The Best Joint Bank Accounts in Canada

joint account canada

For many years, the best joint bank account in Canada list was dominated by the big banks and Scotiabank’s Tangerine brand. That has all changed now that EQ Bank has created a joint bank account product AND released their EQ bank card.  This gives EQ Bank the title of best joint bank account in Canada by…

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48 Best ETFs in Canada – March 2024

best canadian etf

Back when I first started writing about personal finance back in 2005, the Best ETFs in Canada ranking was a pretty short list! There was no such thing as a Canadian all-in-one ETF (also called portfolios ETFs) like there are today. While a big part of my portfolio is still in Canadian dividend stocks, Canadian…

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Questrade Review 2024

Questrade Logo

Is Questrade Safe & Secure? One of the most common questions that I have gotten in the comments below is: Is investing my money through a Questrade online brokerage account safe? Is Questrade as safe as RBC, TD, CIBC, ScotiaBank, and BMO? – MDJ reader The answer: Yes! Here’s the deal. Off the top Questrade is…

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Best Canadian Dividend Stocks – March 2024

best canadian dividend stocks

As we look forward to a new year, it’s time to update our list of Best Canadian Dividend Stocks for March 2024. Click here to jump straight to my top 10 dividend picks for March 2024. Given the great year that non-dividend tech stocks had in 2023, it might have gotten lost that our Canadian…

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What is Income Splitting?

income splitting canada

Income splitting is a tax-saving strategy that divides a stream of income between family members (usually two spouses). The goal is to apportion as much of the higher-earning family member’s income to other family members, in an effort to get that higher-earning spouse into a lower tax bracket. Some economists and policy wonks have made…

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Is National Bank Stock a Good Buy Right Now?

national bank logo

National Bank of Canada has demonstrated its resilience in the face of market challenges, standing out as a great investment opportunity in the coming years. Its historical performance reflects a commitment to stability and growth, with recent advancements reflecting its proactive approach to evolving market dynamics. However, it’s essential to consider the broader context of…

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Is BCE Stock a Good Buy Right Now?

bce stock analysis

If you’re considering investing in BCE stock in 2024, evaluating the company’s performance, dividend growth, and the latest developments in the telecommunications industry can help you make your decision. Being informed about BCE’s recent advancements is crucial in determining whether it is a wise investment choice, and comparing it with its fellow Canadian telecommunication competitors…

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Is CNR Stock A Good Buy Right Now?

cnr logo

If you’re considering investing in Canadian National Railway (CNR) stock in 2024, it is important to evaluate the company’s performance, dividend growth, and recent developments in the railway industry. Staying informed about CNR’s recent advancements and industry trends is crucial in determining whether it is a wise investment choice. Additionally, comparing CNR with other Canadian…

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How to Become a Millionaire in Canada

canadian millionaire money

I am sure that most of us out there have wondered what’s the quickest way to get rich in Canada. While we don’t advise getting involved with a “get rich quick” scheme, I thought I would outline practical steps you can take to get you on your journey to becoming Canada’s next millionaire. In fact,…

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Wealthsimple Review 2024

Wealthsimple Logo

What is Wealthsimple? Wealthsimple was founded back in 2014 by Michael Katchen, Brett Huneycutt and Rudy Adler. I gotta say that I really liked the company even more in its first few years than in its current iteration. For the first five years of its existence, Wealthsimple was solely focused on the product that is…

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TD Direct Investing Review 2024

Td Direct Investing Logo

What is TD Direct Investing Brokerage? The TD Directing Investing online brokerage is a solid option, even though it doesn’t quite make it to the top of my list of Canada’s best online discount brokerages. As Canada’s second biggest bank (and one of our largest companies, period) it’s probably not a surprise that the TD…

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Questrade vs Qtrade in 2024

Questrade Vs Qtrade

Back in 2008 when I started writing about Canadian online brokers, the Qtrade vs Questrade rivalry was already in full swing, with each having their share of avid supporters.  Sixteen years later, I would say the main difference is that both Qtrade and Questrade have opened up an even wider gap between themselves and Canada’s…

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Webull Canada Review

webull canada logo

When I sat down to take a close look at Canada’s newest brokerage for my Webull review, I realized a couple of things pretty quickly. 1) Webull had higher prices for Canadian customers than it did for its American clients. 2) Webull doesn’t have TFSA, RRSP, and other Canadian investment accounts available. Consequently, this US…

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Best Canadian Online Brokers – February 2024

best brokers canada

As New Year’s resolution makers hang on for dear life, it’s time to update our Best Canadian Online Brokerages Comparison. While many investors were celebrating a fantastic end of the year over the holiday season, 2024 hasn’t exactly started out with a bang. That said, I think the medium-term future looks bright for patient long-term…

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Canadian Dividend Kings & Aristocrats – February 2024

Dividend Kings List

Investing in Dividend Kings (aka Dividend Aristocrats) always looks subpar when technology stocks race ahead as they did in 2023.  That said, they make you look like a genius when those high-risk, high-growth stocks plummet 50%+ in downturns. Click here to jump directly to my 2024 picks. While 2023 wasn’t a banner year for Canadian…

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Do I Need an Accountant To Do My Taxes?

accountant canada

Two of the most common questions that I have gotten in our MDJ inbox over the years are: Do I need an accountant to do my taxes or can I DIY it? Do I need an accountant for my small business in order to do bookkeeping, tax preparation, and general financial advising? And then most…

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Best Low Risk Investments in Canada Right Now (January 2024)

investment growth graph

Most Canadians don’t understand the difference between when low risk investments make more sense, and when higher risk investments are worth the trade-offs. Personally, I think that if you need your money in the next five years, then you should be looking at lower risk investments that are guaranteed by the Canadian Deposit Insurance Corporation…

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Dividend Stocks Rock Review 2024

Dsr Logo

Investing on your own is not an easy task.  From mutual funds to robo advisors and individual stocks, there are a wide range of strategies, information services and trading platforms to choose from.  It can quickly become overwhelming.  This is where the simplicity of dividend investing really shines. I started investing in mutual funds when…

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Best USD Bank Accounts in Canada 2024

usd bank accounts

Finding the best USD bank account in Canada can mean saving hundreds of dollars in fees and favourable exchange rates. The costs of cross-border transactions or a holiday down in the US can really add up if you’re not careful. A US Dollar bank account based in Canada can make USD transactions quick and painless,…

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Is Robinhood Available in Canada?

Robinhood Logo2

Once the new disruptive force on the online discount brokerage scene, Robinhood’s “gamification” of commission-free stock trading changed the way millions of young people thought about the stock market.  Robinhood’s commission-free trades, as well as their sleek and easy-to-use interface, appealed to first-time investors. However, the company has been vilified since it went public, perhaps…

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Best Short Term Investments in Canada 2024

fast short investments canada

As we enter the 2024 the best short term investments in Canada continue to be GICs.  You can still find excellent short term GIC deals for 5%! Of course GICs aren’t the only safe, short term investment option in Canada. If you can’t stomach putting your money away for a full year to make use of…

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Maxed out RRSP and TFSA – Now What?

maxed out rrsp tfsa

I recently received an email from a reader with a bright financial future.  They have a maxed out TFSA and has recently maxed out her RRSP as well. Here’s a snippet of the email below (edited for brevity). First of all, thank you for sharing your wisdom and financial journey. I love reading your blog and…

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Best Canadian Dividend ETFs for 2024 (And Why We Prefer Dividend Stocks)

