In a world obsessed with saving money (which is important), I propose we also focus on how we spend it. Rather than treating saving and spending as opposites, we can use our spending to cultivate real joy and lasting satisfaction. If the “don’t spend” message of frugality frustrates you, consider a different approach: purchases can … Read more

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, summarizes this week’s financial headlines and explains what they mean for Canadian investors. The U.S. Fed pauses rate hikes—for now On Wednesday the U.S. Federal Reserve halted its streak of interest-rate increases after 10 consecutive months of hikes that had tightened … Read more

What should Canadian investors be buying right now? The answer may surprise some: utilities. In a market marked by persistent volatility and a steady stream of negative headlines, many investors are turning to defensive, income-generating sectors. Utilities—companies that provide electricity, natural gas, water and related services—offer predictable cash flows, regulatory protections and steady demand, making … Read more

It’s been an eventful year for personal finance: rising interest rates, volatile markets and shifting government programs all affected Canadians in 2022. With tax season approaching, this MoneySense 2022 Income Tax Guide for Canadians summarizes the key dates, changes and practical steps to help you file accurately and minimize what you owe. Below is a … Read more

Ask MoneySense My question is in regards to a spousal RRSP that I have set up for my wife years ago. When she turns 71, do we have to turn it into something like a RRIF, which I did for my RRSP (I am older than her) and then withdraw from it annually? Or, could … Read more

Ask MoneySense I’m trying to figure out whether I can claim renovation-related expenses — including property taxes, insurance, interest, utilities and rental loss — for an investment property I bought and renovated. I purchased a duplex that was occupied when I bought it but the tenants were removed once the sale completed so I could … Read more

Ask MoneySense My husband and I are struggling with the classic “do we pay down the mortgage or do we make minimum payments and put all of our extra money into investments” question. Our situation is a bit unique in that we are in our early 40s, have no consumer debt, one adult child, we … Read more

Owning a home can be a powerful way to build wealth, but it also carries ongoing costs: mortgage payments, property taxes, insurance, utilities and maintenance all add up. Before you commit, it’s important to understand how a home purchase will affect your finances and what you can realistically afford. Why trust us MoneySense is an … Read more

Ask MoneySense We live in Ontario, and with recent banking issues in the U.S. we’re worried about our savings and investments. Our money is split among three banks, mostly in GICs and high‑interest savings accounts. We know the Canada Deposit Insurance Corporation (CDIC) insures up to $100,000 per bank, but our TFSAs at one bank … Read more

Ask MoneySense I have a house I was renting in the past and now want to move into as my primary residence. Is there a length of time that I need to live in it to ensure capital gains will not apply on my death, or will capital gains apply based on the years it … Read more