Posts by Kyle Prevost
FHSA: Canada’s Tax-Free First Home Savings Account
With the government having launched the First Home Savings Account (FHSA) in 2023, more first-time home buyers should really be looking to take advantage of the tax-free benefits of the FHSA in 2024. The idea is obviously to make it easier for Canadians to buy their first home. In addition to the more straightforward benefits,…
Read MoreWealth Management Companies in Canada 2023
My article on the best financial advisors in Canada appears to have triggered a bit of a backlash from Canada’s wealth management companies. If you’re not sure what exactly the difference is between a wealth management firm and a financial planning company – don’t worry – there isn’t one. The terms “financial planning,” “financial advisor,”…
Read MoreBest GIC Rates in Canada 2023
The best GIC rates in Canada continue to trend upward in 2023. Finally, savers are being rewarded after years of low rates! The term GIC is short Guaranteed Investment Certificates, and they are the Canadian equivalent to the American Certificates of Deposit (CDs). GICs are perfect for saving for short-term goals. Below you can see our constantly…
Read MoreQtrade Review 2023 – Canada’s Best Broker
What Is Qtrade Direct Investing? Is it Legit? Qtrade Direct Investing is part of Aviso Wealth, a national financial services company owned by the Credit Union Centrals, CUMIS and Desjardins. Aviso manages close to $105 billion in assets, and has major operations in Vancouver and Toronto, with regional offices across Canada. By again grabbing the…
Read MoreBest Financial Advisors in Canada
When looking for the best financial advisors in Canada (or best financial planners in Canada) you’re inevitably going to encounter a lot of confusion and too-slick sales pitches. There is a lot of money to be made from selling mutual funds to Canadians, and many wealth management firms specialize in this sort of “financial planning”. Unfortunately, it’s…
Read MoreThe 11 Best Cash ETFs in Canada (Plus HISA ETFs and Money Market ETFs)
Given the realities of skyrocketing interest rates it’s no wonder that interest in Canada’s Best Cash ETFs, high interest savings account (HISA ETFs), and money market ETFs has significantly increased as well. While Cash ETFs aren’t exactly the same thing as money market ETFs, the two are very similar. The terms high interest savings account ETF…
Read MoreCheapest & Best International Money Transfer Companies in Canada for 2023
The cost of transferring money internationally to a bank account abroad – or just exchanging one currency for another – is likely higher than you think. An increasing amount of Canadians are engaging in international money transfers, falsely assuming the cost is just that $15-$30 overseas bank wire charge. Well, I have some bad news…
Read More4 Steps to a Worry-Free Retirement in Canada
I’ve been writing about personal finance in Canada for 15 years now. This week I launched the project that was by far the best resource that I’ve ever created. It’s hands down what I’m most proud of in my career. I’m talking about the first ever online course about Canadian retirement. It’s called 4 Steps…
Read MoreNeo Financial Mastercard Review 2023
The new Neo Financial Mastercard or “Neo CardTM” is the next big thing in Canadian credit cards. We’ve seen tech companies disrupt everything from vehicles to space travel and investing. Now the new Neo credit card is coming for the old market standbys. Three massive advantages for the Neo Card immediately stand out to me: 1)…
Read MoreBest Canadian Inflation Stocks for Hedging Investments
Should you worry about re-working your whole portfolio around the idea of choosing the best Canadian inflation stocks? Probably not. Of course that’s easier said than done as we proceed through stubborn inflation trends in 2023. When we started 2022, inflation was only being mumbled about by a very small cohort of market experts (shout…
Read MoreFinances After The Death of a Spouse – Creating a “Just In Case” Checklist
Preparing for the death of a spouse has got to be one of the worst personal finance tasks out there. I think it might be slightly easier for us to prepare for our own demise than it is to place that burden on our spouse. That statement is especially true if your household division of labour…
Read MoreScotiabank Review: Chequing, Banking & Credit Card Package