Best Canadian Dividend Etfs

Because I’ve been writing about dividend investing for nearly two decades now, I get a lot of inquiries every month about the best Canadian dividend ETFs vs the best dividend stocks in Canada. Obviously Canadians love their tax-efficient dividend income. The consistency of having those dividend payouts hit their accounts allows investors to better control their…

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Ultimate Smith Manoeuvre Guide For Canadians

Smith Manoeuvre

When I started writing about the Smith Manoeuvre as a way to turn your mortgage into a tax deductible loan 16 years ago, I didn’t think it would become one of the most widely read articles on the website and generate hundreds of comments! Even though I started my Smith Manoeuvre at one of the…

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Best Canadian High Interest Savings Accounts

Top Canadian High Interest Savings Accounts

The best Canadian high interest savings accounts for 2024 combine a mix of high interest rates, with no-fee banking, and elite user-friendly platforms. One thing to note right off the top: If your savings goal is more than 6 months in the future, you should likely be checking out our Best GIC Rates in Canada…

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Is Algonquin Power Stock A Good Buy in 2024?

algonquin power logo

When considering an investment in Algonquin Power stock, it is essential to evaluate the company’s performance, market trends, and recent developments in the renewable energy sector. Keeping yourself informed about Algonquin Power’s recent advancements and industry dynamics is vital in making an informed investment decision. If you’re interested in diversifying your portfolio with dividend-paying stocks,…

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CIBC Investor’s Edge Broker Review 2023

cibc investor edge new logo

What Is CIBC Investor’s Edge? If you are already a CIBC customer, you might already know that it has been around for a long time, over 100 years in fact. As a result, it offers an array of choices when it comes to how you save and invest your money. It offers the basics, such…

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BMO Investorline Review 2024

Bmo Investorline Logo

Is BMO Investorline Safe and Trusted? In a word, YES. As one of Canada’s oldest and most trusted companies (founded in 1817) the Bank of Montreal is as safe, trusted, and legit as you can get.  InvestorLine has been around longer than the internet – BMO introduced self-directed trading way back in 1988 before moving…

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BMO SmartFolio Review 2024

bmo smartfolio logo

I’m a huge fan of robo advisors, and BMO’s robo advisor: SmartFolio is no exception to that. If you’re not familiar with robo advisors the basic idea is that you will determine your overall risk tolerance, and that BMO will set you up with an automated portfolio using big broad index funds that spread your…

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The 5 Best Defensive Stocks in Canada for 2024

defensive stocks canada

With Canadian dividend stocks getting hit hard this year, several people have commented asking me what the best defensive stocks in Canada are.  If our traditional favourites like bank stocks and telecoms are going to continue to take such a hit, are they really the right play for investors that are focused on not losing…

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Withdrawing From RRSP/TFSA to Fund Early Retirement

Fund Early Retirement

As I transition into early retirement (after reaching financial independence) I find myself having to shift from an accumulation mindset to a spending or decumulation mindset.  This early retirement spending vs shaving shift is actually proving harder than one might think. I mean, I’ve been writing about wealth accumulation stuff on this site since 2005,…

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Financial Freedom Update Nov 2023 – $78.8k in Dividend Income!

milliondollarjourney dividend income nov2023

Welcome to the Million Dollar Journey November 2023 Financial Freedom Update – the third update of the year! If you would like to follow my whole financial journey, you can get my updates sent directly to your email, via Twitter and/or Facebook. For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I shifted my focus to achieving…

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Edward Jones Review (Canada)

edward jones review

After Kyle wrote about the best financial advisors in Canada a couple of weeks ago, we got several emails that asked some version of, “Should I use Edward Jones financial advisors?” or one of the other large financial advisory firms in Canada. Since I have had several friends use their services, and many of their…

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Investing Taxes: Dividends, Interest & Capital Gains

Canadian Investing Taxes

Are you curious about how investing taxes are calculated on capital gains, dividends, and interest in Canada? I’m not a tax expert, but with tax loss harvesting season coming out, I figured it might be a good time to review some of the basics between how Canadian investment returns are taxed in your RRSP, TFSA,…

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Is Air Canada Stock A Good Buy in 2024?

air canada logo2

If you’re considering investing in Air Canada stock in 2024, it is important to understand the company’s performance, market trends, and recent developments in the airline industry. Staying informed about Air Canada’s recent advancements and industry dynamics is crucial in determining whether it is a wise investment choice in 2024. As an investor, it is…

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Is Rogers Stock A Good Buy in 2024?

rogers company logo

If you’re considering investing in Rogers stock in 2024, it is important to understand the company’s performance, dividend growth, as well as its recent merger with Shaw. Staying informed about Rogers’ recent advancements and industry developments is crucial in determining whether it is a wise investment choice in 2024. This also allows you as an…

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Scotia iTRADE Review 2024

Scotia Itrade Logo

What is Scotia iTRADE? Scotia iTRADE launched in 2008, after Scotiabank acquired E*Trade Canada and immediately rebranded it. This purchase was a smart move, effectively doubling the Scotiabank online client base overnight. Scotia iTRADE made a name for itself in the active day trader community because of its discounted flat rate commissions for active traders.…

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4 Steps for a Worry Free Retirement Course Review by Frugal Trader

worry free retirement logo

It’s not every day that one of your co-writers pens the first online course for retirement in Canada. Naturally, it only felt right that the first review of 4 Steps to a Worry Free Retirement was posted on Million Dollar Journey! If you want to skip my review and see what the course is all…

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Is Telus Stock a Good Buy in 2024?

telus company logo

If you’re considering investing in Telus stock in 2024, it’s crucial to assess the company’s performance, dividend growth, and recent developments in the telecommunications industry. Staying updated on Telus’ latest advancements is key in determining whether it is a smart investment choice in 2024. If you’re seeking to diversify your portfolio with additional dividend stocks,…

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Is BNS Stock a Good Buy in 2024?

Scotiabank Logo

If you’re thinking about investing in Bank of Nova Scotia stock in 2024, you must consider the bank’s individual performance, its recent developments, and the future outlook for not just the Canadian banking sector, but the global financial services industry . For additional perspectives on alternative investment choices, you can explore our article highlighting the…

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Investing In Gold In Canada 2024

invest in gold

As one might expect in a market pullback (and geopolitical crisis) we’re getting many requests about how to invest in gold in Canada, as well as how to invest in commodities (which we covered not so long ago). The awkward truth is that while you’d think this would be gold’s time to shine (see what…

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Ultimate Options Trading Guide in Canada 2024

Options Trading

Options trading is not for the faint of heart, nor the novice investor. Essentially you are engaging in a more complex form of investing involving predicting market prices, creating contracts, and other complexities you’ll want to educate yourself on before getting into the options game.  Quite honestly, the average Canadian investor has no need to…

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Investing in Flow Through Shares in Canada

How Flow Through Shares Work

Since writing my original “How to Buy Flow Through Shares in Canada” article over a decade ago, I’m consistently surprised at how many people are interested in this uniquely Canadian investment idea. Early on in my Million Dollar Journey, I’d written about not what flow through shares were, but also on my personal experiences, as…

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Financial Freedom Update Aug 2023 – $77.8k in Dividend Income!

financial freedom update august2023

Welcome to the Million Dollar Journey August 2023 Financial Freedom Update – the second update of the year! If you would like to follow my whole financial journey, you can get my updates sent directly to your email, via Twitter and/or Facebook. For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I shifted my focus to achieving…

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Is Shopify Stock a Good Buy in 2024?

shopify logo

If you’re considering investing in Shopify stock in 2024, it’s important to assess the company’s performance and the latest developments in the e-commerce industry. Staying informed about Shopify’s latest financial and innovation updates are essential in determining whether it is a favorable investment choice. If you are looking to diversify your tech investment dollars, we…

