Checking flyers, price-matching and buying local are just a few of the tactics Canadians are using to keep food budgets under control. The post As food costs rise, our grocery shopping habits are changing appeared first on MoneySense ..read more

Biden’s step-aside reassures the bond market, Canadian rates drop again, Mag 7 stocks head in opposite directions, and Lowlaw’s mea culpa costs investors. The post Making sense of the markets this week: July 28, 2024 appeared first on MoneySense ..read more

There may be tax implications to renting out your home after moving out of it. There are also some exceptions to capital gains rules. The post Capital gains tax when renting out your former principal residence appeared first on MoneySense ..read more

Being successful starts with waking up early every day, says Hina Khan. The Peak Performance Mindset Coach and former psychotherapist is devoted to showing people how to unlock their potential. A graduate of the Centre for Training in Psychotherapy in Toronto, Khan is among the top 1% of executive coaches recognized within the Proctor Gallagher Institute. She’s helped thousands of clients and seminar attendees reprogram their subconscious minds to achieve and exceed their goals. She lives in Toronto with her husband, two sons and two rescue dogs. Who are your money heroes? My money hero i ..read more

Canadians are experiencing rate cut déjà vu today, as the Bank of Canada (BoC) slashed its trend-setting overnight lending rate by a quarter of a per cent. It’s the second rate cut in as many months from the central bank. It implemented its first on June 5, bringing an end to a prolonged, 11-month rate hold and officially putting Canada on track for lower borrowing costs. What is the Bank of Canada’s interest rate? This latest decrease brings the central bank’s rate—which sets the benchmark for Canada’s prime rate and variable-rate borrowing products—to 4.5%. Combined with last month’s decrea ..read more

You know what they say: Cash is king. Whatever you want—be it travel, merchandise, services or anything else—you know you can get it with cash. That’s why cash back credit cards are so popular. They let you earn back money just by using the credit card for your everyday purchases (with some exclusions). Whether you’re after a premium card loaded with perks or a simple student card, there are so many types out there that you’re sure to find one that meets your needs. If you’ve ever wondered how cash back works, you’ve come to the right place. How earn rates work When you get a cash back card, y ..read more

Before I dive into a review of Die with Zero (Mariner Books, 2021), I recognize that, while dying broke may not seem to be a worthy goal for most readers of my column, there are nonetheless a handful of financial books that advocate just that philosophy. The classic book of this genre bears the exact title: Die Broke (Harper Business, 1998), by Stephen Pollan and Mark Levine, which I read shortly after it was first published. As you can see from the cover in the above link, Pollan is billed as “America’s most trusted financial advisor,” so surely there must be something to this.  Die Brok ..read more

The Bank of Canada cut its key interest rate for a second consecutive time on Wednesday, but warned the path back to 2% inflation may be uneven and would ultimately determine the pace of future rate cuts. What is the Bank of Canada’s key interest rate? The central bank says its decision to lower its policy rate by a quarter percentage point was motivated by easing price pressures and weakening economic conditions. Its key interest rate now stands at 4.5%. You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote* I'm buyin ..read more

Costco has become a staple shopping destination for people who want deep discounts on bulk buys. The catch? Costco requires a membership for you to shop there: it’s $60 for a Gold Membership and $120 for an Executive Membership. Once you have one, you can reap the benefits of the low prices the store offers on everything from groceries, homewares, furniture, electronics and prescriptions to vacations, gas, tires and more. So, is the new CIBC Costco Mastercard the best one to use in store and online? Read on to learn the details of the CIBC Costco Mastercard and of seven attractive alternatives ..read more

Ask MoneySense I am retired from my company, where I am the sole owner. Thirty years ago, the company bought a whole life insurance policy with the expectation of an annual tax-free dividend. However, it appears to be very difficult to now obtain such supplementary income because most financial institutions will not offer loans against a life insurance policy. When I ask the agent about this, he is not helpful and discourages any talk about cashing out the policy. I have not spoken to him in years, but he is probably the primary person currently benefiting from this life insurance policy ..read more