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Helping Canadians with Personal Finance Since 2006

Welcome to Million Dollar Journey! If you’re new here, you can learn about me and even follow my financial journey to becoming a millionaire by 35 through my net worth updates. Since hitting the Million Dollar milestone, I’ve been documenting my journey towards financial freedom that you can read about here. If you are just starting your own financial journey, you can start with Financial Freedom 101 located in the navigation bar above. Before you leave, check out my latest articles listed below and don’t forget to subscribe to my updates!

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

By FT | September 9, 2019 |

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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Dividend Kings List – Companies with Annual Dividend Increases for Over 50 Years!

By FT | September 2, 2019 |
dividend kings

A reader has prompted me to update this post (originally posted in 2016). Dividend growth investing may not be for everyone, but I am a fan.  I like the idea of receiving tax efficient payments from long-established companies with a track record of annually increasing their payments to shareholders.   I’m also a believer in…

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Dividend Investing – Your Questions Answered

By FT | August 26, 2019 |

Henry Mah from “Your Every Growing Income” blog posted a questionnaire for income investors and I thought it would be useful to help summarize my investment principles in a single post. If you are a regular reader, you’ll know that while I’m a dividend investor, I’m also an index investor at the same time.  In…

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Income Splitting Tax Strategy – Spousal Investment Loan

By FT | August 19, 2019 |
income splitting tax strategy - spousal investment loan

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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Top Free Cash Back Credit Cards in Canada for 2019

By FT | August 11, 2019 |
best cash back credit card in Canada

This post was originally written in 2007 but has been updated annually since. The reason why I’m posting it again now is because there have been changes to the best free credit card in Canada.  More below. After you guys gave me your favorite credit cards, I did a little research and came up with…

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Can You Have Too Much RRSP?

By FT | August 5, 2019 |

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

By FT | July 29, 2019 |

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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Money when New to Canada, Adding REITs to Your Portfolio, Smith Manoeuvre with Cottages and More!

By FT | July 22, 2019 |

Freebie of the Month If you are a reader of MDJ, you will know that I’m a fan of Questrade discount brokerage. I opened an account with them when they first started in Canada, and continue to open accounts with Questrade – in fact, I’m just about to open a spousal RRSP to help with income splitting during retirement.…

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