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Canadian Value Stocks – Top 10 Picks August 2024

undervalued stocks

Finding the best value stocks in Canada isn’t an easy task. The truth is that the criteria for what makes an excellent value stock is a bit nebulous, and not as easy to define as when value stock Godfather Ben Graham was writing his treatise on investing. This is the second article in our Million…

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Is Enbridge Stock a Good Buy in 2024?

enbridge logo

If you’re considering buying Enbridge stock in 2024, then you need to be aware of the company’s individual performance, its dividend growth rate, and recent developments in the energy industry. These indicators pretty solidly show why Enbridge has historically been an excellent investment, and will continue to be going forward. If you’re looking for more…

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Is Suncor a Good Stock to Buy in 2024?

suncor logo

If you’re thinking about buying Suncor stock in 2024, it’s important to consider how the company has been performing, its dividend growth, and any recent changes in the energy industry. It’s also important to keep up with the company’s latest developments, all of which show that Suncor is a good buy right now. If you’re…

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Best Utility Stocks in Canada 2024

canadian utility stocks

There is a reason why so many of Canada’s best utility stocks are also on our overall list of best dividend stocks in Canada: They are natural oligopolies/monopolies, meaning that can pass along increasing costs almost instantly, and have really solid yields for income-seeking investors. This combination makes them a natural fit for Canadian investors…

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The Best Low Cost Ways to Convert CAD to USD

convert cad to usd

Any Canadian who’s traveled to (or ordered something from) the US knows about converting CAD to USD. It’s never fun to watch every dollar of your hard-earned money suddenly turn to $0.75 (or less!), and with additional foreign exchange fees, it can really add up. And exchange rates aren’t going anywhere. The cost of one…

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When to Buy Dividend Stocks in Canada

best time to buy stocks

Dividend stock investing is a great strategy for those looking to invest primarily in mature, stable companies with a history of spinning off free cash flow. Whether or not someone chooses to take the dividend payout out of their brokerage account in order to pay for life, or to reinvest any dividend income depends on…

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Bond ETFs vs GICs vs High Interest Savings Accounts

fixed income investing

For income-oriented Canadian investors the choice between a Bond (or Bond ETF), a GIC, or a high interest savings account has become more important than ever.   With interest rates at historic lows (for a little while longer anyway) choosing the best option for the “safe, low risk investing” part of our portfolio can make a…

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Is TD Bank Stock a Good Buy in 2024?

td bank logo large

If you’re considering buying Toronto Dominion (TD) Bank stock in 2024, then you need to be aware of the bank’s individual performance, its abandoned merger with First Horizon, and the long term prospects for Canadian and American banking as well. For more insights on comparable investment options, check out our article on the Best Canadian…

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Canadian Stock Market vs U.S. Stock Market in 2024

Canadian Vs Us Stock Market Graph

We Canadians might like to argue with our U.S. neighbours about who makes better beer or who plays better hockey but when it comes to your portfolio, the real argument is who gets the better returns, the Canadian stock market vs the U.S. stock market? Both Canada and the U.S. are wealthy developed countries with…

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Is RBC Stock a Good Buy in 2024?

rbc logo wide

If you’re considering buying Royal Bank stock in 2024, then you need to be aware of not only the company’s individual performance, but also RBC’s current valuation, and the general prospects for Canadian banking as well. For more information on comparable investments check out our article on the Best Canadian Bank Stocks, and to decide…

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Best Canadian Chequing Account 2024

chequing account canada

Most of us have memories of our parents or grandparents whipping out their chequebooks at the store or at the kitchen table when it was time to pay bills. While we may not need to spend hours a month writing out cheques and balancing our chequebooks, we still need quick access to cash for daily…

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Smith Manoeuvre Calculator/Spreadsheet

Smith Manoeuvre Calculator Spreadsheet

By now, most people here know that I’m interested in the Smith Manoeuvre. If you are new to this concept, you can read more about them in my article “Mastering The Smith Manoeuvre“. Originally, I discovered the Smith Manoeuvre, through a great thread on RedFlagDeals.com that talks exclusively about the strategy. This includes the tax…

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46 Ways to Save Money in Canada

How To Save Money

Editor’s Note: This article was originally written by FT back in 2017. Due to its popularity, we have asked FT to update it for 2023 with more relevant advice. As always, we encourage you to comment below and tell us how you save money in your day to day life. If you are looking for…

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Vanguard vs. iShares All-in-One ETFs

vanguard vs ishares etfs

All-in-one ETFs are giving robo advisors a run for their money with their ease of use and low fees. All-in-one ETFs contain multiple ETFs, which means in one single purchase, you are essentially getting an entire well-balanced and hugely diversified portfolio at the tap of a button.  There are many Canadian all-in-one ETFs to choose…

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The Best REIT ETFs in Canada For 2024

reit etfs

A Real Estate Trust (REIT) ETF is the most straightforward way to invest in real estate without becoming a landlord yourself or spending time researching the 30+ individual REITs on the Toronto Stock Exchange.  This article will give you all the details about REIT ETFs: Top REIT ETFs in Canada: Quick Comparison Name Ticker Number…

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Best Online Banks in Canada 2024

best online banks

For nearly two decades, I’ve been writing about the evolving landscape of Canada’s best online banks. Frankly, I’ve often been disappointed in how long it has taken our virtual banks to catch up to those in the US and abroad. A decade and a half ago, the emergence of online banking platforms like ING Direct…

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The Best No-Fee Cash Back Credit Cards in Canada 2024

Free Cash Back Credit Cards In Canada

If you’re not using the best free cashback credit cards in Canada, then you’re missing out on free money! We published our no-fee cashback credit card list back in 2007 and we’ve been updating it regularly ever since, so you always know which no-fee cashback cards to consider. We start our list with a quick…

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Investing on Behalf of my Kids

Investing On Behalf Of My Kids

One of the most rewarding things about becoming financially knowledgeable and secure is being able to pass that knowledge on to your own children. When they begin to make, save and invest their own money, you will be there to guide them. If you want to take it a step further, you can start investing…

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Top 10 Wealthiest Canadians in 2024

wealthiest canadians

It’s been over a decade since we first wrote about the richest Canadians, and we thought it was a good time to update the list! While some have remained on the top 10 wealthiest Canadian list for years, some have not been able to maintain that title. Others have been able to retain their top…

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Simple Low Cost Diversified Index ETF Portfolios 2024

low cost etfs portfolio

We’ve been writing about low-cost ETFs in Canadian index portfolios since 2008. Below is our 2024 update. ETFs, or exchange-traded funds, first entered the Canadian market over a decade ago. From day one, they impressed us as an excellent tool to help you build a low-cost, diversified portfolio.  As time has passed, ETF providers have…

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Top Blue Chip Stocks in Canada for 2024

blue chip stocks canada

A blue chip stock refers to stocks of high value companies. Think companies that are household names, have a widely recognized brand and are so big that they are unlikely to fail.  The top blue chip stocks in Canada include companies from a wide range of sectors; utilities, industrial, financial and consumer staples. These companies…

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Best Canadian Robo Advisors 2024

best robo advisors canada

Robo advisors are perfect for Canadians who want to grow their investments but aren’t interested in paying high fees for a financial advisor or figuring out how to trade on their own (if you’re more of a DIY person, check out the best online brokers in Canada instead). We compiled our list of the best…

