Wealthsimple, established in 2014 as a robo-advisor in Toronto, has evolved into a comprehensive financial service offering accessible wealth management tools for individuals with varying degrees of investing experience. This Wealthsimple review delves into the platform’s diverse array of financial products designed to foster financial prosperity among Canadians. Get $25 when you fund a Wealthsimple account. Use my referral code: 9RAM1Q Wealthsimple Invest Wealthsimple Invest serves as a robo-advisor and automated investing platform, leveraging computer-driven algorithms to make trading decisi ..read more

Achieving a stellar credit score is crucial for securing lower interest rates and effortless approval on credit cards and loans. If your credit score has faced setbacks, there are straightforward tactics you can employ to swiftly enhance it, beginning today. The duration required to enhance your credit score is variable and hinges on its current condition. With a strategic approach, substantial improvements can be observed in as little as 30 days. Regardless of the severity of your credit score challenges, adhering to the correct strategy can result in a rapid increase of 100 to 200 points in ..read more

Are you ready to maximize your tax return in 2023? Check out our list of tips and tricks to see how you can use tax credits and tax deductions to get more money back this tax season. How much tax return are you going to get this year?When is the tax return deadline in Canada? You need to file your taxes by May 1, 2023. The deadline is extended to June 15, 2023 if you’re self-employed or have a spouse or common-law partner who is self-employed. All taxes owed must be paid to the CRA by May 1, 2023. What tax deductions and credits can you use? There are hundreds of credits and deductions you can ..read more

When you have income-generating assets working for you, what does financial freedom or financial independence mean? Instead of you working for money, your money (invested in these assets) will work for you. This will allow you to live a life free of job. Because you have income-producing assets, you don’t need to work to keep up with your monthly expenses. To get you started, here are some income-generating asset ideas. What does it mean to have income-generating assets? Although some may disagree, a primary property is not actually an asset until you rent out a piece of it because it does not ..read more

It all comes down to your daily routine. We do not have an income problem, especially in North America; we have a spending problem. Today I’ll discuss four money habits that keep you poor. Along with those, I’m including a well-known tool that you can use before making a large purchase. This tool will make the purchasing decision much easier for you. your habits make you poor 1. Uncertainty about where your money is going Do you ever sit down and examine your spending habits? You may believe you know where your money is going, but do you ever find yourself at the end of the month wondering whe ..read more

In Ontario and Canada in general, it is easy to open up your business and really involves 3 main steps. While I will create an article about this topic later, here is a summary: Check for a good name using the NUANS search prior to getting your report Register your Master Business License with your proviince [optional] Register for a HST/GST account with the CRA to be able to charge such and as soon as your business pays more than $30k a year So your side hustle is profitable, and it’s time to take it seriously and rebrand yourself as a small business owner. You may also have noticed some o ..read more

North Americans, where I live, loathe haggling. Americans like to stick to numbers on price tags. Women tend to be far less likely to negotiate than men, according to research. Nonetheless, it is very common in most cultures, especially the easter you go. Rob over at the Passive Canadian Income blog related a negotiation experience that led to savings led me to write this. haggling or bargaining should not be scary Experts and experienced hagglers alike agree that bargaining does not have to be difficult. The down economy, combined with a few pointers, allows you to easily snag great deals. Ne ..read more

#1 – The primary purpose of an RRSP is to save for retirement. TFSAs can be used to save for any purpose. #2 – RRSP contributions are tax-deductible, not when they are made, but when they are withdrawn when your income is low. However, if you plan to withdraw early (before retirement or when your earnings are in a higher tax bracket), you must pay the tax based on your previous year’s tax bracket. If you invest within your contribution limit, your TFSA contributions are not tax deductible (Login to your CRA account to know your contribution limit, you might have accumulated some amount from th ..read more

Yes, it is that time of the year again! Like a lot of Canadian finance blogs, I want to describe why each exists and which factors to consider when investing in one of them or both. Before we start, you should stop by this short post about the main differences between the two and come back. retirement or savingWhat is an RRSP? A Registered Retirement Savings Plan (RRSP) is a retirement savings plan that you can contribute to through the Canadian federal government. Depending on the kind of plan, you can hold a variety of products in an RRSP, including stocks, bonds, guaranteed investment certi ..read more

Many people dream of growing their income and having more money than they have now, and most people don’t realize how important investments are to growing your income. Investments are important for people who want to grow their income since investments are the best way to get more money, without having to depend on your time. Below I will show you why investments are important when growing your income. concept: financial and investment growthMake your money work for you Don’t work for money, let money work for you. Robert Kiyosaki This quote was one of the famous phrases of businessman Robert ..read more