The Bank of Canada held its policy rate steady at 5% and dismissed questions about imminent rate cuts, saying inflation remains too high to justify lowering borrowing costs. Governor Tiff Macklem, speaking at a news conference after the rate announcement, acknowledged that inflation has eased and economic activity is softening, but said core price pressures … Read more

Credit cards are a key tool for establishing and maintaining a credit history—an essential step in financial adulthood. Even if you avoid debt or worry about overspending, having and using a credit card responsibly helps build a credit file that lenders use when you apply for mortgages, car loans and other forms of credit. Certified … Read more

If you’ve already maxed out contribution room in registered accounts like a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA), a non-registered account may be the next option to consider. Non-registered accounts don’t offer the tax breaks that registered vehicles do, but they let you invest without contribution limits. There are several … Read more

Category Account Best for rewards PC Money Account Best for rewards (honourable mention) Scotiabank Ultimate Package Best for cash back Koho Essential Why trust us MoneySense is an award-winning personal finance publication that has helped Canadians manage money since 1999. Our editorial team of experienced journalists works with independent personal finance experts to compare features, … Read more

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, provides context on financial headlines for Canadian investors. Stephanie Griffiths was an award-winning investor for nearly 20 years before returning to journalism and now serves as a consulting editor and journalist for MoneySense. Bank earnings strong despite higher loan-loss provisions … Read more

To celebrate MoneySense’s 25th anniversary, we reviewed the pivotal innovations that reshaped personal finance in Canada since the magazine launched in 1999. From new registered accounts and investment vehicles to advances in online tools and artificial intelligence, these developments changed how Canadians save, spend, invest and manage money. The following list highlights some of the … Read more

Have you ever been so absorbed in a book or so focused on a bike ride that everything else fades away and time seems to vanish? Psychologists call that a “flow state.” Mihaly Csikszentmihalyi, a leading thinker in positive psychology, popularized this idea through decades of research into creativity and happiness. Flow is a deeply … Read more

Ask MoneySense I accidentally overcontributed to my RRSP and need advice on how to fix it. I contributed $3,550 to my 2022 RRSP in October 2022, then forgot about that and contributed another $3,550 in February 2023. What are my options to correct the overcontribution? Can I apply the February 2023 contribution to my 2023 … Read more

Ask MoneySense I read your blog—thank you for the helpful information. That motivated me to start investing, but I have a few questions. I understand there’s U.S. withholding tax on dividends in a TFSA. Do we also pay tax when we sell the following? U.S. stocks in a TFSA U.S. stocks in an RRSP Canadian … Read more

We began the year with Mint closing its service—an end that many users still feel. While it’s natural to be disappointed, this change also creates an opportunity to explore other apps that can simplify how you manage money. Picking the right financial app depends on your needs and preferences. Below, we explain what financial apps … Read more