MoneySense

banner
MoneySense
moneysense
moneysense@www.moneysense.ca
1 Follower
|
308 Views
Share

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.

Contact Info
moneysense@www.moneysense.ca
20 Queen St. W. Suite 1100, Toronto, On. M5H 3R3
MoneySense hasn't answered any questions yet. Follow them to see their activity in your feed!
323 Posts
6 things you didn’t know could be hurting your credit rating - MoneySense
6 things you didn't know could be hurting your credit rating Credit fix: Simmons recommends getting a credit card with a low maximum balance of $500 or $1,000 and using it to automate payment of a cell phone bill or Netflix subscription. You don't have enough types of credit The final 10% of your credit rating is based on the types of credit you hold. The bureau would rather you have a mortgage, line of credit or car loan than just a handful of credit cards. Credit fix: If you only have cards, you may wish to... more
Financial planning in your 70s - MoneySense
Financial planning for those approaching or into their 70s is much more holistic than financial planning. The conversion age used to be 69, but was increased to the current age 71 in 2007. Anyone with cash or non-registered investments should consider contributing to a TFSA. In Quebec, an RRSP, RRIF or TFSA beneficiary cannot be named. There may be potential capital gains and capital gains. If a parent intends to give half of a part of a portion of an asset, they should document this.
Financial planning in your 70s - MoneySense
A line of credit may be derailing my mortgage application
Lenders take non-mortgage debt into account when determining how much you can afford to borrow. Lenders consider factors like a borrower's creditworthiness, income and existing debt before lending them money. For unsecured lines of credit and credit cards, factor in a monthly payment amount corresponding to no less than 3% of the outstanding balance. If you want to reduce your credit balances, borrowing on an unsecured line of credit can end up costing you more.
A line of credit may be derailing my mortgage application
How might inflation impact your retirement plans? - MoneySense
How might inflation impact your retirement plans? For retirees and near-retirees, at least five dire possibilities can threaten a long and fruitful retirement: taxes, investment fees, crumbling stock markets, soaring interest rates and inflation. What about inflation? Throughout 2022, inflation has remained elevated, triggered by the COVID recovery and stimulative monetary policy by way of ultra-low interest rates. As Vancouver-based portfolio manager Adrian Mastracci of Lycos Asset Management Inc. sees it,... more
How might inflation impact your retirement plans? - MoneySense
How much you need to earn to afford a home in Toronto and the GTA - MoneySense
How much you need to earn to afford a home in Toronto and the GTA Looking at the Toronto housing market through a lens of percentages, shifting sales numbers and interest rates may be the go-to method for industry insiders, but for many run-of-the-mill buyers, there's really one thing that matters: "What kind of home can I afford?" To help answer that question, let's look at the level of income you or your household are going to need to purchase a home in Toronto and the Greater Toronto Area, based on the benchmark... more
How much you need to earn to afford a home in Toronto and the GTA - MoneySense
“Why do I need a financial plan?” - MoneySense
Tom What is financial planning? To answer your question-and it's a good one!-let's think about why people get a financial plan, the benefits of having one and how you can get the most out of it. Financial planning is about mastering change, and there are generally two types of plans: reactive and proactive. What does financial planning and analysis do? Here are the benefits of creating a plan for your future: Peace of mind. How to create a financial plan When it comes to proactive planning and thinking, there... more
“Why do I need a financial plan?” - MoneySense
Worried about your credit rating? Avoid these 5 credit card mistakes - MoneySense