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How to Build a Dividend Growth Portfolio

build dividend portfolio

If you’ve been following MDJ for a while, you will come to learn that I’m a fan of two investing strategies, index investing and investing for income through Canada’s best dividend stocks. I like index investing (also known as passive investing) for its ease, low cost, and ability to beat most active mutual fund returns…

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Pre and Post Market Trading in Canada

after hours trading

Most Canadian investors are content to buy and sell stocks when the main North American stock markets are open. What that means is that you can buy and sell shares of companies and ETFs if they appear on the Toronto Stock Exchange (TSX), New York Stock Exchange (NYSE), and the NASDAQ, between the hours of 9:30am…

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Dogs of the TSX Dividend Stock Picks (January 2024 Update)

Dogs Of The Tsx

I’ve been writing about the investing strategy known as the “Dogs of the TSX” for over a decade. The strategy was borrowed from the “Dogs of the Dow” strategy down in the USA, and was popularized in Canada by MoneySaver magazine as the Beating the TSX Dividend Stock Strategy – or BTTSX. (Click here to…

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Best Canadian Dollar (CAD) ETFs for U.S Equities

us equity etf

A reader recently emailed me about my thoughts on the best US Dollar USD ETFs vs CAD ETFs when it comes to getting portfolio exposure to the American market. You may already know that I’m a fan of index investing using the best ETFs available. Whether that’s all-in-one ETFs, Canadian dividend ETFs, or in this case,…

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National Bank Direct Brokerage Review 2024

National Bank Direct Brokerage Review

NBDB has made changes over the last two years to make their fee structure competitive among other discount brokers, and have now dropped their commission fees altogether for those trading on their online platform. It seems as though they have taken customer feedback to heart and made improvements to make those customers want to stay…

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Best All-in-One ETFs in Canada 2024

best all in one etfs

In the past few years, the ever so simple passive investment strategy of choosing from a wide range of ETFs that reflects your investment style has become even easier. A new breed of ETFs, often referred to as ETF portfolios, or all-in-one ETFs, allow investors an easy way to invest, just the way they like…

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Investing in Canadian Bank Stocks 2024

Investing In Canadian Bank Stocks

With Canada’s banks wrapping up 2023 with a really solid December, we thought we’d take a look at investing in Canadian bank stocks in 2024. Canadian bank stocks have been great long-term investments, but with interest rates going up, the banks are having to set aside more and more money for possible defaults. These pots…

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Financial Freedom Update Dec 2022 ($73.8k in Dividend Income!)

financial freedom update december 2022

Welcome to the Million Dollar Journey December 2022 Financial Freedom Update – the final update of the year! If you would like to follow my whole financial journey, you can get my updates sent directly to your email, via Twitter and/or Facebook. For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to…

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Smith Manoeuvre Portfolio – 2022 Update

Using The Smith Manoeuvre

For those of you just joining us, this is an update (it’s been a while!) on my portfolio that is leveraged with money borrowed from my home equity line of credit (HELOC) – otherwise known as the Smith Manoeuvre. What is the Smith Manoeuvre? The Smith Manoeuvre, in its simplest form, is a leverage investment…

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Tax Efficient Index ETF Portfolio for Non-Registered Account

tax efficient etfs

There may come a point during the year that you max out your registered Canadian investment accounts, or if you are living abroad, there might be certain restrictions on what you can contribute to tax-advantaged accounts. The great news is that no matter what your situation is, you can still open a non-registered tax efficient…

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Financial Freedom Update Oct 2022 Update ($73k in Dividend Income!)

milliondollarjourney dividend income update oct2022

Welcome to the Million Dollar Journey Oct 2022 Financial Freedom Update – the third update of the year! If you would like to follow my whole financial journey, you can get my updates sent directly to your email, via Twitter and/or Facebook. For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to…

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Low Cost Currency Conversion with DLR/DLR.U ETF

currency conversion etf

With foreign exchange fees as high as 2.5% for discount online brokers, low-cost currency conversion methods are a great way to keep a little extra money in your portfolio. If you’re dealing with larger trades, those FX fees can really add up! For example, say I wanted to purchase $10,000 worth of Walmart stock with…

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Norbert’s Gambit – Save Money With USD to CAD Foreign Exchange

Usd To Cad Foreign Exchange

If you’re looking to save money on foreign exchange, you’re in luck. There is a simple and effective way to convert your CAD to USD so you can make US stock purchases. It’s called Norbert’s Gambit, and it can save you hundreds of dollars on trading fees. Smart investors know that investing in US stocks…

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Canadian Undervalued Stocks January 2024

undervalued stocks canada

Undervalued stocks in Canada are usually identified as having a market value that is for one reason or another below their true value. The idea is that if you as an investor are able to identify these stocks while their purchase price is still low. Then, someday in the future, when the rest of the…

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Don’t Miss the 2022 Canadian Financial Summit

canadian financial summit 2022

It’s that time of the year… the kids are back in their school routine, the world is somewhat back to normal, and for MDJ’s Kyle Prevost – it’s back to the Canadian Financial Summit. Kyle asked me to write something this week as he’s pretty busy putting the final touches on interviews, emails, etc. Click…

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Best Real Estate Stocks in Canada 2024

real estate stocks canada

I like the idea of owning real estate – but I don’t want the headaches of being a landlord. If that sounds like you, then you basically have two options: Invest in Canadian Real Estate Investment Trusts (REITs) Or Invest in Canadian real estate stocks. Personally, I’m a massive fan of investing in Canadian bank…

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Qtrade Guided Portfolios Review 2024

qtrade guided portfolios logo

What is Qtrade Guided Portfolios? (Formerly VirtualWealth) Qtrade Guided Portfolios is the new robo advisor put out by our #1 rated online brokerage company. Much like other robo advisors, the Qtrade Guided Portfolios mission is to: The folks behind Qtrade Guided Portfolios are Aviso Wealth. Aviso is a national financial services company that works with businesses…

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Best Cannabis Stocks in Canada 2024

canadian weed stocks

In October of 2018, Canada became the first North American country to completely legalize marijuana, opening the doors for the cannabis industry to expand into new territory, and for Canadian cannabis stocks to begin trading on the TSX. While in the US, weed isn’t Federally legal, the majority of states allow the purchase of marijuana…

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Best Tech Stocks in Canada For 2024

canadian tech stocks

While Canadian technology stocks have been some of the fastest growing stocks on the Toronto Stock Exchange over the last decade (especially during the pandemic), they are still a relatively small part of our investing ecosystem. We have a lot of great Canadian dividend stocks, Canadian bank stocks, Canadian energy stocks, etc. But when it…

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Best Emerging Market ETFs to Buy in Canada 2024

emerging markets etfs

I have to admit that due to my focus on Canadian dividend stocks, I am guilty of having  a bit of an overall home country bias in my portfolio. I’m fine with that, as I really like Canada’s current valuations and long-term prospects.   That said, when I want quick diversification, I tend to look for an…

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Best Pipeline Dividend Stocks In Canada 2024

canadian pipeline stocks

It’s no secret that we’re big fans of Canadian dividend stocks here at MDJ, and while we have given some shine to Canadian energy stocks over the last couple of years, we have always just sort of tossed the Canadian pipeline stocks in alongside those big energy producers. The fact is the Canadian pipeline stocks…

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Financial Freedom Update June 2022 – Q2 Update ($70.5k in Dividend Income!)

financial update june2022 graph

Welcome to the Million Dollar Journey June 2022 Financial Freedom Update – the second update of the year! If you would like to follow my whole financial journey, you can get my updates sent directly to your email, via Twitter and/or Facebook. For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to…

