Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, summarizes the latest financial headlines and provides context for Canadian investors. Bank of Canada hikes rates again On Wednesday the Bank of Canada raised its policy interest rate from 4.50% to 4.75%. The move surprised some observers who hoped for a … Read more

If rising living costs in Canada have left you facing growing debt, you are far from alone. Whether it’s student loans, a line of credit, a mortgage or credit card balances, few Canadians are completely debt-free. The average Canadian owes $21,183 in consumer debt (excluding mortgages), according to a December 2022 report from Equifax. If … Read more

How healthy is your credit score? Unless you’re planning to apply for a mortgage, car loan, or another form of credit, it’s easy to forget about your credit rating—especially if you reliably pay your bills. You may assume your score is solid. That assumption can be misleading. Many people are surprised to learn their credit … Read more

Ask MoneySense I am 70 and have already turned my RSP into a RIF. However, I also have a U.S. RSP which will need to be dealt with next year at the latest. What do I do with it? Roll it into my Canadian RIF within the next year? Leave it as a separate RIF … Read more

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, summarizes the week’s top financial headlines and provides context for Canadian investors. Raising the roof on the U.S. debt ceiling Markets breathed a collective sigh of relief this week as U.S. lawmakers avoided a default by approving a bill to raise … Read more

There was a time when retirement planning in Canada was fairly simple: you worked for many years, reached retirement age and counted on a reliable employer pension to provide steady income. Those days have largely disappeared. Over recent decades, fewer Canadians have access to workplace pension plans, and the nature of employer-sponsored retirement income has … Read more

This past fall I noticed the “Alberta is Calling” ads everywhere in Toronto—on subway walls, on social media and on billboards. One poster made me laugh out loud: “What does the Albertan say to the Torontonian? You’re hired.” The campaign expanded to target eastern provinces and other parts of Ontario. Did it work? I can’t … Read more

You’ve finished school and are ready to begin your career — but you also need income quickly. Figuring out how to manage student loans, rent, utilities and other expenses while starting out can be stressful. When evaluating job offers, it helps to look beyond the base salary and weigh the full financial package and other … Read more

I’ve been self-employed for most of my life, handling everything from payroll and filings to the day-to-day work itself. That experience has taught me that strong systems and consistent habits are the difference between thriving and constantly chasing lost papers. If your filing system is a shoebox or a cluttered drawer, you’re likely wasting time … Read more

When you work in the finance and credit industry, money is always on your mind. For Jenelle Dito, senior director of the FICO Score team at Fair Isaac Corporation, that focus includes helping people understand debt and credit. FICO, one of the original credit-scoring companies founded in 1956, supplies scoring information to consumer credit reporting … Read more