Options are one of the best ways to capitalize on market trends and enhance profitability - if you get your prediction right. While buying options has a limited downside on a per contract basis, it is also one of the “best” ways to lose your money in the market - or as WSJ put it “More Men are Addicted to the Crack Cocaine of the Stock Market”. Options trading is not for the faint of heart, and shouldn’t be used by novice traders. Honestly, the average Canadian investor has no need ...| Million Dollar Journey
NBDB has made changes over the last two years to make their fee structure competitive among other discount brokers, and have now dropped their commission fees altogether for those trading on their online platform. It seems as though they have taken customer feedback to heart and made improvements to make those customers want to stay as well as attract new ones. In 2019 they were ranked dead last, 8 out of 8, by J.D. Power, but merely one year later in 2020, they moved up considerably to 4th o...| Million Dollar Journey
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
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
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
When I first launched Million Dollar Journey in 2006 and started writing about Canadian online brokers, the Qtrade vs. Questrade rivalry was already heating up. Fast forward nearly two decades, and not only has the rivalry intensified, but these two platforms have also solidified their positions as the leaders of Canada’s brokerage scene (leaving the big bank brokerages even further behind). As a DIY investor for the last 20 years, I’ve had firsthand experience with over a dozen brokerage...| Million Dollar Journey
Is Questrade Safe & Secure? One of the most common questions that I have gotten in the comments below is: Is investing my money through a Questrade online brokerage account safe? Is Questrade as safe as RBC, TD, CIBC, ScotiaBank, and BMO?- MDJ reader The answer: Yes! Questrade is fully regulated by two key financial oversight bodies in Canada: the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF). These aren’t just formalities - they’re fu...| 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