Ask MoneySense I contacted Service Canada and the Canada Revenue Agency for clarification and received different answers depending on the person I spoke with. I immigrated to Canada in 2001 and was born in 1956, so I am over 65 but have not started receiving OAS. If I had applied for OAS at 65 in … Read more

The cost of living in Canada is high and has been rising for several years. Canadians face above-average prices for many goods and services—from groceries and cell phone plans to flights—while inflation since the COVID-19 pandemic has kept pressure on household budgets. Understanding why certain costs are high can help you make better financial decisions … Read more

Allan Small, Senior Investment Advisor at the Allan Small Financial Group with iA Private Wealth, reviews the week’s financial headlines and explains what they mean for Canadian investors. Third-quarter tech earnings are in Earnings season is under way, and major technology companies have released their third-quarter results, following a strong showing from the big U.S. … Read more

On October 17, Deputy Prime Minister and Minister of Finance Chrystia Freeland unveiled a package of new affordability measures focused on mortgages and banking. Developed in consultation with the Financial Consumer Agency of Canada (FCAC), these proposals are part of a broader set of federal actions over the past two years aimed at easing the … Read more

With November approaching and Canada observing Financial Literacy Month, this edition of Retired Money highlights a new Canadian DIY retirement course created by MoneySense columnist Kyle Prevost, who writes the “Making Sense of the Markets” column. Called 4 Steps to a Worry-Free Retirement, the multimedia course targets the same readers as this column: people planning … Read more

If you’ve ever had an eye exam, a dental cleaning or a prescription filled, you were likely asked whether you have health insurance. Without coverage beyond provincial or territorial public plans, you’ll pay out of pocket for any uninsured services. For many students and recent graduates, understanding how health insurance works is essential for avoiding … Read more

Ask MoneySense I brought my 2019 Toyota C-HR, which had slightly more than 110,000 kilometres on the odometer, to an authorized Toyota dealer for a tire swap and alignment. When I dropped the car off I mentioned a faint whining noise I thought might be coming from the drivetrain. After the service, the dealer informed … Read more

Canadians are not short on advice about how to achieve financial freedom. A quick online search for “how to become financially free” returns a mix of helpful guidance, half-truths and outright misleading ideas. Some sources are practical and evidence-based, while others are personal anecdotes that worked for one person but won’t necessarily work for everyone. … Read more

Weddings are costly, and so are many of the milestones that follow—buying a home, starting a family and saving for retirement. Money is therefore a major relationship topic well before most couples say “I do.” With mortgage rates higher than they have been in years, decisions about spending on a wedding versus saving for a … Read more

Ask MoneySense I currently own a mortgaged home in Edmonton and I’m planning to buy a property in Vernon, B.C., where I intend to retire. In the meantime, I’m considering renting out the Vernon property to help cover the mortgage. Is it possible to move my current mortgage into my RRSP and withdraw cash that … Read more