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Best Industrial Stocks in Canada For 2024

industrial stocks canada

With the market shifting to defensive mode, Canadian industrial stocks are back in style. Investors are clearly in the mood for solid (boring?) dependable earnings that can keep up with an inflation-heavy environment. While Canadian railroad stocks and Canadian airline stocks are technically considered Canadian industrial stocks, we decided that they needed their own articles.   While…

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Investing in Canadian Airline Stocks 2024

air canada logo2

Now that travel has opened up again, many MDJ readers have been asking us if now is the time to invest in Canadian Airline stocks. Truthfully, we might be the wrong folks to ask about this one. If you take a look at our best Canadian dividend stocks and/or Canadian Dividend Kings articles, you won’t…

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Top 6 Indexing Options for Your Portfolio in 2024

how to build index portfolio

If you’ve started your research on investing, but still aren’t quite sure how or where to get started, you are not alone. Plenty of almost-investors get stuck at the starting line for reasons like not feeling educated enough, feeling like they don’t have enough money to start investing, or simply feeling unclear on which type…

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Best Renewable Energy Stocks in Canada 2024

renewabale energy stocks chart

With all of the attention on Canadian energy stocks due to the recent run up in oil prices, many experts are arguing that now is the time to look into Canadian renewable or “green energy” stocks.   If you are a longtime MDJ reader, you’ll notice a few crossover companies from our best Canadian dividend stocks…

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Best High Yield Canadian Stocks 2024

best yield stocks canada

Given that our best Canadian dividend stocks list is consistently the most popular article on our site, I guess we shouldn’t be surprised at the number of questions we get that go something along the lines of: “Why do you guys like Canadian National Railway so much, there is barely any dividend yield there.  Why…

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Financial Freedom Update March 2022 – First Update of the Year ($68,100 in Dividend Income!)

milliondollarjourney dividend income 1

Welcome to the Million Dollar Journey March 2022 Financial Freedom Update – the first update of the year! If you would like to follow my whole financial journey, you can get my updates sent directly to your email, via Twitter and/or Facebook. For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to…

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Indexed Family Education Fund (RESP) Portfolio Update – 2022 Edition

Indexed Family Resp Portfolio Update

Welcome to the annual Registered Education Saving Plan (RESP) update where I show transparency on our indexed investment strategy to help pay for our children’s future education costs. Since we’ve been posting about these accounts since my kids were born (my oldest was born in 2008), it shows the power of long-term compounding of a…

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The RESP Strategy

Resp Strategy

An RESP, or Registered Education Savings Plan, is a tax-deferred investment account designed to help pay for a child’s education. RESPs are eligible for government grants (re: Free Money) of up to $7,200 and are a great way to help minimize a young adult’s student loan debt. In this post, we’ll fill you in on…

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How To Track Your Net Worth

how to track net worth

This post was originally published in early 2009, but brought to the forefront as I believe it’s one of the more important strategies for growing wealth. For those of you who have been following my journey, you’ve probably noticed that I’m a big believer in tracking and managing progress to help achieve desired goals.  I…

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Top Premium Cash Back Credit Cards in Canada 2024

Premium Cash Back Credit Cards

A premium cashback credit card with an annual fee is a great way to maximize your cashback rewards – especially if you make most of your purchases on credit cards.  The best paid cashback credit cards in Canada feature high earn rates and some truly excellent perks – significantly better than Canada’s best no-fee credit…

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How Do I Maximize RESP Withdrawals?

How Do I Maximize Resp Withdrawals

With my oldest child turning 11 this year, my mindset and strategy for our family RESP is starting to shift from accumulation and growth to a more balanced portfolio. This has many similarities to retirement planning but on a smaller scale. In your younger years, there is a focus on growth, but as retirement approaches,…

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TFSA Contribution Room In 2024 + TFSA Rules and Limits

tfsa contribution limit 2022

There is a TON of investment advice out there.  Some should only be taken into consideration after a thorough investigation and planning.  Some – like contributing to a TFSA – is just sound advice that should be acted on quickly.  The reason? Two words: tax free.  That is not something you hear often, and that’s…

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Should I buy Whole Life Insurance for my Children?

Whole Life Insurance For My Children

A reader, Arlene, recently asked a question in my article “investing on behalf of kids” about obtaining “Whole Life Insurance” for their young children.  A financial planner suggested that obtaining permanent insurance for their children is a good idea to invest in their future. Here is the question: Hello! A financial planner thinks it’s a good idea…

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Financial Freedom Update Nov 2021 – Big Dividend Raises Edition

financial update nov 2021

Welcome to the Million Dollar Journey November 2021 Financial Freedom Update – Big Dividend Raises Edition! If you would like to follow my whole financial journey, you can get my updates sent directly to your email, via Twitter and/or Facebook. For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial…

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5 Ways to Get Your Credit Score and Credit Report for FREE

free credit score canada

It’s now easier than ever to get a credit score check in Canada for free! I mean… a credit score check is only really important if you hope to: Get a mortgage Purchase a car Rent an apartment Get a great credit card Qualify for certain types of insurance Even gain specific types of employment…

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Ways to Maximize the Canada Child Benefit (CCB)

maximize child benefits

After filing my income tax return in mid-April (yes, I tend to procrastinate), I noticed on the bottom of the screen the amount that we will receive for the Canada Child Benefit. While we’ve been receiving this benefit since the Trudeau administration has been in power (2016), what really got me thinking is that we’ll…

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Top No Fee Rewards Credit Cards in Canada

best free rewards cards canada

I’ve written about the top free cash back credit cards in Canada before, and even modified my top pick to be Neo Financial in 2021, which is also the overall best credit card in Canada in my opinion. However, there are an abundance of other rewards based credit cards out there that deserve a look.…

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How To Pay Off Your Mortgage In 3 Years

Mortgage Free

In the October 2010 net worth update, I briefly mentioned that I was planning on paying of the mortgage balance this month and I’m happy to say that we officially became mortgage free in 2010! As this is a significant milestone in any financial journey, I thought that it deserved a post all on its…

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The Biggest Risk of Early Retirement (FIRE) – Sequence of Returns!

early retirement risks

The concept of financial independence/retire early (FIRE) is all the rage in the personal finance space. The idea is to save a large percentage of your income (50% or more), live as frugally as possible, and retire in a short period of time while continuing to live frugally. Sometimes, fortunate young people with higher incomes…

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Financial Freedom Update Sept 2021 – Market Highs Edition

chart 19

Welcome to the Million Dollar Journey September 2021 Financial Freedom Update – Market Highs Edition! If you would like to follow my whole financial journey, you can get my updates sent directly to your email, via Twitter and/or Facebook. For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial independence.…

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Financial Freedom Update (Q3) 2021 – Sequence of Returns Risk Edition

Resp Portfolio Update Feb 2016

Welcome to the Million Dollar Journey 2021 (Q3) Financial Freedom Update – the third update of the year!  If you would like to follow my whole financial journey, you can get my updates sent directly to your email, via Twitter and/or Facebook. For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my…

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Have I Given Up on the Smith Manoeuvre?

