Financial influencer Joyee Yang learned about money the hard way. Kicked out of her parents’ house at 19, she quickly realized she not only had to make money, but she had to make money work for her. Over the next four years, she worked two or even three jobs at a time and was careful about saving every penny. Yang also started investing. She loved the way her money could grow even as she slept. At 23, she bought a condominium that she now rents out for income. When friends and co-workers wondered how she could accomplish all these goals at such a young age, and pay off her debts in the process ..read more

Metro, Inc. just announced its intention to withdraw from the Air Miles Rewards program and launch Moi Rewards in all Metro stores in Ontario later this year. For Air Miles collectors and Metro shoppers alike, the announcement raises some important questions, and we’ve got some answers. Here’s what you can expect at these grocers between now and the changes coming later in 2024. What, exactly, is changing? Metro, Inc. has been an Air Miles Rewards Program partner since 1998, allowing shoppers to collect Air Miles and redeem them for money off their grocery bill.  With the end of the partn ..read more

If you’re itching to travel again, BMO has a card designed to help you get there. With an attractive insurance package and perks like airport lounge access, the BMO Ascend World Elite Mastercard seeks to tempt users into the BMO Rewards program. But here’s the big question: Is the card good enough to justify the $150 annual fee? We delve into what the card offers and show you exactly how it stacks up against other travel reward cards. featured BMO Ascend World Elite Mastercard Get a $50 Cash Bonus upon approval on ratehub.ca get offer Annual fee: $150 Earn rates: 5 points per $1 spent ..read more

The minimum age at which you can convert a registered retirement savings plan (RRSP) to a registered retirement income fund (RRIF) varies by province: it’s 50 in some, and 55 in others. But starting the year after conversion, you must begin to make minimum withdrawals from your RRIF. The table below includes the minimum withdrawal rates for all RRIFs set up after 1992. It shows the percentage of the account balance (at the previous year-end) that must be paid out in the current year. How to use the table: Slide the columns right or left using your fingers or mouse to see even more data, includ ..read more

With the tax season in full swing (individuals had to file April 30 and self-employed have until June 15), you might be wondering about the processing time for tax refunds in Canada—and how to best spend yours. While the idea of a vacation or new wardrobe might be tempting, there are many savvy ways to use your tax refund that can significantly benefit you financially in the long run.  Let’s examine the Canadian tax refund. With the help of a Certified Financial Planner (CFP), we’ll also explore how to secure your refund, the typical timeframe for receiving it and some smart strategies fo ..read more

Ask MoneySense I was having dinner with a friend and talking about inheritance tax regarding her parents’ house when they pass away. If they transferred ownership while the parents were still living, what would the impact of the inheritance tax be? –Mary Understanding inheritance tax in Canada Thanks for your question, Mary. Many Canadians may not realize that Canada does not have an “inheritance tax.” That’s right, Mary, when a loved one passes away and leaves assets or money behind, the beneficiaries actually receive their inheritance tax-free. So how does this work? The estate itsel ..read more

So, you’re in your 30s and pretty happy about what you’ve achieved in life so far, whether that’s a promotion at work or owning your first home. But at this stage of life, you might also feel financially pinched. Maybe you’ve got a kid or two and are staring down serious daycare fees—on top of the ever-increasing cost of living, a daunting mortgage rate and student loan payments. Or maybe you’re stuck in a rut at work—but a career change could set back your savings and retirement plan contributions. All the while, you’ve got a serious case of FOMO every time you check social media—all those fr ..read more

That ominous text telling you your Netflix account will be suspended unless you pay your bill. The constant texts from what appears to be Canada Post telling you it’s unable to deliver a package due to a wrong address. Just click a link and you’ll get all your things! Sometimes the fraud is sneakier—although who can be blamed for wanting to pay a bill? For Daria, she and six friends paid Bailey, a “travel hacker” for a trip to Thailand in January 2024. A had a Clubhouse group (remember the conversation app?) and Daria and the other members had got great tips from A and other co-mods in th ..read more

Canadian cannabis stocks soared Tuesday afternoon after The Associated Press reported the U.S. Drug Enforcement Agency will move to reclassify marijuana as a less dangerous drug. Canopy Growth Corp. surged 49% after the announcement, while Aurora Cannabis Inc. and Tilray Brands Inc. soared 32% and 39%, respectively. The Associated Press, citing five sources familiar with the matter, reported the DEA’s proposal would recognize the medical uses of cannabis and acknowledge it has less potential for abuse than other, more dangerous drugs. However, it would not legalize marijuana for recreational u ..read more

Some Indigenous communities in northern Alberta hope the Trans Mountain pipeline expansion will mark the start of a new chapter in their relationship with Canada’s oilsands industry. The $34-billion pipeline project from Alberta to the B.C. coast promises improved access to export markets for oilsands producers, which are forecast to achieve all-time-high output this year. The pipeline’s expected opening on May 1 is a big deal for the Fort McKay First Nation, located about an hour’s drive north of Fort McMurray and home to around 800 people of Dene, Cree and Métis descent. “It matters to the F ..read more