On June 5, the Bank of Canada (BoC) cut its benchmark policy interest rate from 5.00% to 4.75%. This marks the central bank’s first rate reduction in four years, reflecting slower inflation and more subdued economic growth over the past year. Many economists had expected the move as recent data points to easing price pressures. … Read more

Ask MoneySense I read you can base your RRIF withdrawals on your wife’s age to minimize them. Can you please explain exactly what that means? My wife is seven years younger than me, and I am 68. I already have a small RRIF, set up for the pension benefit. When I hit 71, when I … Read more

Are you still managing your small business with a personal bank account and personal credit card? Many Canadian entrepreneurs begin their ventures as side projects or passion projects, so it’s common to use personal banking at first. As your business grows, however, separating personal and business finances becomes important. Doing so saves time, reduces accounting … Read more

Money remains a top source of stress for many Canadians, yet surprisingly more people are feeling hopeful about their financial futures. That tension between worry and optimism emerges in FP Canada’s 2024 Financial Stress Index, a widely watched survey that examines which financial issues concern Canadians most. The report confirms persistent worries about saving enough … Read more

Whether you sell on Etsy as a side hustle or as your main business, the platform is a popular way for Canadian makers and creators to reach customers across the country and abroad. The marketplace welcomes a wide variety of products and niches, but running an Etsy shop brings extra responsibilities—most importantly, tax obligations. You … Read more

Ask MoneySense Do costs associated with real estate in the U.S., such as realtor costs, qualify as a deduction for Canadian capital gains tax? —Bob Canadian capital gains tax on a U.S. property Canadian residents are taxed on their worldwide income. That means if you own or sell property in another country, including the United … Read more

Choosing between a mortgage broker and a bank will affect the mortgage options available to you, and each route has its own advantages and drawbacks. Below we explain the main differences and help you decide which option may best fit your financial situation. Quick: find competitive mortgage rates in Canada Answer a few short questions … Read more

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, summarizes the latest financial headlines and provides context for Canadian investors. RBC and National Bank continue to lead the pack Canadian banks are preparing for tougher conditions by increasing their provisions for credit losses. That means they are setting aside … Read more

Royal Bank of Canada (RBC) is boosting returns for shareholders after reporting stronger second-quarter results and completing its acquisition of HSBC Canada. The bank announced on Thursday a modest increase in its quarterly dividend and a sizeable share buyback plan, reflecting confidence in its capital generation and future growth prospects. RBC said it will raise … Read more

When Dianne Debarros and Tom Stitzel went to a Toronto Blue Jays game last month, they expected food and drink prices at Rogers Centre to be steep. With foot‑long hotdogs near $13 and 515‑ml premium draft beers approaching $15, the Sarnia, Ont., couple behind the @coupon.couple account started hunting for ways to cut costs. A … Read more