The terms “credit report” and “credit score” are often used interchangeably, but they refer to different things. Both matter when you take out a loan, apply for a mortgage, rent an apartment, or open a credit card. This article explains how credit reports and credit scores work in Canada, why a strong credit history matters, … Read more

Author, public speaker and former financial services professional Mike Drak emphasizes that retiring is only the beginning—and that what follows can be the most challenging and rewarding phase. In this excerpt from his book Longevity Lifestyle by Design, Drak argues that a successful transition requires a retirement vision that goes beyond spreadsheets and savings targets, … Read more

You don’t need to be a points expert to see how much value a well-timed credit card promotion can deliver. The National Bank World Elite Mastercard limited-time offer can add up to 100,000 rewards points in your first year—points you can redeem for gift cards, travel, merchandise or investment options in the National Bank online … Read more

I am a Canadian teacher considering withdrawing my pension early. I understand that a significant portion—often 50% or more—can be lost when taking a lump sum. I’m 43 and have about 15 years of teaching service across Alberta, Nova Scotia and Nunavut, with most of my career in Nunavut. I have several questions before I … Read more

For Canadian investors, one of the big surprises of 2022 has been how poorly many balanced mutual funds, exchange-traded funds (ETFs) and portfolios have performed. Investors following the traditional pension-style allocation—roughly 60% stocks and 40% bonds—have found themselves facing losses in both components at the same time. In ordinary market environments, bonds usually offer modest … Read more

Consumers and financial professionals often overemphasize the investment component of financial planning. A comprehensive financial plan should begin with clear goals, measurable targets and forward-looking checkpoints to ensure accountability and track progress. Goals should be specific and actionable. Vague aims like “buy investments that go up” or “make a lot of money” are not useful … Read more

Moving out on your own, financing a car or landing your dream job often depends on having a solid credit score. A credit score reflects how trustworthy you appear to lenders and typically ranges from 300 to 900. Lenders, insurers, landlords and sometimes employers use that number to assess your financial reliability. A strong credit … Read more

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, highlights the week’s key financial headlines and explains what they mean for Canadian investors. Bank profits benefit from higher interest rates U.S. corporate earnings season is underway and the major banks were among the first to report results. While not every … Read more

My financial advisor asked me for more money than the allowable contribution room of my TFSA, causing a CRA penalty. I did tell him that I could only contribute the $6,000, but he asked me for $28,500. I paid a fine of $2,000 to CRA. What happens now? Do I ask him to repay the … Read more

I manage my own investments and recently discovered they are still receiving the 1% that I thought I had stopped paying my financial advisor. I follow a buy-and-hold strategy with mutual funds and had been trying to avoid the 1% annual fee the advisor was charging for providing periodic reports. I learned that because of … Read more