Worried about your credit rating? Avoid these 5 credit card mistakes You don't think about your credit rating opening doors for you-until it abruptly swings one shut. Your credit rating is actually made up of two parts of information-your credit report and your credit score-and each plays a specific role. Along with some personal information, your credit report contains a list of companies that have inquired about your credit history, and that you've obtained credit from. Using too much of your available credit... more
10 ways to save more and pay down your debt - MoneySense
10 ways to save more and pay down your debt If you find yourself in debt, you're not alone: Nearly three-quarters of Canadians have some type of outstanding debt, according to Statistics Canada. Who doesn't want to find a way to save more? Countless studies show Canadians are not saving enough towards retirement, and many current retirees report wishing they had socked away more along the way. Set a goal If you're serious about saving, you need to set a goal so you know what you're saving for. Track your dollars... more
Know your TFSA contribution limit - MoneySense
For Canadian investors and savers, it’s always some of the best news to come each year: new TFSA room that becomes available each January 1. For 2022, the TFSA contribution limit is $6,000. The actual TFSA yearly limit was set at $5,000 back in 2009 when the investment account was first created and rounded to the nearest $500. If you are lucky enough to buy during depressed markets, the subsequent gains can be significant. You can also invest with your TFSA. There are some strategies that work for them.
Know your TFSA contribution limit - MoneySense
How much should I have in my RRSP?
For many Canadians, investing in a registered retirement savings plan (RRSP) is the primary way to save for retirement. An RRSP is a nest-egg account that you (or, in the case of a spousal RRSP, your spouse or common-law partner) can contribute to and use to buy investments. If you don’t max out your RRSP each year, the unused portion of your contribution room rolls over. If your pension and CPP/OAS, you will need an additional $20,000.
How much should I have in my RRSP?
Applying for a credit card: What you need to know - MoneySense
"The longer you have a credit account open and in use, the better it is for your score. Your credit score may be lower if you have credit accounts that are relatively new," reports the Financial Consumer Agency of Canada. "If there are too many credit checks in your credit report, lenders may think that you're urgently seeking credit [and] trying to live beyond your means," reports the FCAC. On the other hand, using a credit card responsibly will affect your credit score positively, and is one of the best ways... more
Applying for a credit card: What you need to know - MoneySense
When should you withdraw money from your corporation to invest? - MoneySense
First off, a business owner with a corporation can generally use the corporation to buy whatever investments they want. Withdrawing from a corporation to invest in RRSPs and TFSAs There are tax benefits when you take money out of your corporation to invest in a registered retirement savings plan or tax-free savings account-in the form of deductions for your RRSP, and tax-free growth for your TFSA. These benefits make them worth considering. Building cash in a TFSA can also come in handy for a business owner... more
When should you withdraw money from your corporation to invest? - MoneySense
Why you need a USD savings account - MoneySense
In an increasingly connected world, this type of account offers many benefits to Canadians. With a USD savings account, depositing or transferring Canadian dollars is quick and easy. Many U.S. dollar accounts offer subpar interest rates, but with a competitive 1.40% interest rate. EQ Bank moves your money via Wise, a secure worldwide transfer provider. That means you can quickly and easily send U.N. dollars to a recipient’s USD account. You can easily send your money. The ability to hold U.C. dollars and make... more
Why you need a USD savings account - MoneySense
Watch: Why you need a USD account - MoneySense
MoneySense executive editor Lisa Hannam explains the benefits of having a U.S.-dollar bank account. The differences between TFSA and RRSP4 things do consider before putting your money in a TFSA or RRSP. Watch more MoneySense videos: How to find the best online bank account and how to open a bank account.
MoneySense Guides - MoneySense