Smith Manoeuvre

Out of many investing topics written about on Million Dollar Journey, the Smith Manoeuvre was one of the first and among the most popular investment strategies discussed. What is the Smith Manoeuvre? But, what is the Smith Manoeuvre and why is it so popular? This investment strategy was named after Frasier Smith, a financial advisor who…

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Financial Freedom Update (Q2) 2021 – Portfolio All-Time High Edition

Resp Portfolio Update 2013

Welcome to the Million Dollar Journey 2021 (Q2) Financial Freedom Update – the first update of the year!  If you would like to follow my whole financial journey, you can get my updates sent directly to your email, via Twitter and/or Facebook. For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my…

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Financial Freedom Update (Q1) 2021 – First Update of the Year

Net Worth Updates

Welcome to the Million Dollar Journey 2021 (Q1) Financial Freedom Update – the first update of the year!  If you would like to follow my whole financial journey, you can get my updates sent directly to your email, via Twitter and/or Facebook. For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my…

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Indexed Family Education Fund (RESP) Portfolio Update – 2021 Edition

Indexed Family Resp Portfolio Update

Welcome to the annual Registered Education Saving Plan (RESP) update where I show transparency on our indexed investment strategy to help pay for our children’s future education costs. What is an RESP?  At a high level, an RESP is an investment account for future post-secondary students and stands for Registered Education Savings Plan.  It can…

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Financial Freedom Update (Q4) 2020 – Volatile Stock Market Edition ($61,850 in Dividend Income)!

Financial Freedom Update (q4) 2020

Welcome to the Million Dollar Journey 2020 (Q4) Financial Freedom Update – Volatile Market Edition!  If you would like to follow my latest financial journey, you can get my updates sent directly to your email, via Twitter and/or Facebook. For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to…

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My Favorite Free Personal Finance Apps

Free Personal Finance Apps

Readers often ask what my favourite personal finance apps are. It’s not an easy question to answer, as the apps we choose are highly personalized to our particular needs, goals, habits and more.  The good thing is, there are so many apps out there, that anyone can find exactly what they are looking for. But…

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The Pros and Cons of the New Aeroplan

The Pros and Cons of the New Aeroplan

The new Aeroplan was just announced and there were a lot of changes. This wasn’t a minor refresh, it’s a complete redesign that will benefit most people, but there’s no denying that some travellers will be disappointed. To give you some context, Air Canada was going to cut ties with Aeroplan (owned by Aimia at…

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Calculating Your Adjusted Cost Base (ACB)

Calculating Your Adjusted Cost Base

If you’ve invested in a non-registered portfolio you’ve likely come across the tax-preparation question: How to calculate your adjusted cost base (ACB).  It’s certainly a pain in the portfolio, and can be tedious and complicated at times. But it’s a necessary ‘evil’. You need to know your ACB in order to calculate the capital gain…

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The Hot Potato Investing Strategy

Hot Potato Investing

If you’ve been following this blog for a while, you’ll know that most of my wealth is in the stock market for the long-term. While there are many short term stock trading strategies, many of these strategies just don’t work out for regular investors. In fact, the initial losses often turn beginner investors away from…

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Financial Freedom Update (Q2) 2020 – V-Shape Recovery Edition ($60,550 in Dividend Income)!

Welcome to the Million Dollar Journey 2020 (Q2) Financial Freedom Update – the V-Shape Recovery Edition!  If you would like to follow my latest financial journey, you can get my updates sent directly to your email, via Twitter or Facebook, and/or you can sign up for the monthly Million Dollar Journey Newsletter. For those of you new here, since achieving $1M…

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Indexed Family Education Fund (RESP) Portfolio Update – 2020 Edition

Indexed Family Education Fund Portfolio

During this time of uncertainty, many readers have contacted me for continued portfolio updates.  One group in particular –  parents –  are asking me what I’m doing with my RESPs. What is an RESP?  At a high level, an RESP is an investment account for future post-secondary students and stands for Registered Education Savings Plan. …

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Financial Freedom Update (Q4) – 2019 Year End Update ($55,200 in Dividend Income)!

Financial Freedom Update December 2019

Welcome to the Million Dollar Journey 2019 (Q4) Year-End Financial Freedom Update. If you would like to follow my latest financial journey, you can get my updates sent directly to your email, via Twitter or Facebook, and/or you can sign up for the monthly Million Dollar Journey Newsletter. For those of you new here, since achieving $1M in net worth in June…

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Running out of HELOC Space with the Smith Manoeuvre

Running Out Of Heloc Space

If you’ve been following the blog for a while, you may have heard about the Smith Manoeuvre. At a high level, it’s a long-term investment strategy for investors with high risk tolerance.  Essentially, it’s where an investor borrows against his home (using a HELOC) to invest in the stock market, business, and/or real estate.  The plan…

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Financial Freedom Update (Q3) – September 2019 – Reaching the Cross Over Point ($53,400 in Dividend Income)!

Welcome to the Million Dollar Journey September 2019 (Q3) Financial Freedom Update – the third update of 2019!  If you would like to follow my latest financial journey, you can get my updates sent directly to your email, via Twitter or Facebook, and/or you can sign up for the monthly Million Dollar Journey Newsletter. For those of you new here, since achieving…

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Late Starting your RESP? Here’s how to Catch UP!

Late Starting Your Resp

A friend of mine, Gary, recently asked me about registered education savings plans (RESPs) and if it’s too late to get started. Gary’s kids are 14 and 12, and while a bit late in the game, there is still time to take advantage of free government money. What is an RESP? An RESP stands for…

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Income Splitting Tax Strategy – Spousal Investment Loan

Income Splitting Tax Strategy

A couple of years ago, I wrote about income splitting strategies to help reduce family taxes in the scenario that one spouse makes significantly more income than the other.  Strategies such as: Contributing to the lower-income spouses TFSA (no attribution rules for TFSA contributions); Maintaining separate bank accounts where the higher income spouse pays for…

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Can You Have Too Much RRSP?

Since I’ve written about how much you need to save to reach $1M in your RRSP starting in your 30’s, 40’s, and 50’s, I’ve been getting questions from readers who have significant RRSP contributions.  More specifically, can you have too much in an RRSP? I haven’t been able to find any good articles online that…

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Owning Individual Real Estate Investment Trusts (REITs) vs REIT ETFs

Building an indexed diversified portfolio has never been easier and cheaper for investors.  If you like to put your portfolio on autopilot, you can buy a single all-in-one ETF that will even re-balance your stock bonds automatically, all while charging very low fees.  Related: All-in-one ETF Battle: Vanguard vs iShares vs BMO All you need…

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Building a $1,000,000 RRSP Starting in your 30’s, 40’s, and 50’s.

Building A $1,000,000 Rrsp

I recently wrote about how you can build a comfortable retirement lifestyle even if you start a little late.  The article included a couple of examples of an investor who starts in his/her 40’s and 50’s and still result in a comfortable middle-class retirement.  But what if you want a little more during retirement?  What…

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Financial Freedom Update (Q2) – June 2019 ($50,660 in Dividend Income)!

Welcome to the Million Dollar Journey June 2019 (Q2) Financial Freedom Update – the second update of 2019!  If you would like to follow my latest financial journey, you can get my updates sent directly to your email, via Twitter or Facebook, and/or you can sign up for the monthly Million Dollar Journey Newsletter. For those of you new here, since achieving…

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Building a Simple Low-Cost Indexed ETF Portfolio in USD

Index Etf Usd

With recent articles about all-in-one ETFs and withholding taxes on ETFs in registered accounts, I’ve been getting questions about if there are USD based all-in-one ETFs, and if not, what are the most efficient USD ETFs to own? There are a number of readers who make their money in USD, and there are some advantages…

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Retirement Calculators – How Much Do You Need to Retire?

