You may earn $48,000 a year and feel behind, but if you’ve paid off unsecured debts, that income can be far stronger than a six‑figure salary weighed down by a high debt-to-income ratio. A debt-to-income (DTI) ratio compares your monthly debt obligations with your gross monthly income. Lenders use this percentage to judge how likely … Read more

You might think all it takes to hit the open road is to pass your driver’s test and turn the key. Not so. In Canada, every driver—even a newly licensed one—must have auto insurance before legally driving. So how much does insurance cost for a new driver? If you or someone in your household is … Read more

I moved to Sweden to study in 2021 and I am no longer considered a resident of Canada (to my understanding). However, I have some money to invest. I am not allowed to contribute to my TFSA which leaves me with contributing to an RRSP or an ISK (Swedish tax efficient account). In short, you … Read more

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, summarizes the week’s top financial stories and what they mean for Canadian investors. We’re all Volcker-ians now Paul Volcker is widely remembered as the Federal Reserve governor who used aggressive, contractionary monetary policy to finally tame the high inflation of the … Read more

When you watch the Canadian teen drama series Fakes, starring Emilija Baranac and Jennifer Tong, it’s easy to spot two standout performances. But there’s a third essential presence on screen: money. The colorful Canadian bills you see—blue, purple, green, red and brown—are real. In Canada, production teams cannot use counterfeit banknotes for filming, so the … Read more

Cryptocurrencies have surged in popularity in recent years. While Bitcoin still dominates the market, a growing number of altcoins—smaller digital currencies—are gaining attention and market value as both retail and institutional investors increase adoption. As digital currency becomes more mainstream, investors now weigh Bitcoin against a diverse set of alternatives when deciding how to build … Read more

I want to invest in crypto, but I’m worried about its long-term prospects since it’s not widely used as currency. When do you think we’ll be using crypto like cash, and which cryptocurrencies are mostly likely to survive?—Denise Which crypto should I buy today for the long term? Denise, thanks for the thoughtful question. You’ve … Read more

You can’t open a news site, watch a video or scroll through social media without seeing references to bitcoin, ethereum and a growing list of other cryptocurrencies. Friends and family may be talking about crypto investments, and headlines frequently highlight big price moves and new blockchain projects. Whether cryptocurrency becomes a dominant financial system remains … Read more

If someone owns a second property, what can they deduct? Can they deduct the cost of purchasing or renovations?—Nicole The types of expenses you can deduct for a second property If you own a second property and use it to generate income — for example, by renting it out — many of the costs you … Read more

I own a 2002 Volkswagen Beetle with just 112,000 km on the odometer. The catalytic converter has rusted through and must be replaced (it wasn’t stolen). Volkswagen’s original part is about $3,000 while a reputable aftermarket unit, such as Walker, costs roughly $500. What rules govern catalytic converter replacement, and what should I consider when … Read more