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What is the CPP enhancement?
Now, the second CPP enhancement is introducing an additional “earnings ceiling,” which will affect some middle- and high-income earners. Does that include you? Learn everything you need to know about the CPP enhancement and the 2024 changes in this explainer.
Why are CPP contributions increasing?
The CPP is one of three primary government programs, along with Old Age Security (OAS) and the Guaranteed Income Supplement (GIS), designed to provide Canadians with income to last them throughout re...
How much credit card debt does the average Canadian have?
The average credit card balance for Canadians in the third quarter of 2023 was $4,265, according to TransUnion. Credit card debt is growing for Canadians too. That is number up from the second quarter ($4,185) and $3,909 in the first quarter the same year. And it’s almost double the average Canadian credit card debt from the third quarter of 2022 ($2,447). (If you get a work bonus, find out if you should use it to pay off credit card debt or put ...
What does the new Canadian Mortgage Charter mean for home owners?
In its 2023 Fall Economic Statement, the federal government announced the Canadian Mortgage Charter. It’s a new initiative intended to address the housing affordability issues caused by rising interest rates, low housing supply and more. The charter, which sets out expectations for lenders, is the latest step in a series of affordability measures put forward by the government in recent months, many of which focus on banking and borrowing.
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How do interest rates rela...
How to file your taxes online in Canada
Canadians have lots of options when it comes to filing our income tax returns. We can hire an accountant or the services of a tax return preparation company. We can also take it upon ourselves to input our details into a tax software. And, yes, you can even do it all on pen and paper and mail the T1 General form to the Canada Revenue Agency (CRA). But let’s look at the online options available for Canadians, including the popular H&R Block, Wealthsimple Tax, Intuit TurboTax, UFile and GenuTax.
Alberta Pension Plan: Why Alberta wants to leave the CPP—and what would replace it
In late September, Alberta Premier Danielle Smith opened a public online consultation on a proposal to withdraw the province from the Canada Pension Plan (CPP). Her announcement was tied to the release of a third-party report that claims, among other things, that Alberta is entitled to 53%, or $334 billion, of the plan’s total assets. Smith contends that Albertans could receive more and pay less with a provincial pension fund.
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Can Alberta leave the CPP?
Yes. Accord...
Multigenerational Home Renovation Tax Credit: What is it and do you qualify?
Multigenerational households—those composed of three or more generations under one roof—are Canada’s fastest-growing type of household. From 2001 to 2021, they increased by 50%, according to numbers from the 2021 census. Factors contributing to this remarkable spike include bloated housing costs, a tight real estate market, rising interest rates and an aging population. For Canadians with aging parents or other relatives who require care, establishing a multigenerational home can make a lot o...
Critical illness insurance: Is it worth it?
Critical illness insurance issues a single lump-sum benefit should you be diagnosed with a critical illness that falls under the policy’s coverage, such as cancer, multiple sclerosis or paralysis. Unlike disability insurance, critical illness coverage is not designed to be ongoing, but to handle immediate expenses. That said, you’re entirely free to use this money however you wish, from paying for in-home care to taking a once-in-a-lifetime trip. If you’re curious about critical illness insur...
Fewer banking fees, help for mortgage holders—here’s what new rules could mean for Canadians
On October 17, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced new affordability measures related to mortgages and banking, prepared in consultation with the Financial Consumer Agency of Canada (FCAC), a consumer watchdog organization that focuses on financial services. The package is the latest in a series of changes introduced by the federal government over the last two years, designed to assist Canadians struggling with inflation and the high cost of living.
What ...
SimplyCash Preferred card from American Express review
If you’re looking for a card that will help you earn cash back on purchases, look no further than the SimplyCash Preferred Card from American Express. With a return of 4% cash back on gas and grocery purchases—and a flat 2% back on all other purchases—it is one of the best credit cards in Canada. The SimplyCash Preferred Card comes with solid insurance coverage, access to Amex benefits and free supplementary cards. Let’s dig into the details about what makes this a strong card.
Applying for a credit card: What you need to know
There are many great reasons to carry a credit card. Beyond the convenience and purchase protection included with many credit card purchases, they’re also important financial tools for establishing your credit history and borrowing money—both of which you’ll need if you want to make a major purchase, get a loan or take out a mortgage.
“The longer you have a credit account open and in use, the better it is for your score. Your credit score may be lower if you have c...
The best high-interest savings accounts in Canada for 2024
Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest rate is a no-brainer. This type of account is referred to as a high-interest savings account (HISA). We break down what you should know about HISAs and give you our picks for the most competitive interest rates in Canada.
The best TFSAs in Canada for 2024
Tax-free savings accounts (TFSAs) are more than a simple tax-sheltered savings account. TFSAs allow Canadians to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds within a structure backed by the government. Any interest made during your investment is yours to keep, tax-free.
The best low-interest credit cards in Canada for 2024
Credit card interest rates aren’t all the same. If you carry a balance on your credit card, or if you expect to take on debt that will take some time to pay off, you might want to consider applying for a low-interest credit card. The savings could be substantial: while most regular credit cards charge around 20% in interest, the cards listed below offer rates that can be half that, or less. Some low-interest cards even come with attractive balance transfer promotions that will allow you to pay down debt at a greatly reduced rate for a limited time. To find out which have the best rates, perks
The best instant approval credit cards in Canada for 2024
If you’re applying for a credit card, chances are you want it as soon as possible. Typically, though, credit card applicants must wait several days to see if they’ve been approved, and then wait some more for the card to arrive via snail mail. The good news is many credit cards now offer instant approval. You simply fill out an online application and the credit card provider runs automated checks—you’ll know within minutes if your application has been approved or rejected.
The best travel credit cards in Canada for 2024
There are numerous travel credit cards in Canada to choose from, but you can get the best value by selecting one that pairs a strong earn rate for rewards along with perks like lounge access, travel credits or rebates, superior insurance coverage and the flexibility to transfer points between cards. Ultimately, choose your card based how you like to travel, your spending and credit card habits and travel perks that fit your lifestyle. To help you pick the perfect card, we’ve come up with a li...