Are you saving for your first home? The Home Buyers’ Plan (HBP) can help. This federal program allows eligible first-time buyers to withdraw funds from a registered retirement savings plan (RRSP) to purchase or build a qualifying home. Earlier in 2024 the HBP was updated. Below is an overview of the changes and how the … Read more
You work hard, follow a budget and set money aside — but what should you do with those savings next? Many common options available to Canadians feel underwhelming: low interest, long lock-in periods, high fees, or some combination of the three. To help narrow things down, try this quick two-question quiz: Are you saving for … Read more
Buying a home in Canada has been challenging in recent years, but recent changes to mortgage rules, easing interest rates and more rate cuts expected ahead have lifted optimism among many prospective buyers. The process still begins with a down payment, and the larger it is, the better your mortgage options will be. If you … Read more
U.S. stock market valuations sit among the highest globally, trading at about 23.79 times forward earnings, according to FinViz. That means investors are currently paying roughly $23.79 for every dollar of projected earnings—well above long-term averages. By contrast, Chinese equities look far cheaper on a price-to-earnings basis, with a forward P/E of about 10.85 and … Read more
Ask MoneySense I own a corporation (100%), and it has some money in it. I also own my house, which is fully paid up. Can I, with my corporation’s money, buy my own house—essentially to take out money tax free—to then rent the house to myself at a fair market value? —Parmod Transfer a principal … Read more
It was a busy 2024 for Canadian business: the Bank of Canada started cutting interest rates as inflation moderated, and labour unions pushed to recover lost wages. Some of those trends are likely to continue into 2025, but the new year will also bring fresh uncertainties and risks for companies, investors and households. Below are … Read more
The striking members of the Canadian Union of Postal Workers (CUPW) will return to work on Tuesday, Dec. 17, after the Canada Industrial Relations Board ruled that talks had reached an impasse. The nationwide Canada Post strike began on Nov. 15, disrupting mail and parcel delivery across the country during the busy holiday season. Canada … Read more
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, summarizes recent financial headlines and provides context for Canadian investors. Enjoy the jumbo rate cut — it’s likely the last one The Bank of Canada (BoC) reduced its key policy rate by 50 basis points on Wednesday, bringing it to … Read more
Owning rental properties can be a rewarding and profitable venture. It can generate steady passive income, help you build long-term wealth, and provide tax advantages—but it also carries responsibilities and risks. Landlords must manage maintenance, vet tenants, and protect themselves financially against accidents, property damage, and legal claims. Even well-maintained properties can encounter issues. A … Read more
The Bank of Canada (BoC) delivered its final interest-rate decision for 2024 on December 11, cutting the policy interest rate by 50 basis points from 3.75% to 3.25%. This trend-setting overnight rate influences lenders’ prime rates and, in turn, variable borrowing costs. The reduction brings the benchmark down by a cumulative 175 basis points from … Read more