Scotiabank is exceptionally easy to use. It has all the brick-and-mortar corner location convenience, coupled with an excellent online platform. It’s a solid all-in-one bank, as you would expect from one of Canada’s Big Five Banks. While the savings account interest rate is not as good as EQ Bank (our #1 high interest savings account)…
Read More13 Top Tax Breaks for Seniors in Canada
With tax season hitting full stride, and our recent focus on retirement planning, I thought a look at the most used tax breaks for seniors and retirees might be just what the accountant ordered. Quick Note: The phrase “tax break for seniors” isn’t a technical term. Instead, it refers to a range of tax credits for…
Read MoreCI Direct Investing Review 2023 (Formerly WealthBar)
What is CI Direct Investing and Is It a Robo Advisor? CI Direct Investing is a combination of an automated investing platform and a personal financial advisor. When it comes to taking a piece of your monthly pay cheque and turning it into a diversified investment portfolio – CI Direct Investing does that for you. That…
Read MoreWorking After Retirement in Canada
Over the last few months we’ve been looking at various aspects of retirement planning in Canada. Specifically, we’ve went in-depth on: Today we’re going to look at the idea of doing some part-time work (at least in the first few years of your retirement) and how to fit that into your retirement plan. We’ll also answer…
Read MoreQuestwealth Portfolios Review for 2023
What is Questwealth Portfolios? Questwealth Portfolios, formerly Portfolio IQ, provides a unique hybrid model of investing to customers that you won’t find elsewhere. They offer investors a passive way to invest, along with services such as automatic rebalancing and tax-loss harvesting. This is definitely appealing for investors who are looking to keep costs low all…
Read MoreFive Years into the Vanguard All-In-One Revolution
There are very few new financial products that really move the needle all that much. Vanguard’s Asset Allocation ETFs are one of the exceptions to that rule by becoming one of the more popular ETFs in recent memory. We’re celebrating the fifth anniversary of Vanguard’s launch of the first Canadian “all-in-one ETFs.”. You might also see…
Read Moremotusbank Review 2023
What is motusbank? Online banking has become the norm for younger Canadians, and motusbank, a part of Meridian Credit Union wants a piece of the action. While motusbank is a relatively new online bank, launching in 2019, it’s done well in offering a wide range of services and keeping interest rates high. It needs to…
Read MoreTangerine vs EQ Bank Comparison 2023
With interest yields on the rise in Canada, it’s a great time to start searching for the Best Online Bank in Canada in 2023. Online banks are currently offering interest rates as high as 5%, which is good news for those with cash to stash, especially as inflation rates are higher than they’ve been in…
Read MoreThe Best Countries for Canadians to Retire Abroad
A few years ago I never would have considered writing an article about the best countries for a Canadian to retire abroad. Why would anyone want to leave Canada, right? Then my wife and I moved overseas to accept teaching positions, and I became aware of a broad range of geography-inspired lifestyle possibilities. I was so…
Read MoreLife Insurance for Seniors in Canada
Is whole life insurance good for Canadian seniors? Is permanent life insurance a good investment for Canadian retirees? Is term to 100 life insurance worth it for Canadian seniors? Long story short when it comes to life insurance for seniors in Canada: There is a 99% chance you don’t need it and can just ignore…
Read MoreLong-Term Care Insurance In Canada: Do I Need It?
TL;DR: You probably should not buy long-term care insurance in Canada. For many Canadians who are entering retirement, one of the big fears is that in their final years they will not be able to live on their own – and that because they can’t afford private long-term care, their lives will become miserable. This…
Read MoreInvesting in Annuities in Canada – Buying a Pension for Life
As a former teacher you might think I’d be the last person who would want to learn more about investing in annuities in Canada. It’s common knowledge that teachers enjoy a solid stream of pension income when they reach retirement. In fact, it’s so commonly known, that it can become a bit of a heated…
Read MoreQuestrade vs Wealthsimple – Which is Better in 2023?
