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
Most Canadians never stop to consider when low risk investments are the most appropriate use of savings versus when higher-risk long-term investments are the better route. The truth is that most Canadians choose their investment by “gut feel.” You likely don’t need me to tell you, that’s not an ideal process. When choosing between higher risk and low risk investments, it’s important to consider your personal goals and risk tolerance. Personally, I think that if you need your money i...| Million Dollar Journey
Because I’ve written a lot about the Best Canadian ETFs and the top dividend ETFs, I tend to get a lot of questions and comments asking me about the MER and taxes on ETFs that hold equities from other countries. Obviously when you’re asking those types of in-depth questions you already understand the value of index investing, and instant diversification. Personally, I like to balance my love of Canadian dividend stocks, with non-Canadian ETFs to get super-convenient international exposure...| 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
The best short term investments in Canada continue to reward GIC customers, as well as those interested in the new EQ Notice Account. It’s tough to beat a zero-risk guaranteed 3.65%+ return on your cash! Of course GICs aren’t the only safe, short term investment option in Canada. If you can’t stomach putting your money away for a full year to make use of a GIC, then Canada’s best high interest savings accounts are where you would want to look. So, what makes a short term investment d...| Million Dollar Journey
We review and compare Horizon's Total Return ETFs. Are Swap-Based ETFs a good investment?| 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
Now that second quarter earnings are in, I felt like it was an optimal time to update our 2024 Canadian bank stocks article. Ever since I started this website back in 2008, Canadian bank stocks have been reader favourites. The slow-steady-dependable nature of these companies makes them a natural fit for dividend lovers and Canadian retirees, and that’s why several of the banks occupy prominent spots on our Best Canadian Dividend Stocks List. Interest rates can’t go down fast enough for Ca...| 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