Canada’s online banks are innovating and stealing market share faster than most people thought possible a couple of years ago. According to the Canadian Bankers Association, 78% of Canadians now do most of their banking online - and that number just keeps climbing. This shift has proven to be a lot more than a short-term trend or pandemic blip. The move to digital banking appears to be permanent, and it’s not surprising when you think about it. For most people, managing money online is qu...| Million Dollar Journey
RRSP Deadline/Contribution Limit For those of you coming here through Google search looking for the RRSP deadline for tax year 2018, the deadline is: March 1, 2019. Basically 60 days into the new year. There is an abundance of choice out there for RRSP accounts, but here is a review of the best online brokers for RRSPs. If you're not sure if RRSPs are right for you, check out my article on 'How to maximize an RRSP?'. Also note that your RRSP contribution limit should be on last years Not...| Million Dollar Journey
What is Wealthsimple? Wealthsimple was founded back in 2014 by Michael Katchen, Brett Huneycutt and Rudy Adler. I gotta say that I really liked the company more in its first few years than in its current iteration. For the first five years of its existence, Wealthsimple was solely focused on the product that is now known as Wealthsimple Managed Investing. Some people called this a “robo advisor,” others called it a “automated wealth manager” – whatever you wanted to call it, Wealths...| Million Dollar Journey
Long-term investing is one of the most powerful ways to grow your wealth. As the name implies, long-term investing means that an investor buys an asset with the intent to hold it for some time. The time frame can be years or even decades. Over time, long-term investing has the potential to produce excellent returns due to the magic of compound interest. While this strategy might not appeal to everyone, especially those with a high risk tolerance, it has historically proven to be an effectiv...| 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
Given the realities of skyrocketing interest rates it’s no wonder that interest in Canada’s Best Cash ETFs, high interest savings account (HISA ETFs), and money market ETFs has significantly increased as well. While Cash ETFs aren’t exactly the same thing as money market ETFs, the two are very similar. The terms high interest savings account ETF and Cash ETF on the other hand, mean exactly the same thing. While cash ETFs are a solid investment (more on that below), you really need to c...| Million Dollar Journey
Canada’s best robo advisors are an excellent investing solution for the many folks who are intimidated by the thought of buying and selling shares on their own - but who don’t want to pay the outrageous mutual fund fees that come with the traditional investments recommended by banks and credit unions. There is incredible value in automatically taking a piece of your paycheque every month and automatically turning it into a diversified investment portfolio. Way too many of us hesitate to g...| Million Dollar Journey
When I first started writing about Canadian personal finance twenty years ago, my list of the best ETFs in Canada could fit on a napkin. There were no Canadian all-in-one ETFs, no catchy tickers, and definitely no slick marketing campaigns. ETFs were basically niche tools used by hardcore index investors and a handful of spreadsheet-loving DIY types. Fast-forward to today, and the landscape has completely changed. While I still hold a solid chunk of Canadian dividend stocks in my portfolio, l...| 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
Current Qtrade New Customer Promotion Qtrade currently has the best cash-back offer on the market in an effort to get you to try their platform. In brief - they want to pay you $150 to open an account with them. Details: Amount in New Qtrade AccountCash Back$1,000-$9,999$50$10,000-$24,999$100$25,000+$150 In order to get your cash back, the minimum you have to invest is $1,000. The good news though is that your amount of “new net assets” can be spread out amongst multiple accounts. In o...| Million Dollar Journey
As we look ahead to summer and the second half of 2025, it’s time for an updated look at the Best Online Brokerages in Canada. With RRSP season in the rearview mirror – and what might be shaping up to be another round of “tariff season” drama ahead – now’s the time to lock in the easy DIY investing wins. I’ve been writing about Canadian online brokers for nearly 20 years, and the changes in the space have been massive. Fees have plunged, platforms are smoother than ever, and com...| Million Dollar Journey