Shopify Inc.’s shares slumped Wednesday as the company reported a loss in its latest quarter and forecast slower revenue growth for next quarter in its financial outlook. The e-commerce software company, which keeps its books in U.S. dollars, says its net loss for the quarter ended March 31 amounted to USD$273 million or 21 cents USD per diluted share. That compared with a profit of USD$68 million or five cents USD per diluted share in the same quarter last year. Revenue for the quarter totalled USD$1.86 billion, up 23% from USD$1.51 billion in its first quarter last year. The results pushe ..read more

You’ve applied for a new credit card, hopeful for the convenience and benefits it could bring, only to receive notice that your application has been declined. It’s a situation that may stir up a mix of emotions—frustration, confusion, and perhaps even a bit of embarrassment. But rather than brushing off the rejection, it’s important to understand why you might have been declined. This will help you gain valuable insight into your financial health so you can take proactive steps to improve your credit for your next credit card application. Not doing so could limit your financial options do ..read more

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

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

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. Age at end of previous year Withdrawal rate for current year Age at end of previous year Withdrawal rate for ..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

Mortgages The best 5-year fixed mortgage rates in Canada You’re 2 minutes away from getting the best mortgage rates in Canada. Just answer a few quick questions to get a personalized rate quote. I’m buying a home* I’m renewing/refinancing* You will be leaving MoneySense. Just close the tab to return. To compare rate types and terms, click on the filters icon beside the down payment percentage. powered by Why trust us MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal f ..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