How Much Do You Need To Retire Calculator

This popular article was originally written in 2017, but since then, a couple of the calculators have gone offline.  I have updated this article with a couple of new additions. Enjoy! A reader recently asked me if she had saved enough for retirement. While it seems like a challenging question to answer, it can be roughly calculated…

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The Real MER on ETFs – Foreign Withholding Taxes on ETFs

Etf Mer

I’ve written a lot about index investing as one of the best strategies for beginner and experienced investors alike.  It’s a strategy that I follow with a large portion of my portfolio to get ex-Canada (outside Canada) diversification (I use dividend investing for my Canadian exposure).  Not only do I use this strategy in my…

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What Happens to your RRSP and TFSA after you Die?

what happens to your RRSP and TFSA when you die

Last week, I wrote about the most efficient way to withdraw from your accounts during retirement.  Within the article, I mentioned that while the general rule of thumb is to keep your RRSP as long as possible, there are some situations where drawing down on your RRSP first makes the most sense. This is particularly…

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Financial Freedom Update (Q1) – March 2019 ($48,200 in Dividend Income)!

Welcome to the Million Dollar Journey March 2019 (Q1) Financial Freedom Update – the first update of 2019!  If you would like to follow my latest financial journey, you can get my updates sent directly to your email, via Twitter or Facebook, and/or you can sign up for the monthly Million Dollar Journey Newsletter. For those of you new here, since achieving…

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Indexed Family Education Fund (RESP) Portfolio Update – 2019 Edition

Indexed Family Education Fund Portfolio

It has been about a year since my last RESP portfolio update which is probably an appropriate time span since it’s a fairly steady portfolio that is 100% indexed.  2018 was certainly a test for equity portfolios and although stocks were pounded, these indexed RESP accounts performed a little better than I expected. The RESP portfolios for…

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Net Worth Update January 2019 – Nobleea the Engineer and Millionaire!

Name: Nobleea Age: 40 Net Worth: $1,049,416 Day Job: Engineering manager at oilfield services company, Teacher (wife) Family Income: $140,000 (main job), $20,000 (part-time job/rental income), $85,000 (wife main job) Goals: Million dollar family net worth before 40 (Complete), Retirement from the primary job at 50 (for me) We live in Edmonton where incomes are…

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Financial Freedom Update (Q4) – December 2018 – Did we Reach our Goal?

MDJ Financial freedom update december 2018

Welcome to the Million Dollar Journey December 2018 Financial Freedom Update – the final update for 2018!  If you would like to follow my latest financial journey, you can get my updates sent directly to your email, via Twitter or Facebook, and/or you can sign up for the monthly Million Dollar Journey Newsletter. For those of you new here, since achieving $1M…

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Net Worth Update October 2018 – SmilingSaver (+63.2%)

Welcome to the Million Dollar Journey October 2018 Net Worth Update – Team MDJ edition. A select group of readers were selected to be part of Team MDJ which was conceived after the million dollar net worth milestone was achieved in June 2014. SmilingSaver was selected as a team member and will post net worth…

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Paying Property Tax and Utilities with a Credit Card

Paying Bills With Credit Card

Recently, a reader asked about my monthly expenses and how I flow all my expenses through a credit card. If you’ve been following MDJ for a while, you’ll know that I am a big fan of some loyalty programs and cash back credit cards. The best is when the stars align that combine a generous…

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Financial Freedom Update (Q3) – Sept 2018 ($43,450 in Dividend Income)

Welcome to the Million Dollar Journey September 2018 Financial Freedom Update – the third quarter update!  For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial independence.  How?  I plan on building my passive income sources to the point where they are enough…

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Canadian Financial Summit 2018 – All Online and FREE!

The bloggers behind Young and Thrifty have organized a virtual Canadian Financial Summit (CFS) starring 28 personal finance experts in the country.   Some of these experts include: Jon Chevreau (author of Findependence day and former editor of MoneySense Magazine); Preet Banerjee (CBC’s The National Commentator); Ellen Roseman (Columnist at Toronto Star);  Rob Carrick (Columnist…

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Horizon’s All-in-One Portfolios via Super Tax Efficient ETFs

Super Tax Efficient Etfs

The train keeps rolling with the index investing posts.  If you’ve been following lately, I’ve been focused on showing readers how to easily invest using the index investing strategy.  Articles such as: Best low risk investments in Canada Best all in one ETFs 6 Ways to Index Your Portfolio For the ultimate easy DIY portfolio,…

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Financial Freedom Update (Q2) – June 2018 ($41,050 in Dividend Income)

Welcome to the Million Dollar Journey June 2018 Financial Freedom Update – the halfway mark of the year!  For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial independence.  How?  I plan on building my passive income sources to the point where they…

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Where to Put your Investments for Maximum Tax Efficiency

I’ve been getting a number of emails from readers about dividend investing and which type of investment account to use for maximum tax efficiency.  This article should help clear up some of those questions. This post has been modified and expanded but was originally written in 2009.   Efficiency is the name of the game not only…

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Top Premium Credit Cards with No Foreign Transaction Fee

Credit cards with no foreign transaction fees seem to be a hot area these days with new products popping up in recent months.  Since the demise of the popular Amazon Visa, there have been a number of new cards that have popped up.  In a recent post listing the best travel credit cards, I wrote about…

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Financial Freedom Update (Q1) – March 2018 ($37,550 in Dividend Income)

Welcome to the Million Dollar Journey March 2018 Financial Freedom Update – the first update of the year!  For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial independence.  How?  I plan on building my passive income sources to the point where they…

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Official Passive Income Rules for Canadian Small Business

In the Summer of 2017, the Canadian government dropped a tax bomb on Canadian small business owners with proposed changes to how they are able to split their income and their ability to invest excess cash flow into passive investments.  While they had some vague guidelines, they did not have concrete rules to wrap our heads around. …

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Income Sprinkling Rules for Canadian Small Business

Income Sprinkling Rules For Canadian Small Business

In the Summer of 2017, the Canadian government dropped a tax bomb on Canadian small business owners with changes to how they are able to split their income. While they had some vague guidelines, they did not have concrete rules to wrap our heads around. All we had was speculation. However, they have recently provided…

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Indexed Family RESP Portfolio Update – 2018 Edition

Indexed Family Resp Portfolio Update

It has been about a year since my last RESP portfolio update which is probably an appropriate time span since it’s a fairly steady portfolio that is 100% indexed. The RESP portfolios for our children are set up with TD e-Series mutual funds which provide a low-cost way to index the market (some other ways to index your portfolio). …

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Net Worth Update January 2018 – SmilingSaver (+46%)

Welcome to the Million Dollar Journey January 2018 Net Worth Update – Team MDJ edition. A select group of readers were selected to be part of Team MDJ which was conceived after the million dollar net worth milestone was achieved in June 2014. SmilingSaver was selected as a team member and will post net worth…

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Why We Took the Commuted Value of our Defined Benefit Pension

In the last few financial freedom updates, I talked a little about my spouse leaving her full-time work.  While there was a bit of financial juggling to do, there was one major decision that we had to make with regards to her pension. We had to decide on either leaving her defined benefit pension in place…

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Financial Freedom Update (Q3) – Sept 2017 (+5.56%) – Major Milestone!

Welcome to the Million Dollar Journey September 2017 Financial Freedom Update – the third update of the year.  For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial independence.  How?  I plan on building my passive income sources to the point…

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Canadian Financial Summit – All Online – and FREE!