We’ve graded the largest, most liquid Canadian dividend stocks based on Yield, Stability and Value. To earn top marks, each company must demonstrate its ability to provide a steady flow of income to investors, at a reasonable price.

The post MoneySense Guides appeared first on MoneySense.

MoneySense Guides - MoneySense
The smart way to pay for “experiences” and other money tips - MoneySense

The smart way to pay for “experiences” and other money tips

Doretta Thompson is smiling in front of her painting

Who is Doretta Thompson? She is a chartered professional accountant (CPA) and the director of corporate citizenship at CPA Canada, where she leads its impressive and award-winning financial literacy initiatives. She also sits on the board of AFOA Canada

... more
The smart way to pay for “experiences” and other money tips - MoneySense
Making sense of the markets this week: October 2 - MoneySense
Bears are beating the bulls this year, but don't bulls always win? As share prices continue to fall faster than earnings in almost every country, at some point investors have to say: "OK, things are bad, and in the short term, they might get worse-but these assets and future earnings streams are still worth a lot of money, right?"Just how much are the assets and future earnings streams worth?" is the real question, when it comes to determining the appropriate current value for a company. I'm fairly certain the... more
Making sense of the markets this week: October 2 - MoneySense
How to know if a secondary suite or basement apartment is legal—and a worthwhile investment - MoneySense
How to know if a secondary suite or basement apartment is legal-and a worthwhile investment If you're buying a property right now, chances are you've come across more than a few homes that advertise income potential-thanks to a secondary suite or basement apartment. What is a secondary suite? A secondary suite is an umbrella term that encompasses second units within a home, basement apartments, laneway houses and in-law suites. Are all secondary suites legal? No. Many existing secondary units are unauthorized... more
What is tenant insurance? - MoneySense
What is tenant insurance? Tenant insurance, also known as renter's insurance, is one of the costs of adulting that seems to have no payback. What is tenant insurance? Tenant insurance is a form of home insurance that protects renters and their personal belongings from theft, fire loss and other common risks. Watch: What is Tenant Insurance? What's covered by tenant insurance? Basic tenant or renter's insurance policies typically include three different types of coverage: Contents insurance: This covers the cost... more
What is tenant insurance? - MoneySense
Canadian Financial Summit 2022: MoneySense sessions and free tickets - MoneySense
Canadian Financial Summit 2022: MoneySense sessions and free tickets If you've ever read a MoneySense investing article and wished you could look behind the scenes with the writer, or get a deeper dive from one of the experts interviewed-here's your chance. Register for the Canadian Financial Summit, October 12 to 15, and you'll get access to the investing and money-management knowledge of more than 35 Canadian personal financial experts, including MoneySense's own Lisa Hannam, Justin Dallaire and Bryan Borzykowski.... more
Canadian Financial Summit 2022: MoneySense sessions and free tickets - MoneySense
Portfolio Builder: Lesson 6
Portfolio Builder: Lesson 6
Portfolio Builder: Lesson 6
Portfolio Builder: Lesson 5

Portfolio Builder: Lesson 5

Portfolio Builder: Lesson 5
Portfolio Builder: Lesson 3
Portfolio Builder: Lesson 3
Portfolio Builder: Lesson 3
Portfolio Builder: Lesson 2
Portfolio Builder: Lesson 2
Portfolio Builder: Lesson 2
Portfolio Builder: Lesson 1

Portfolio Builder: Lesson 1

Portfolio Builder: Lesson 1
Portfolio Builder: Lesson 4 - MoneySense
Portfolio Builder: Is your portfolio working hard enough?
Portfolio Builder: Lesson 4 - MoneySense
Tontines in Canada: Moving from theory to practice as a solution to our retirement crisis - MoneySense
Tontines can be compared to life annuities or defined benefit pension plans. A tontine works by pooling savings from multiple investors. The concept fell out of favour in the 1900s but with some modifications, like paying dividends, tontines may become popular again. The number of Canadians aged 85 or older has doubled since 2001 and could triple by. Nearly one in five Canadians is now inventors. The number has doubled. and tontines is now and inventions.
Tontines in Canada: Moving from theory to practice as a solution to our retirement crisis - MoneySense
Buying a second home: How it works in Canada - MoneySense
In Canada, the appetite for buying a second home is strong, especially over the last few years. By June 2021, real estate investor purchases had grown to account for slightly more than one-fifth of all home purchases in Canada. The one major difference in buying a first-to-be-in-a-second home is the 'owner-occupied' part that matters. There are different ways to buy a second, second, third or even fourth property using equity. If you’ve previously made use of a first, third and first-time home buyer program,... more
Buying a second home: How it works in Canada - MoneySense
Gifting a parent’s assets using a power of attorney - MoneySense
Gifting a parent's assets using a power of attorney I am hoping that someone can give me advice on my mother's accounts. My question is should a small portion be gifted to each of her children prior to her passing as a "Gift" and, if so, is that gift taxable? Is there an amount that falls into that range?-Chris Gifting of assets and power of attorney Your question is one of the more common ones that comes up in my practice, Chris. A power of attorney can generally appoint someone to do anything with your finances... more
Gifting a parent’s assets using a power of attorney - MoneySense
Can I afford to buy a second home? - MoneySense
A second home is one that you or a relative will occupy; the rules can differ for rental or investment properties that you will not occupy. Each lender has its own mortgage qualifying criteria, including how they look at your income and debt obligations. There are many different ways to save for a down payment, and with second homes, a common source of funds is the Equity in a buyer’s current home. If you plan to use the equity in your primary residence. There are several different ways for a second home for... more
Can I afford to buy a second home? - MoneySense
MoneySense hasn't asked any questions yet. Follow them to see their activity in your feed!
Nobody has given a recommendation to this agent. Be the first to recommend them!
This agent hasn't recommended anybody yet.
+ Reivew
Nobody has written a review for this agent. Be the first to review them!
You have no bookmarks yet. You can bookmark contents on Ratesfeed to find them easier!
MoneySense hasn't reshared any content yet. Follow them to see their activity in your feed!