As someone who has personally used both Wealthsimple and Questrade in the past, I can understand why so many Canadians want to compare these two DIY investing heavyweights. Here’s the first thing you have to understand if you came to this page after searching for “Wealthsimple vs Questrade”: Both Wealthsimple and Questrade have two completely…
Read MoreRRSP vs RRIF: Conversion, Ages, Penalties, Withdrawal Minimums
One of the main decisions that every Canadian retiree has to make is in regards to at what age they want to convert their RRSP to a RRIF. Consequently, questions such as: Are some of the most common ones that we get in regards to retirement planning. Ultimately the RRSP vs RRIF debate comes down to…
Read MoreWithdrawing From RRSP and TFSA For Retired Canadians in 2023
After writing a deep dive article on whether the 4% safe withdrawal rate still works for retirement at various ages, I received a lot of questions basically asking: “Ok, so 4% is a good rule of thumb, but when I actually go to withdraw money from my various investment accounts, to put into my chequing…
Read MoreSafe Retirement Withdrawal Rate Strategies in Canada
So you have been reading MDJ for years, have used your Canadian online broker account to DIY-invest your way to a solid nest egg. You’ve got a TFSA, and RRSP, and maybe even a non-registered account – full of good revenue-generating assets. Kudos! Now comes the tough part: How do you turn that nest egg…
Read MoreRetiring With a Mortgage or Other Debt in Canada
How much debt is OK in retirement? Do I need to get out of debt before I retire? What percentage of Canadians retire with debt? Am I the new normal? These questions appear to be getting more and more common judging by the frequency with which they end up in my inbox. Given how rising…
Read MoreCanada Personal Pensions: Defined Benefit vs Defined Contribution Plans
Now that we’ve covered OAS and CPP, it’s time to move on to the world of personal pensions in Canada. Generally Canada’s personal pensions are broken down into two categories: While it’s true that most government employees enjoy defined benefit plans, and that many private sector employers have been choosing defined contribution plans, it’s not…
Read MoreCPP Ultimate Guide – Eligibility, Payment Dates, Withdrawals & More
Most Canadians know the Canada Pension Plan as a government account they pay money into every month when they are working, and then when they retire, CPP means a cheque or automated deposit that arrives every month. Sounds simple enough right? Well… There are many layers to CPP! It’s one of those topics in Canadian…
Read MoreOAS in Canada: Clawbacks, Eligibility and Payment Dates
Old Age Security – better known as OAS – is one of the least understood aspects of Canadian retirement planning that I’ve come across. In order to full wrap your head around OAS and how you can get the most out of it for your particular situation, this deep dive is going to cover: (use…
Read MoreHow Much Do Canadians Spend In Retirement?
