Helping Canadians with Personal Finance Since 2006 Learn how to save money, build an investment portfolio, and become financially independent - from a middle-class Canadian who has actually done it! Get Started Index Investing Dividend Investing Banking Robo Advisor Retirement Portfolio Smith Manoeuvre Tax Minimization Reviews Credit Cards All Categories As Featured On Toronto Star Forbes CBC The Globe and Mail Global The Financial Post Most Recent Articles all Articles Best 2025 Broker Promo...| Million Dollar Journey
Not long ago, the Best Joint Bank Account in Canada lists were basically just the Big Five playing musical chairs. RBC, TD, BMO, Scotiabank, CIBC, and maybe Tangerine getting an honourable mention. But let’s be honest: not much separated them, and none of them were offering anything remotely exciting. That all changed when EQ Bank came along and completely changed the game. With automatic high interest rates, $0 account fees, and a refreshingly easy digital experience, EQ Bank has taken wha...| Million Dollar Journey
At any given time, there are numerous bonus offers and bank account promo codes available. But how do you decide which Canadian bank promotions are worth signing up for? To help, we've put together an updated list of the top offers. These promotions include deals from both online banks, as well as traditional brick-and-mortar banks. They cover standalone savings and chequing accounts, as well as “hybrid” accounts, and the offers range from no-fee accounts to premium packages. For a quick ...| Million Dollar Journey
While our EQ Bank Review details why it is our top pick for Canada’s best online bank and high interest savings account, Tangerine is our runner-up in more than one category. The Canadian online banking scene really boils down to a two-horse race between EQ and Tangerine. And seeing as Tangerine is our former top-recommended bank in Canada, we’re clearly fans of both. In this review we’ll give you the full details about Tangerine’s most popular offerings. We’ll also show you how...| Million Dollar Journey
Is a recession coming and what should you do? How to prepare for a Canadian recession.| Million Dollar Journey
Since the inception of this blog, I've received numerous emails from readers asking where to put larger deposits. Most know about CDIC (Canada Deposit Insurance Corporation) and how it protects most accounts up to $100,000, but what about amounts greater than $100,000? What do you do then? What exactly happens to your money if a bank or brokerage goes bankrupt? Since I haven't written about them yet, lets take a look at the two major account insurances in Canada, CDIC and CPIF. Canada D...| Million Dollar Journey
After writing a deep dive article on whether the 4% safe withdrawal rate still works for retirement at various ages, I received a lot of questions basically asking: “Ok, so 4% is a good rule of thumb, but when I actually go to withdraw money from my various investment accounts, to put into my chequing account & high interest savings account in order to pay for day-to-day expenses, what is the best way to avoid taxes?” Upon reading many of these types of questions, I realized that I wasn...| Million Dollar Journey
I’m a huge fan of robo advisors, and BMO’s robo advisor: SmartFolio is no exception to that. If you’re not familiar with robo advisors the basic idea is that you will determine your overall risk tolerance, and that BMO will set you up with an automated portfolio using big broad index funds that spread your investment risk out over thousands of companies and bonds. For example, the average Canadian 45-year old investor might fit pretty well into a portfolio that is 60% equities and 40% b...| Million Dollar Journey
Canadians have fantastic options when it comes to registered accounts. Registered accounts are beneficial for many reasons, the main reason being that they are tax advantaged. Tax advantage accounts are those that allow you to grow your money tax-free or allow you to defer paying taxes until later. However, all registered accounts are not created equal, and before you invest, you want to read our detailed TFSA vs RRSP guide to better understand what these two registered accounts can do for yo...| 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
Oaken Financial is a Canadian digital bank offering very competitive rates. We review and compare it to other options.| Million Dollar Journey
For income-oriented Canadian investors the choice between a Bond (or Bond ETF), a GIC, or a high interest savings account has become more important than ever. With interest rates at historic lows (for a little while longer anyway) choosing the best option for the “safe, low risk investing” part of our portfolio can make a big difference! Read on to find our picks for the best Bond ETF, the best GIC rates in Canada, and our pick for top Canadian high interest savings account. Best Cana...| Million Dollar Journey
I am a cautious investor given that I am in the semi-retirement stage. While I would acknowledge that growth is important for a retiree or near-retiree, I want most of our equity positions to be in the quality or high-quality camp so that I can sleep easy at night. That’s why a portfolio that invests in wide moat stocks such as grocers, railways, and utilities - plus a couple of semi-wide moat stocks - are a great fit (and one that I have a lot of confidence in). This low-risk mix has off...| 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
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
For many DIY investors the Wealthsimple vs Questrade comparison comes down to fees - but there are several other points of comparison that are worth considering given how important choosing your trading platform is. While both Questrade and Wealthsimple are both included amongst my personal rankings of the best Canadian online brokers, there are some major differences between the two platforms. Quick Note: It’s important to understand right from the beginning that Questrade and Wealthsimple...| 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
The concept of a safe withdrawal rate (and the 4% rule) is a key planning tool for Canadians of all ages. After all, if you don’t have a general withdrawal plan, how can you know how much you need to save in the first place? If you have been reading MDJ for years, you already have an idea of how to use a Canadian online broker account to DIY-invest your way to a solid nest egg. Now you’re planning for retirement (whether it’s 20+ years away or next year) and you’re wondering how to ...| 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
What is Scotiabank? Scotiabank, officially known as the Bank of Nova Scotia, is one of Canada’s Big Five banks. Established in Halifax in 1832, it has grown to be considered as Canada’s most international bank, serving over 25 million customers worldwide. It is one of Canada’s oldest and most trusted banks with a full range of banking products. In this Scotiabank review, I’m going to focus on Scotiabank’s Ultimate Package and Preferred Package, which offer the most value to custom...| 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
As a former teacher you might think I’d be the last person who would want to learn more about investing in annuities in Canada. But with Rob Carrick over at the Globe and Mail writing about how right now might be the best time to buy Canadian annuities for several years (maybe a decade-plus), I thought it would be be a good time to update our Ultimate Canadian Annuity Guide. Now, it’s common knowledge that teachers enjoy a solid stream of pension income when they reach retirement. In ...| Million Dollar Journey
If you prefer to do all your banking from the comfort of your home and don’t mind not having access to face-to-face help if required, then a bank that offers high interest savings accounts is a good choice for you. But not all online banks are created equal. Simplii Financial (as it has been known since 2017) has been around for a number of years, but how does it stack up to other online banks like EQ and Tangerine? In this Simplii Financial review, we are sharing our take on this online ...| 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