An RESP, or Registered Education Savings Plan, is a registered tax-deferred investment account designed to help pay for a child’s education. In other words, RESPs are the best possible way to pay for your child’s eventual college and/or university bills! RESPs are eligible for government grants (re: Free Money) of up to $7,200. In this post, we’ll fill you in on all the basics of RESPs, from how (and where) to set up an RESP, and how to maximize your RESP contributions. What is an RES...| Million Dollar Journey
With the government having launched the First Home Savings Account (FHSA) in 2023, more first-time home buyers should really be looking to take advantage of the tax-free benefits of the FHSA in 2024. The idea is obviously to make it easier for Canadians to buy their first home. In addition to the more straightforward benefits, there are a couple of unique ways that you can use your FHSA account. It’s also important to get the details right (especially when combining your FHSA with a partner...| Million Dollar Journey
When I initially wrote this article about building RRSP wealth in your 30s, 40s, and 50s, my goal was to create an easy visual that illustrates just how much you would have to begin saving today if you wanted to be a millionaire “tomorrow” (when you retired). Five years later, the data stands up pretty well. I’m happy to say that my personal RRSP is well on the way to million-dollar status! Now, the more relevant question might be, do you actually need a million dollar RRSP to retire? W...| Million Dollar Journey
There is a TON of investment advice out there. Some should only be taken into consideration after a thorough investigation and planning. Some - like contributing to a TFSA - is just sound advice that should be acted on quickly. The reason? Two words: tax free. That is not something you hear often, and that’s why we want to help you start contributing to your TFSA as quickly as possible to achieve maximum money saving and investment earning results. If you turned 18 on or before 2009...| Million Dollar Journey
EQ Notice is a new product not offered by any other Canadian bank - a hybrid between a HISA and a GIC. We review it and let you know if it's safe & good to use.| Million Dollar Journey
The best Canadian high interest savings accounts for 2024 combine a mix of high interest rates, with no-fee banking, and elite user-friendly platforms. One thing to note right off the top: If your savings goal is more than 6 months in the future, you should likely be checking out our Best GIC Rates in Canada Comparison instead of using a high interest savings account. That said, our top HISAs are an excellent short term investment option when it comes to saving for a trip, storing an emergenc...| Million Dollar Journey
With more and more options available, choosing the best chequing account in Canada isn’t as easy as you might assume. When was the last time you wrote a cheque anyways? You’re probably not pulling out a cheque book at the grocery store or using it to settle monthly bills. I’d reckon you’re paying most bills these days via e-transfer, with a credit card, or with a mobile banking app. While we no longer spend hours each month writing cheques or balancing our checkbooks, the need for...| Million Dollar Journey
Is now the time to lock in Canada’s Best GIC Rates? With the Bank of Canada suggesting a potential rate cuts in 2025, and with Trump’s tariffs knocking on the door, the best GIC rates in Canada may be hovering at their peak -which could mean now’s a great time to snag something above 3.3%. A Guaranteed Investment Certificate (GIC) is essentially the Canadian counterpart to an American CD (Certificate of Deposit), offering a stable way to grow your money. GICs shine when you’re aiming ...| Million Dollar Journey
EQ Bank Account Options and Interest Rates Account TypeInterest RateBest ForDaily High Interest Account1.25%* (Plus 2.75% if you direct deposit your pay)People who want the highest consistent interest rate in Canada + free e-transfers + super cheap international money conversion + FREE BANKING + USD Accounts for Canadians EQ GICs2.60% - 3.60%Folks looking to get a high ultra-safe return EQ TFSA Account3.60%The highest guaranteed rate of return in a TFSA in Canada.EQ RRSP Account3.60%The hig...| Million Dollar Journey