Ask MoneySense I have named my three adult children as the beneficiaries of my RRIF account. Will this account be rolled over to them on a tax-free basis?–Bob Can you name a beneficiary on a RRIF? Thanks for your question, Bob. A registered retirement income fund (RRIF) is one of Canada’s registered retirement accounts, alongside … Read more

Becoming a homeowner is a major milestone many young adults hope to reach, yet it can feel out of reach. A recent study found that 43% of Canadians plan to buy a home within five years, but nearly one quarter of those hopeful buyers have not started saving for a down payment. That includes many … Read more

From the moment you drive a new car off the lot, it starts losing value. Car depreciation — the gap between what you paid and what you can resell it for — is an inevitable part of vehicle ownership. While you can’t eliminate depreciation, you can reduce its impact by choosing the right vehicle and … Read more

Ask MoneySense I’m a Canadian citizen who moved from Europe two years ago. I have savings in euros and I’m thinking of investing roughly €50,000 in VWCE. I expect this could complicate my Canadian tax filing. Are the added complications worth it? What would you recommend? —Sam* Investing in foreign ETFs as a Canadian If … Read more

In April 2022, in response to Canada’s overheated housing market, the federal government announced the first home savings account (FHSA), a new tax-advantaged registered account designed to help first-time buyers save for a home. The FHSA blends features of existing registered accounts to give new buyers a dedicated, tax-efficient vehicle for building a down payment. … Read more

Did you know mutual funds have been part of Canada’s financial landscape since the Great Depression? While exchange-traded funds (ETFs) have become popular in recent years, mutual funds remain a primary choice for many Canadian investors. According to the Investment Funds Institute of Canada (IFIC), at the end of 2022 there were 3,409 mutual funds … Read more

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, summarizes the week’s financial headlines and provides context for Canadian investors. Inflation headlines remain the main focus Global markets are still reacting primarily to expectations about future monetary policy. This week’s notable event was the U.S. Federal Reserve raising rates by … Read more

If you are retired or approaching retirement, there’s a good chance your principal residence is paid off or close to being paid off. At the same time, many retirees have adult children who are struggling to save a down payment and break into the housing market. Even though home prices have softened since interest rates … Read more

Ask MoneySense I am 59, semi-retired and living in Ontario. My current investments are: $302,000 in a non-registered account (primarily Canadian equities), $133,000 in a TFSA (equities), and $287,000 in an RRSP (equities). I also hold three GICs—1-, 2- and 3-year terms—each worth $25,000 and earning about 4.3%. I have $20,000 in a savings account … Read more

First‑Time Home Buyer Incentive — Editor’s Note Editor’s note: The federal government’s First‑Time Home Buyer Incentive was discontinued in March 2024. The deadline for new and updated submissions to the program was March 21, 2024 (midnight ET). If you were saving to buy your first home, you may have been eligible for the federal First‑Time … Read more