At some point most registered retirement savings plans (RRSPs) are converted into registered retirement income funds (RRIFs). You must convert your RRSP by December 31 of the year you turn 71. At that time you can withdraw the full RRSP balance and pay tax on it, purchase an annuity from an insurance company, or convert … Read more

Here’s a round-up of news for Canadian investors this week. Groupe Dynamite Empire Co. Featured RRSP Accounts featuredEQ BankBuild your retirement savings with 1.50% interest, tax-deferred contributions and zero fees.go to site featuredRegistered GIC rateEarn a guaranteed 2.75% in your RRSP when you lock in for 1 year.go to site Best RRSP ratesSee our ranking … Read more

The federal government has pledged to introduce legislation to establish open banking “at the earliest opportunity,” even as some industry advocates warn that momentum on the file has slowed. Known in Ottawa as consumer‑driven banking, open banking would let Canadians and businesses securely share financial data with authorized third parties beyond their banks. The approach … Read more

Financial media has long devoted extensive coverage to retirement, so it was only a matter of time before a focused community emerged for Canadians approaching or already in retirement. A few months ago, the Retirement Club for Canadians launched, founded by occasional MoneySense contributor Dale Roberts and partner Brent Schmidt of Strategic Fuel. Roberts — … Read more

During the pandemic, Canada’s market for recreational properties surged. Median cottage prices rose by double digits in many areas as buyers rushed to escape urban life. Bidding wars became common and some purchases closed quickly, sometimes without inspections. A few years later, demand has cooled significantly and many owners who bought during the pandemic are … Read more

Three years have passed since interest rates began rising in 2022. Although the Bank of Canada has started to lower its policy rate, many homeowners with five-year fixed mortgages are seeing much higher interest rates and larger payments when their loans come up for renewal. Even borrowers in variable-rate mortgages may face requests from their … Read more

A recent BMO survey found that 74% of respondents were worried about a recession in 2025, up from 60% a month earlier. Knowing how a recession could affect your finances can reduce stress and help you make better decisions about saving, investing and spending. What is a recession? The standard definition of a recession is … Read more

Each spring I hear from many retirees surprised to find they owe income tax, have been asked by the Canada Revenue Agency (CRA) to make quarterly instalments, or have had some or all of their Old Age Security (OAS) pension clawed back. You are not alone—this is a common situation for Canadian seniors. Here’s why … Read more

A lakefront cottage with cozy rooms, a sandy beach and a dock overlooking evening sunsets had long been Corrine Evanoff’s dream. “For years I searched for a cottage that would fit our life,” she said. Corrine and her husband, however, did not want the constant upkeep that comes with cottage ownership—spending vacation days repairing decks, … Read more

Raising children is costly. Statistics Canada estimates that the average two-parent household spends about $17,235 per child each year. To help families cover these costs, the federal government provides the Canada Child Benefit (CCB). Parents or guardians with children under 18 who file a tax return are generally enrolled automatically. These tax-free monthly payments are … Read more