It’s that time of year when many Canadians are done with winter, tired of endless streaming and eager for a change of scenery — and a bit of fun. But rising living costs, from groceries to rent, make it harder to save cash for the future, let alone for concerts, weekend trips or a proper … Read more

Download: MoneySense monthly budget Excel template Instructions: Click the download link or the image above to save the Excel spreadsheet to your device. Open the file in Excel or a compatible spreadsheet program. Enter your household and personal income and expenses into the columns labeled “Planned” and “Actual.” Use the spreadsheet’s Insert or Delete row … Read more

Ask MoneySense I retired early at 58 and my wife is 56. We live on a Christmas tree farm that was paid off years ago. I receive a work pension and my wife’s pension was bought out. We have substantial RRSP savings, ongoing farm income, and farm property. Where do we begin to determine how … Read more

Who doesn’t want to stretch their dollars further? Kathleen Cassidy has taken frugality to an art form through extreme couponing. Her journey began as a student at McMaster University, where she started clipping coupons and hunting discounts to make the most of a limited budget. Today she still lives in Hamilton, Ontario, and uses her … Read more

Ask MoneySense How does the Canada Revenue Agency treat tax on a joint brokerage account that I opened with my son (he is not my spouse)? Is the treatment the same as for a spouse? All the funds are mine. I moved them into a new brokerage account and added my son’s name to the … Read more

A Registered Education Savings Plan (RESP) is a tax-advantaged, long-term savings vehicle that helps parents, grandparents, relatives and friends save for a child’s future post-secondary education or vocational training. Contributions grow tax-deferred inside the plan, and the government may add matching grants and other incentives to boost savings. While tuition is often the biggest expense, … Read more

Are you leaving free money on the table for your child’s education? If you don’t have a registered education savings plan (RESP) in place, there’s a good chance you are. Contributing to an RESP opens the door to government incentives like the Canada Education Savings Grant (CESG), which can add up to $7,200 per child … Read more

At year-end and during tax season, many parents and grandparents ask how registered education savings plans (RESPs) affect taxes in Canada: Are RESP contributions tax-deductible? Who is responsible for taxes when RESP funds are withdrawn? This guide explains how RESPs work, how earnings are taxed, reporting requirements, and what happens if you exceed contribution limits. … Read more

We all enjoy a memorable, fun date—whether we’re meeting someone new or trying to keep the spark alive in a long-term relationship. With rising costs, planning a meaningful outing without overspending can feel challenging. To help you plan affordable and enjoyable dates in 2024, we asked MoneySense readers from coast to coast for their best … Read more

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares the week’s financial headlines and offers context for Canadian investors. Disney is back on track Despite owning some of the world’s most recognisable brands, Disney has struggled in recent years; its share price had been down since early 2019. … Read more