The bloggers behind Young and Thrifty have organized a virtual Canadian Financial Summit (CFS) starring 25+ personal finance experts in the country.   Some of these experts include: Andrew Hallam (Author of Millionaire Teacher);  Jon Chevreau (former editor of MoneySense Magazine); Peter Hodson (CEO of 5i Research Inc); Preet Banerjee (CBC’s The National Commentator); Ellen…

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RRSP Deadline & Contribution Limit 2018/2019

RRSP Deadline/Contribution Limit For those of you coming here through Google search looking for the RRSP deadline for tax year 2018, the deadline is: March 1, 2019.  Basically 60 days into the new year. There is an abundance of choice out there for RRSP accounts, but here is a review of the best online brokers for…

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Net Worth Update August 2017 – SmilingSaver (+121%)

Welcome to the Million Dollar Journey August 2017 Net Worth Update – Team MDJ edition. A select group of readers were selected to be part of Team MDJ which was conceived after the million dollar net worth milestone was achieved in June 2014. SmilingSaver was selected as a team member and will post net worth…

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Financial Freedom Update (Q2) – June 2017 (+9.73%)

Welcome to the Million Dollar Journey June 2017 Financial Freedom Update – the second update of the year.  For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial independence.  How?  I plan on building my passive income sources to the point…

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Global ETF ex-Canada (XAW/VXC) or 3 Individual ETFs?

Three Individual Etfs

If you’ve been following my financial freedom updates, you’ll see that I’m a fan of global index ETFs (ex-Canada).  Two of my favorites are XAW from iShares and VXC from Vanguard. I like them because they provide diversified exposure to the largest companies in the world (outside Canada) through a single ETF, they are on…

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Net Worth Update March 2017 – SmilingSaver – The Big Move (+140%)

Welcome to the Million Dollar Journey March 2017 Net Worth Update – Team MDJ edition. A select group of readers were selected to be part of Team MDJ which was conceived after the million dollar net worth milestone was achieved in June 2014. SmilingSaver was selected as a team member and will post net worth…

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Financial Freedom Update (Q1) – March 2017 (+10.89%)

Welcome to the Million Dollar Journey March 2017 Financial Freedom Update – the first update for the year.  For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial independence.  How?  I plan on building my passive income sources to the point…

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Financial Freedom Update – December 2016 (+15.5%)

Welcome to the Million Dollar Journey December 2016 Financial Freedom Update – the final update for the year.  For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial independence.  How?  I plan on building my passive income sources to the point…

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How to Transfer a Work Pension to a LIRA

how to transfer work pension to lira

When my wife recently left her career in health care, there was a bit more administrative work than expected.  One of these administrative items was to decide what to do with her accrued pension with her work place.  Technically, there are two pensions that we have to deal with.  The first was a “defined benefit”…

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Net Worth Update October 2016 – SmilingSaver – New Goal Edition (+9729%)

Welcome to the Million Dollar Journey October 2016 Net Worth Update – Team MDJ edition. A select group of readers were selected to be part of Team MDJ which was conceived after the million dollar net worth milestone was achieved in June 2014. SmilingSaver was selected as a team member and will post net worth updates on a regular basis. Here is more…

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Financial Freedom Update – September 2016 (+9.7%)

Welcome to the Million Dollar Journey September 2016 Financial Freedom Update.  For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial independence.  How?  I plan on building my passive income sources to the point where they are enough to cover our family…

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Financial Freedom Update – June 2016 (+5.78%)

Welcome to the Million Dollar Journey June 2016 Financial Freedom Update.  For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial independence.  How?  I plan on building my passive income sources to the point where they are enough to cover our family…

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Net Worth Update June 2016 – Sean Cooper (+2.76%)

Welcome to the Million Dollar Journey June 2016 Net Worth Update – Team MDJ edition. A select group of readers were selected to be part of Team MDJ which was conceived after the million dollar net worth milestone was achieved in June 2014. Sean Cooper was selected as a team member and will post net worth…

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How to Create a Stock Watchlist with Google Spreadsheets

I brought this post out of the archives due to a number of recent emails about how to track stock holdings.  I still use Google spreadsheets  today to track my dividend holdings. With the market volatility, there is a heightened interest in dividend stocks and how to buy stocks in general. Within my article on…

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Net Worth Update May 2016 – Smiling Saver – Student Loan Edition (+100%)

Welcome to the Million Dollar Journey May 2016 Net Worth Update – Team MDJ edition. A select group of readers were selected to be part of Team MDJ which was conceived after the million dollar net worth milestone was achieved in June 2014. SmilingSaver was selected as a team member and will post net worth updates on a regular basis. Here is more…

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Net Worth Update April 2016 – Karl the Real Estate Agent (+6.9%)

Welcome to the Million Dollar Journey April 2016 Net Worth Update (a little late, sorry!) – Team MDJ edition. A select group of readers were selected to be part of Team MDJ which was conceived after my million dollar net worth milestone was achieved in June 2014. Karl the Real Estate Agent was selected as a team member…

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Breakdown of Our Expenses in 2015

Back in 2008, I wrote my initial post about our monthly expenses.  It’s always interesting going back in time to see what the circumstances were.  Back then, the update was compiled just before we had our first child, and we had a mortgage on our principal residence (a new build).  Our annual recurring outlay was around…

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Financial Freedom Update – March 2016

Welcome to the Million Dollar Journey March 2016 Financial Freedom Update.  For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial independence.  How?  I plan on building my passive income sources to the point where they are enough to cover our…

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RESP Portfolio Update – February 2016

Resp Portfolio Update Feb 2016

It’s been a little over two years since my last RESP portfolio update which is probably an appropriate time span since it’s a fairly steady portfolio that is 100% indexed. The RESP portfolios for our children are setup with TD e-Series mutual funds which provide a low cost way to index the market.  We contribute $2,500/account/year to get…

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Capital Gains Tax when Converting Currency

Capital Gains Tax When Converting Currency

When I wrote about some low cost ways to convert your valuable US Dollars (USD) back into Canadian dollars (USD), there was a comment about the potential for capital gains tax which caught some readers by surprise. At a high level, if there is any sort of “profit” from doing a conversion from USD to…

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Financial Freedom Update – December 2015

Welcome to the Million Dollar Journey December 2015 Financial Freedom Update.  For those of you new here, since achieving $1M in net worth in June 2014 (age 35), I have shifted my focus to achieving financial independence.  How?  I plan on building my passive income sources to the point where they are enough to cover our family…

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Net Worth Update October 2015 – Karl the Real Estate Agent (+4.94%)

Welcome to the Million Dollar Journey December 2014 Net Worth Update – Team MDJ edition. A select group of readers were selected to be part of Team MDJ which was conceived after the million dollar net worth milestone was achieved in June 2014. Karl the Real Estate Agent was selected as a team member and will…

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One Year After – A Financial Freedom Update – August 2015

It has been a little over a year since reaching the million dollar net worth milestone and a number of you have emailed me requesting an update on what I’ve been doing since, how it feels to be a millionaire, and mostly, how my new financial goals are progressing. Life Since Becoming a Millionaire Back when I…

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Net Worth Update June 2015 – Smiling Saver (Just Married)

Welcome to the Million Dollar Journey August 2014 Net Worth Update – Team MDJ edition. A select group of readers were selected to be part of Team MDJ which was conceived after the million dollar net worth milestone was achieved in June 2014. SmilingSaver was selected as a team member and will post net worth…

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Net Worth Update April 2015 – Nobleea the Oil and Gas Engineer

Name: nobleea Age: 36 Net Worth: $747,709 Day Job: Engineering manager at oilfield services company, Teacher (wife) Family Income: $145,000 (main job), $10,000 (part time job), $70,000 (wife main job), $10,000 (wife part time job) Goals: Million dollar family net worth before 40, Retirement from primary job at 50 (for me) Notes: Owns primary house.…

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