Debt is a familiar reality for many Canadians. After a brief dip during the pandemic, the Canadian household debt-to-income ratio climbed to 184.5% in the first quarter of 2023, meaning households owed nearly $1.85 for every dollar of disposable income. A 2019 RBC poll showed that households led by people aged 35 to 44 who … Read more

Ask MoneySense I have a $180,000 defined contribution (DC) pension plan from my former employer and must decide whether to transfer it into a personal locked-in retirement account (LIRA) at Manulife—where the group plan currently resides—or to another LIRA to invest directly in ETFs through my bank. I am 52 and considering retiring at 55. … Read more

Ask MoneySense I retired last year at age 66. I’m single with no dependents. I discovered my pension was only withholding 5% tax at source, so I asked the payer to withhold an extra 15.05% to reach a total of 20.05%, which matches the lowest combined federal and Ontario marginal rate. After filing my tax … Read more

In Canada, younger investors today are more aware than earlier generations of the power of compounding returns in the stock market—especially with inflation near multi-decade highs. Yet newcomers often face a crowded field of choices: individual stocks, mutual funds or exchange-traded funds (ETFs)? Many Canadian investors favor ETFs because they combine diversification with generally lower … Read more

No matter your age or stage of life, buying your first home is a major milestone. Many Canadians dream of it and work toward it for years, and it’s often the largest purchase you’ll ever make. So how much do you really need for a down payment on your first house or condo? Homeownership is … Read more

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and provides context for Canadian investors. Borrowers relieved as interest rate stays at 5% The Bank of Canada (BoC) announced on Wednesday that it will keep its policy interest rate at 5% until at least the next decision … Read more

Thinking about asking an older parent to move in with you? If that means renovating your home to create a separate living space, you might qualify for a federal tax credit introduced to help offset those costs: the Multigenerational Home Renovation Tax Credit (MHRTC). Multigenerational households—homes where three or more generations live under one roof—are … Read more

When a financial journalist teams up with a certified planner, the conversation inevitably turns to money—and sometimes that conversation turns into a book. That’s exactly what happened when Julie Shipley-Strickland, Senior Wealth Advisor at Wellington-Altus Private Wealth, and editor-writer Bryan Borzykowski (a former MoneySense editor) collaborated on The Canadian’s Guide to Personal Finance for Singles … Read more

Ask MoneySense I’ve heard good things about Vanguard investment accounts in the U.S., owing to the low cost of the investment. Is there a Canadian equivalent and is it as beneficial?—Kate Vanguard Canada ETFs: What to know The Vanguard Group, Inc., founded in 1975 by John Bogle, is a global leader in low-cost investing and … Read more

Pursuing post-secondary education can open doors to better career opportunities, but it often comes with the burden of student loans. On average, Canadians take about 10 years to pay off their student debt. For the 2022/2023 academic year, Statistics Canada reports that full-time undergraduate students paid an average of $6,834 in tuition, while graduate students … Read more