Ask MoneySense My parents have RESP savings, and I have a few part-time jobs and some support from other family members. But it’s not enough. I am wondering about OSAP, as I have a tight budget. My parents always warned me that taking on debt was “bad,” though, because they had student loans and it … Read more

As a young adult, you may finally have the independence to live on your own, but for most people that means renting. More than 80% of Canadians aged 25 to 29 are renters, and younger urban residents make up the largest share of tenants, according to a study by RBC. Renting is a common first … Read more

Ask MoneySense I have a brain injury and I’m collecting CPP disability of $15,000 a year, along with a workplace disability income of $16,000 a year. I am 61 years old, married, and I can’t figure out if I should retire now and start my pension or wait until I turn 65. My pension projections … Read more

Flooding is becoming more common across Canada. Public Health Canada reports that most regions will see not only higher average rainfall but also more intense extreme rainfall in the years ahead, increasing the frequency and severity of flood events. Climate change is expected to bring more extreme storms, faster snowmelt and rising sea levels, all … Read more

Like many retired or semi-retired investors—even those with a traditional 60/40 allocation—I found 2022 especially difficult. Despite our family portfolio being well diversified across asset classes and geographies, we suffered significant losses, largely from SPACs and recent electric-vehicle IPOs such as Lordstown Motors, Lucid and Rivian, along with a crypto-related holding in Coinbase. It’s embarrassing … Read more

If you have funds set aside for the first-and-last-month deposit, you can use that money toward rent. But if you don’t and you need to move quickly, what are your options? Traditionally people borrow from friends or family, use a credit card, or tap a line of credit. A newer option is taking a small … Read more

Ask MoneySense My son did a summer internship at a Silicon Valley company in California. The company issued him the annual “T4” equivalent showing they withheld approximately 25% income tax. He was told to file a 2022 tax return with the IRS & California state government. He got a refund on his California state tax … Read more

Ask MoneySense I am a single, 70-year-old with a reasonable mortgage of $115,000. I have no family and no dependants. I find that the life insurance on my mortgage is too expensive. Do I need mortgage life insurance anyway? What for? —Katerina What is mortgage life insurance? Good question, Katerina. Many borrowers don’t realize they … Read more

Critical illness insurance provides a single lump-sum payment if you are diagnosed with a disease or condition specifically covered by the policy, such as cancer, multiple sclerosis or paralysis. Unlike disability insurance, which replaces lost income over time, critical illness insurance is intended to address immediate financial needs—medical costs, home modifications, in-home care, or even … Read more

Disability insurance is often misunderstood, and myths about coverage, cost and eligibility are widespread. To help clarify common misconceptions, insurEye, a Canadian insurance education resource, compiled over 100 myths about disability and other types of insurance. Below are seven of the most common disability insurance myths, rewritten here in clear, practical language so you can … Read more