Ask MoneySense I have maxed out my RRSP deduction limit for the past two years due to my personal contributions and my company’s deferred profit sharing plan (DPSP). This year I stopped my RRSP contributions all together to not overcontribute on my end for the third year, but my company does a 4% match and […]
Life has been challenging for Cheryl (surname withheld for privacy) and her daughter Shannon. As a single parent with a low income, who struggled with a variety of health issues, Cheryl wasn’t able to save sufficiently for retirement. She worked a number of minimum wage jobs before suffering a workplace injury and being diagnosed with […]
Investing is a bit like renovating your home. The cheapest way is to do it yourself, with a Canadian online broker. Of course, the result will depend on your know-how and skills, and it will consume a lot of your time. Conversely, you can outsource the job to a master contractor and not lift a […]
Canada goes to the polls on Monday, April 28. Not surprisingly, economic issues dominate this year’s federal election campaign. Whether it’s responding to U.S. tariffs, reframing climate policy or dealing with unaffordable housing, the major parties and candidates are focused on Canadians’ bread and butter. Here we’ve compiled the key campaign promises to date that […]
If you’re approaching or planning for retirement, you may have questions about Old Age Security (OAS) benefits, like: Do I need to apply for OAS? How much will I receive in OAS? When do OAS payments go out? We cover these questions and more below. But first, here’s a quick overview of how OAS works. […]
Ask MoneySense Do you have any tips for withdrawing from an RRSP? Some background: My spouse and I are debt-free and mortgage-free. We own our home (current value approximately $1 million). We are hesitant to downsize as this home is accessible for me. I have approximately $650,000 in RRSPs and $105,000 in TFSAs. At 65, […]
You don’t have to be a senior to be aware that scams of all sorts abound in both the physical and—increasingly—the cyber world. Sadly, the rise of artificial intelligence (AI) has exacerbated frauds of all kinds. While anyone can fall prey to technology-enabled schemes to separate them from their money, seniors need to pay particular […]
Dilys D’Cruz didn’t grow up around open discussions about money. But now, she found a career in finance as the senior vice president of retail and wealth at Meridian Credit Union. She found that understanding and talking about money enables her to do what she loves, like travelling the world. With over 35 years of […]
What is the best fixed mortgage rate today? The rate table at the top of this page provides up-to-date information on the best five-year fixed mortgage rates available today. As of March 12, 2025, 4.59% was one of the best fixed rates available for a mortgage with a down payment of less than 20%. For […]
Choosing the right mortgage is crucial when purchasing a property. With various options available, understanding the key differences can help you select the best type of mortgage for your financial situation and goals. Here’s a comprehensive guide to common mortgage type and how to determine which suits you best. 1. Fixed-Rate Mortgage “Stability for the […]
