Ask MoneySense My husband and I are considering buying a second home by tapping the equity in our current property. We own our primary residence outright—no mortgage—and its value is roughly $1.2–$1.5 million. Our plan is to support our adult children as they move out while keeping both properties as part of our estate for … Read more

You’ve likely used an Interac e-Transfer to repay a friend for dinner, split rent with a roommate, send birthday money to a family member or move funds between accounts at different banks. For customers of major banks and many credit unions, e-Transfer is fast and convenient. But if you bank with a neobank or a … Read more

When I bought my house and car, buying home and auto insurance felt automatic — not optional. In Canada, car insurance is mandatory, and most homeowners carry insurance to protect a major asset. Many Canadians also carry life insurance: roughly 22 million people in Canada have some form of life coverage to support loved ones … Read more

RRSP contribution deadline highlights The RRSP contribution deadline for the 2023 tax year is midnight ET (11:59 p.m.) on February 29, 2024. Contributions made before that deadline are reported on your 2023 tax return, but you can elect to carry the deduction forward and claim it in 2024 or a later year. Each year Canadians … Read more

Ask MoneySense My parents have RESP savings, and I have a few part-time jobs and some support from other family members. But it’s not enough. I am wondering about OSAP, as I have a tight budget. My parents always warned me that taking on debt was “bad,” though, because they had student loans and it … Read more

As a young adult, you may finally have the independence to live on your own, but for most people that means renting. More than 80% of Canadians aged 25 to 29 are renters, and younger urban residents make up the largest share of tenants, according to a study by RBC. Renting is a common first … Read more

Ask MoneySense I have a brain injury and I’m collecting CPP disability of $15,000 a year, along with a workplace disability income of $16,000 a year. I am 61 years old, married, and I can’t figure out if I should retire now and start my pension or wait until I turn 65. My pension projections … Read more

Flooding is becoming more common across Canada. Public Health Canada reports that most regions will see not only higher average rainfall but also more intense extreme rainfall in the years ahead, increasing the frequency and severity of flood events. Climate change is expected to bring more extreme storms, faster snowmelt and rising sea levels, all … Read more

Like many retired or semi-retired investors—even those with a traditional 60/40 allocation—I found 2022 especially difficult. Despite our family portfolio being well diversified across asset classes and geographies, we suffered significant losses, largely from SPACs and recent electric-vehicle IPOs such as Lordstown Motors, Lucid and Rivian, along with a crypto-related holding in Coinbase. It’s embarrassing … Read more

If you have funds set aside for the first-and-last-month deposit, you can use that money toward rent. But if you don’t and you need to move quickly, what are your options? Traditionally people borrow from friends or family, use a credit card, or tap a line of credit. A newer option is taking a small … Read more