This week, thousands of residents and visitors were evacuated from Jasper, Alberta, as wildfires threatened the town. Final damage estimates are not yet available. Last year Canada endured a record-breaking wildfire season that affected nearly every region—from the West Coast to the Atlantic provinces and the North. Insured losses from severe weather-related events reached about … Read more

powered by For many Canadians, buying a home is the largest purchase they will ever make, and obtaining a mortgage is a fundamental step in that process. A recent National Bank of Canada report noted that most variable-rate, fixed-payment borrowers who originated mortgages between 2020 and 2022 reached their trigger rates this year — a … Read more

Ask MoneySense I am retired from my company, which I own outright. Thirty years ago the company purchased a whole life insurance policy with the expectation of a steady, tax-free annual dividend. Now I’m finding it difficult to obtain supplementary income from that policy because most lenders seem unwilling to offer loans secured by life … Read more

This month the Ontario government announced new financial literacy programming for elementary schools that will be available to teachers starting this fall. The announcement follows the education ministry’s earlier news in May that provincial high‑school curricula will change, including the reintroduction of home economics beginning in 2025. These developments are welcome for parents who worry … Read more

Economists and market observers widely expect the Bank of Canada to announce another interest rate cut this week as multiple indicators suggest inflation is easing in a durable way. Markets have priced in a reduction to the central bank’s overnight rate ahead of the scheduled announcement on Wednesday, following Statistics Canada’s latest consumer price report … Read more

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, summarizes the week’s financial headlines and provides context for Canadian investors. Inflation continues to fall as temperatures rise As summer heats up and many regions are setting new temperature records, Canadian inflation is moving the other way. Statistics Canada reported … Read more

Every parent knows how stressful and expensive finding reliable child-care can be. Recently, however, Canada has begun rolling out $10‑a‑day child-care placements in many areas, which eases monthly budgets for many families. There’s a catch: lower child-care fees can have an unexpected tax consequence that may affect your net income and the refundable tax benefits … Read more

All of Canada’s major grocery chains have agreed to a voluntary grocery code of conduct, clearing the way for industry guidelines that have been under development for several years. Federal, provincial and territorial agriculture ministers announced the development on Thursday during their annual meeting in Whitehorse. They confirmed that the last holdouts — Walmart and … Read more

Ask MoneySense I shared a cottage property with my brother. I sold my half to my niece. Do I have to pay capital gains tax? If so, how do you calculate this? How do you determine the adjusted cost base? What expenses can be applied? —Terry What happens when you sell your cottage to a … Read more

Homeowners across Canada are increasingly adding flood coverage to their policies as extreme weather and intense rainfall events grow more frequent, according to the Insurance Bureau of Canada (IBC). After the recent flash flooding in southern Ontario, some residents may be discovering that their standard home insurance policies do not include flood protection. Those homeowners … Read more