What is portfolio rebalancing, and should you do it? If so, then how and when? We cover everything you need to know.| Million Dollar Journey
When I first wrote about the Smith Manoeuvre (18 years ago!) - a method to transform your mortgage into a tax-deductible loan - I never imagined it would become one of our most popular topics, racking up hundreds of comments. Even though I kicked off my own Smith Manoeuvre at practically the worst time in the last half-century (back in 2007), it still turned out pretty well for me. As we move into 2025, it’s becoming clear that high mortgages might be coming down a bit, the days of ultra-lo...| Million Dollar Journey
Are you curious about how investing taxes are calculated on capital gains, dividends, and interest in Canada? I’m not a tax expert, but with tax loss harvesting season coming out, I figured it might be a good time to review some of the basics between how Canadian investment returns are taxed in your RRSP, TFSA, and non-registered accounts. Investing Taxes in an RRSP Let’s start with RRSPs. As you probably know, RRSP contributions and investment growth are taxable only upon withdrawal. A...| Million Dollar Journey
What is RBC InvestEase? Some people prefer to stick with the familiar and trusted, especially when it comes to choosing a robo advisor - and if this sounds like you, RBC InvestEase could be a good fit. Offered by one of Canada’s most well-known banks, RBC InvestEase offers clients the ability to dip their toes in passive investing while sticking with a tried and true financial name. In this RBC InvestEase review, we’re taking a look at how it compares to the best robo advisors in Canada s...| 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
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
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 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 Desjardins Online Broker? When it comes to Canadian online brokers, Desjardins Online Brokerage isn’t typically one of the first names that comes to mind. That being said, in the spirit of providing a full selection of broker reviews, our MDJ editorial team looked under the hood of one of Canada’s original discount brokerages. Desjardins is best-known among those living in Quebec and Ontario; however, it’s also active in western Canada as well. It often goes by the name “Disna...| Million Dollar Journey
Is BMO Investorline Safe and Trusted? In a word, YES. As one of Canada’s oldest and most trusted companies (founded in 1817) the Bank of Montreal is as safe, trusted, and legit as you can get. InvestorLine has been around longer than the internet - BMO introduced self-directed trading way back in 1988 before moving online in 2000. That’s an impressive history! BMO InvestorLine is IIROC regulated and CIPF insured. They use 128-bit encryption and multi-factor user authentication to keep y...| Million Dollar Journey