You’d think it’d be a relatively easy quest to answer the question: How much will a Canadian spend in retirement? I started looking into this quandary because I’ve recently become a bit obsessed with the idea of all the mistakes most Canadians are making when it comes to preparing for retirement. These mistakes are quietly killing…
Read MoreBest Business Credit Cards for Canadians in 2023
A business credit card is a credit card that’s designed specifically for company spending, as opposed to personal use. Other than giving you access to additional money, they can give you a number of corporate benefits. Overall, it’s a great way to grab a few additional perks on money that you’d flowing in and out of…
Read MoreWhat To Do When the Stock Market Crashes
We’re getting a lot of semi-predictable questions via email and article comments that ask some version of: “Is the stock market crashing and what should I do after stocks or bonds crash?” Read a book. Watch a new TV series. Spend time with your family. Just don’t panic. Sure, if you’ve got a really strong…
Read MoreVanguard Canada Index ETFs vs Mutual Funds
When Vanguard Canada first approached me about doing an interview in regards to their two new mutual fund products, I have to admit that my response was: “Wait, Vanguard still has mutual funds? They’re introducing new ones? Are we sure that’s a good idea?” What followed was an interesting back and forth email interview with…
Read MoreBook Review – Balance: How to Invest and Spend for Happiness, Health, and Wealth
Huh… this guy really gets it – I remember thinking to myself when I picked up Andrew Hallam’s first book Millionaire Teacher back around 2011. I mean, it was never going to be a hard sell. There’s preaching to the choir… …and then there’s one money-nerd personal finance teacher preaching to another money-nerd personal finance…
Read MoreTeaching, Saving, and Investing – 5 Takeaways On Our 1-Year Expat-aversary
When I wrote about my new adventure becoming a Canadian Expat last year, I was quite surprised at the positive reception MDJ readers gave it. Frankly, I wasn’t sure what to expect given how niche the idea of becoming a Canadian expat was. So, as we start our second school year in Doha, I thought I’d…
Read MoreBuying a House in Canada – Why I Can’t Wait To NOT Be a Homeowner
By the end of the summer I will no longer be a homeowner. In many countries that statement would be a simple matter of personal finance. Selling an asset, paying off a loan (mortgage) and moving on to another living space. But not in Canada. No, in Canada selling our house means that my wife and…
Read MoreCanada’s Purpose Longevity Pension Fund: Is It a Guaranteed 6.15% Pension for Life?
For many years Canadians had some excellent options when it came to determining where they were going to get money from in retirement. You had your Sturdy Canada Pension Plan that you had paid into. Then you had the Old Age Supplement (OAS) to look forward to receiving each month. Finally, many Canadians got to…
Read MoreTravelling to Tbilisi Georgia: Bougie on a Budget
I’ve never been a travel blogger. I’m not well travelled enough to be an authority on how to do it well, or which places are best relative to other options. (Hence the whole international teaching adventure I’ve been embarking on.) But I thought that perhaps I’d dip my toe into the travel writing waters, seeing…
Read MoreSnag Your Free Canadian Expat eBook
Want to get paid a tax-free salary while working in a place where you don’t need to own a jacket or winter boots? Here’s the nuts-and-bolts behind how my wife and I are enjoying deduction-free salaries, and watching our tax-free investment portfolios grow, while living in a world-class city. If you’re a longtime reader of…
Read MoreInsurance and Wills for Canadian Expats
When I talked to several non-resident tax and investment specialists during my Covid quarantine-induced expat research frenzy, the topic that kept coming up as “the most common mistake amongst expats” was insurance. As the least sexy topic in a field of study not known for being particularly sexy, insurance has long been the forgotten dance…
Read MoreShould You Bet Your House on Blackberry?
January 25th – 29th, 2021 is the week the stock market embraced full insanity – PhD theses will eventually be written about what just occurred in the stock market this week. One day smart people will be able to explain to what degree various factors contributed to the illogically hilarious/fun/dangerous ride that stocks such as Gamestop (GME), Blackberry (BB), NOKIA (NOK), and AMC (AMC) took us on over the past few days
Read MoreThe Best ETFs for Canadian Expats Around the World
When my wife and I decided to move to Qatar, I wanted to check and make sure that my index investing strategies could still be carried out through my discount brokerage account, and what sort of expat-specific considerations there might be. After checking with my usual sources (all things Andrew Hallam, Dan Bortolotti, and Jonathan…
