If you don’t already have a high-interest savings account (HISA), now is a good time to consider opening one. HISAs pay significantly more interest than standard savings accounts, and current rates are especially attractive. Higher returns on your deposited cash can help offset some of the impact of inflation, and many banks are offering appealing … Read more

Using a credit card brings convenience, perks and the opportunity to build a strong credit history. But when used carelessly, it can also lead to serious debt and a damaged credit score. Below I explain how credit cards work, what to consider when choosing one, and practical tips for managing a card responsibly. Resource highlight … Read more

For retirees and those approaching retirement, the search for genuinely safe investments can feel increasingly difficult—especially in recent years. Bonds and bond funds, long seen as conservative choices, posted losses in 2022 as central banks raised interest rates. Stocks, after reaching highs following the brief initial COVID bear market, have since pulled back, leaving many … Read more

If your financial goals include increasing contributions to your registered retirement savings plan (RRSP) or your tax-free savings account (TFSA), a reliable strategy is to make steady, year-round deposits into high-interest registered savings accounts. This approach keeps your cash working for you inside tax-advantaged accounts while you decide on longer-term investments. Whether you prefer saving … Read more

Welcome to “A Rich Life,” a new column by Shaun Maslyk, Certified Financial Planner and Certified Financial Behaviour Specialist, exploring how financial psychology can help us understand our real-life money stories. Have you ever stopped to think about your personal money story? Your relationship with money shapes daily choices and long-term outcomes. It affects how … Read more

Ask MoneySense My wife, two kids (a 14-year-old son and a 10-year-old daughter) and I are all Canadian citizens. I am planning to work in the United Arab Emirates (UAE) while my wife and children remain in Canada. We own our home in Canada and have a pre-construction condo expected to close at the end … Read more

I am about three years from retirement (hopefully) and am purchasing units of income ETFs in my TFSA and LIRA with an eye toward using the ETF income to supplement my pension income. I am confused about how the income from the ETFs in the LIRA would be accessed and if the income would count … Read more

Effectively managing your spending is a cornerstone of financial health. It helps you follow a budget, reach financial goals and feel more confident about your money. Below are six compelling reasons to consider adding a prepaid cash back card to your wallet. What is a prepaid card? A prepaid card is loaded in advance with … Read more

Maybe your wallet is already stuffed with credit and bank cards. Still, it can be worth making room for one more: a prepaid cash-back card. These cards give you many of the conveniences and rewards of a traditional payment card while keeping spending limits and minimizing credit risk. They can be particularly useful if you’re … Read more

Three-time author and Certified Financial Planner Shannon Lee Simmons is candid about her financial missteps—and how she recovered from them. After leaving her Bay Street position to launch the advice-only New School of Finance, she ran into more debt than she had planned. Instead of succumbing to guilt, she chose a steady, realistic path to … Read more