Whether this is your first time filing or you’re a newcomer to Canada, this clear, step-by-step guide will walk you through completing your tax return. Most Canadians file electronically using tax software. According to the Canada Revenue Agency (CRA), 92% of taxpayers filed online in 2022. You can still use a paper return and mail … Read more

Ask MoneySense We are three beneficiaries of our parents’ estate. The assets include five properties, five cars, multiple bank accounts and various investment accounts. Our parents asked that everything be divided equally among the three of us. In practice, equal division is complicated because each asset has a different value, and we have different preferences … Read more

Buying a car is one of the biggest purchases most people make after a home. With rising living costs in Canada and higher prices for both new and used vehicles, car shopping requires more preparation than it used to. You should treat monthly car expenses like any other budget item: aim to keep total transportation … Read more

In its 2023 Fall Economic Statement, the federal government introduced the Canadian Mortgage Charter, a new initiative designed to ease housing affordability pressures that have emerged from rising interest rates, limited housing supply and related economic strains. The charter sets expectations for banks and lenders and is part of a broader package of affordability measures … Read more

With the close of 2023 fast approaching, late December is a key time for Canadian investors and their advisors to review taxable, non-registered investment accounts. The fourth quarter is the moment to take stock of gains and losses and, where appropriate, act to reduce your tax bill before year-end. If you’ve realized significant taxable capital … Read more

Alberta’s auto insurance system has been in the spotlight since Premier Danielle Smith announced a cap on rate increases for “good drivers.” Beginning January 1, 2024, the government set the maximum premium rise for qualifying drivers at 3.7%, a figure chosen to match Alberta’s inflation rate in September 2023. Under the province’s new reforms, “good … Read more

The growth of high-interest savings account (HISA) exchange-traded funds (ETFs) became the defining story for Canada’s ETF industry in 2023. Money market funds, including HISA ETFs, attracted roughly $9.7 billion in investor flows in the first ten months of the year, representing about 29.1% of net inflows into Canada’s ETF universe — only slightly behind … Read more

Quebec’s universities have long attracted students from across Canada thanks to their strong academic reputations and vibrant campuses. Many out-of-province students have moved to la belle province to pursue degrees that helped them launch careers and succeed after graduation. Beginning next fall, however, students from outside Quebec may face significantly higher tuition at institutions such … Read more

Ask MoneySense I have $66,000 unused RRSP contributions for the 2023 tax year (unused deductions, not unused contributions). My plan is to start my RRSP withdrawals in January 2025, and to start claiming the unused deductions on my 2025 taxes, when most likely it will be over $70,000. In 2025, I will be 66 years … Read more

Getting your credit in order is a key part of managing your personal finances. If your credit score is less than ideal and you’re having trouble qualifying for a credit card, mortgage or other lines of credit, you might be tempted to hire a credit repair service. Before you do, it’s important to understand how … Read more