads to a decrease in the purchasing power of money. What is a good rate of inflation? Some people think we should aim for 0% inflation. Why is inflation so high in Canada? One of the reasons inflation is so high in Canada is because the federal government and the BoC worked together during... more
Canada’s inflation rate slowed to 5.2% in February. When will it return to normal? - MoneySense
Nicholas Hui, P.Eng, Certified Financial Planner - MoneySense
Nicholas Hui, P.Eng, Certified Financial Planner Who is Nicholas Hui? Nicholas Hui was an automotive engineer for 20 years before becoming a Certified Financial Planner. Services Comprehensive financial plans Money coaching Focused analysis for a specific area of your finances Specializations Money coaching for young professionals and families Financial independence Retirement planning Payment Model Fees paid by clients for advice Languages written and spoken English Meet Nicholas Hui About Nicholas I am an... more
Nicholas Hui, P.Eng, Certified Financial Planner - MoneySense
Compound interest calculator: How to use one and how interest grows - MoneySense

Compound interest calculator: How to use one and how interest grows

How to use this compound interest calculator

Input the following information into the compound interest calculator:

  • Initial investment: This is how much you are paying for the investment or putting into the savings account. If you are calculating a loan or debt, this is the amount of money you are borrowing.
  • Additional contributions: Here, add how much more money
  • ... more
    Compound interest calculator: How to use one and how interest grows - MoneySense
    Are your deposits at Canadian financial institutions safe? - MoneySense
    Are your deposits at Canadian financial institutions safe? The risks of exceeding deposit limits at Canadian banks Silicon Valley Bank failed in March and was taken over by the U.S. Federal Deposit Insurance Corporation. Nearly 94% of its deposits were uninsured, exceeding the $250,000 deposit insurance limit in the U.S. SVB had the second-highest uninsured deposit rate among large U.S. banks at the end of last year. Should Canadians be worried about their deposits? As a result, I can appreciate your concern... more
    Are your deposits at Canadian financial institutions safe? - MoneySense
    Janet Gray advice-only Financial Planner - MoneySense

    Janet Gray advice-only Financial Planner

    Financial Planner Janet Gray smiles at the camera against a dark background.... more
    Janet Gray advice-only Financial Planner - MoneySense
    Sander Meijers shares the most relatable money regret ever and talks about being a selective investor - MoneySense

    Sander Meijers shares the most relatable money regret ever and talks about being a selective investor

    Sander Meijers from Adyen... more
    Sander Meijers shares the most relatable money regret ever and talks about being a selective investor - MoneySense
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