Read MoreBMO adviceDirect Review: Investing Advice for a Low Fee
The jump from traditional investing using mutual fund + full service advisor model, to all-on-your-own DIY investing using a discount broker can be a big jump for a lot of Canadians. Our BMO adviceDirect Review breaks down if this unique service is right for you. The idea is to allow investors to get advice directly, but…
Read MoreYour Canadian Expat Investing Toolbox: DIY Discount Brokerages and Robo Advisors
Once you have taken a hard look in the mirror and decided what your target asset allocation should be (with some help if you need it), it’s time to look at just how you should go about actually getting money from your paycheque into an indexed investment. An index fund is a general term that…
Read MoreReal Estate Investing vs Index Investing for Canadian Expats
In talking to dozens of Canadian expats over the last year, I’ve found four money truths that consistently emerge. Earning a low-tax or a tax-free salary is a lot of fun. People who earn low-tax salaries work with other people who earn low-tax salaries. “Other people” who earn low-tax salaries tend to spend a lot…
Read MorePC Money Account Review – Loblaws Resurrects a New PC Financial No Fee Account
Note: We’ll be updating our PC Money Account Review as the details get fleshed out and the introduction promo offer codes get created. For many years, the options for no-fee chequing accounts in Canada were limited to two competitors: PC Financial and ING/Tangerine. When Loblaws decided they didn’t want to worry about daily banking accounts…
Read MoreMy Canadian Expat Taxes, Budget, and Savings Rate In Qatar
Can I really go work in Qatar and not pay Canadian income taxes as an expat? This was one of my first thoughts when I started looking into teaching abroad. I mean, when you make a decision to move to the desert, adventure has to be the primary consideration, but let’s be honest here: If…
Read MoreTransferring Money Back From Qatar and Using Currency Exchange as an Expat
The average expat looking to transfer money from Qatar to Canada, the UK, the Euro zone, New Zealand, or Australia is likely paying a voluntary tax of $1,000 every single year! When I first started researching the options in Qatar for exchanging currency online or in-person, I was stunned by how few people even understood…
Read MoreTeaching In Doha, Qatar – Expanding Our Horizons
“Actually, we won’t be around next year, we’re going to teach in Qatar.” “Where???!” “Doha, the capital city of Qatar. Think Dubai, but slightly smaller, slightly slower-paced, and a few years behind – but quickly catching up – in terms of infrastructure and eye-catching skylines. Oh – and they’re hosting the FIFA World Cup in…
Read MoreLegal Wills Review: Canada’s Best Online Will Kit
When I was asked if I wanted to write a Canadian Legal Wills review in exchange for a free trial of Canada’s best online will kit, I have to admit that I was embarrassed.
You see… until yesterday I didn’t have a will.
I know… statistics show that roughly half of Canadian adults don’t have a will, and only a third or so have one that is up to date.
Read MoreIs Hello Fresh Worth It?
Reviewing the Cost of Meal Kits During the Pandemic Over the last few weeks, several of my neighbors have been eyeing my weekly meal kit delivery service, and asking for my Hello Fresh Review. This new trend makes sense given how many of us are cooking from home more these days – while trying to…
Read MoreAn Intelligent Conversation About Health and Investing In a Covid 19 World
We’re going to try something a bit different today. In a bid to learn more about Covid-19 and what it means for our day-to-day lives, as well as our investment portfolios, I’ve read a TON of stuff. (All of the folks who are taking care of children during this quarantine are cursing me right now.) …
Read MoreLow-Cost Countries for Canadians to Retire Early In
**Editor’s Note: With everyone obsessed over the tragedy enveloping our world and/or the stock market gyrations that it is causing, we decided to give readers a bit of a sunny break this week. If you want to read our personal finance/investing thoughts on the unprecedented current events, please see our thoughts about investing in the…
Read MoreA Serious Look at Canadian Finance and Investing AC (After Covid)
Nearly 500 people died in Spain yesterday. Humour and money are not the most important topics at the moment. People using war analogies to describe the fight against this nasty bug don’t seem to be exaggerating when you see numbers like that. My attempt to distract people with gallows humour in our Covid-19 article last…
Read MoreCoronavirus (Covid-19): Sell It All
Just Do It. You know you’ll feel better after you scratch that itch… SELL IT ALL! Who knows where this will end? Your brother-in-law who took a biology class twenty years ago said that we might all go to the great tax haven in the sky – so it must be true! We could wake…
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