Posts Tagged ‘featured’
Best Canadian Dividend Stocks – April 2024
As we look forward to a new year, it’s time to update our list of Best Canadian Dividend Stocks for April 2024. Click here to jump straight to my top 10 dividend picks for April 2024. Given the great year that non-dividend tech stocks had in 2023, it might have gotten lost that our Canadian…
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 even have a will. I know, statistics show that roughly half of Canadian adults don’t…
Read MoreQuestrade vs Wealthsimple – Which is Better in 2024?
Canadian investors looking to cut their investing costs to the bone are probably most interested in the Wealthsimple vs Questrade comparison. While fees are usually the main consideration, I think it’s worth looking into how well the user experience is, what the respective customer service report cards have to say, and finally, what accounts each…
Read MoreQuestrade Review 2024
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…
Read MoreQtrade Review 2024 – 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 $120 billion in assets, and has major operations in Vancouver and Toronto, with regional offices across Canada. By again grabbing the…
Read MoreWealthsimple Review 2024
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…
Read MoreDividend Stocks Rock Review 2024
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…
Read MoreSafe Retirement Withdrawal Rate Strategies in Canada
The concept of a safe withdrawal rate (and the 4% rule) is a key planning tool for Canadians of all ages. After all, if you don’t have a general withdrawal plan, how can you know how much you need to save in the first place? If you have been reading MDJ for years, you already…
Read MoreMaxed out RRSP and TFSA – Now What?
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…
Read MoreBest Canadian Dividend ETFs for 2024 (And Why We Prefer Dividend Stocks)
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…
Read MoreUltimate Smith Manoeuvre Guide For Canadians
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…
Read MoreBest 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…
Read MoreSimplii Financial Review
If you prefer to do all your banking from the comfort of your home and don’t mind not having access to face-to-face help if required, then a bank that offers high interest savings accounts is a good choice for you. But not all online banks are created equal. Simplii Financial (as it has been known…
Read MoreInvesting Taxes: Dividends, Interest & Capital Gains
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,…
Read MoreInvesting in Flow Through Shares in Canada
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…
Read MoreSmith 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…
Read More46 Ways to Save Money in Canada
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…
Read MoreCI Direct Investing Review 2024 (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 MoreQuestwealth Portfolios Review for 2024
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 MoreThe Best No-Fee Cash Back Credit Cards in Canada 2024
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…
Read MoreInvesting 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…
Read MoreDogs of the TSX Dividend Stock Picks (January 2024 Update)
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…
Read MoreBest All-in-One ETFs in Canada 2024
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…
Read MoreInvesting in Canadian Bank Stocks 2024
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…
Read MoreWithdrawing From RRSP and TFSA For Retired Canadians in 2024
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 MoreNorbert’s Gambit – Save Money With 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…
Read MoreCanadian Bank Accounts for Kids
If you are a parent reading this blog, you already know that teaching your children about financial literacy is one of the best ways to help set them up for financial success later in life. Helping them to set up a kids bank account early can help you achieve this goal. Helping your child to…
Read MoreBest Business Credit Cards for Canadians in 2024
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 MoreTop 6 Indexing Options for Your Portfolio in 2024
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…
Read MoreIndexed Family Education Fund (RESP) Portfolio Update – 2022 Edition
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…
Read MoreThe 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…
Read MoreStudioTax Review 2024
StudioTax is certified tax preparation software for Canadian personal income tax returns. It is provided by BHOK IT Consulting and is now also available for Quebec residents. I have been a user for the last few years and have not found a reason to change or try a free or paid tool. StudioTax suits my…
Read MoreHow 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,…
Read MoreTFSA Contribution Room In 2024 + TFSA Rules and Limits
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…
Read MoreShould I buy 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…
Read More5 Ways to Get Your Credit Score and Credit Report for FREE
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…
Read MoreFinancial Freedom Update (Q3) 2021 – Sequence of Returns Risk Edition
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…
Read MoreTangerine’s No-Fee Cash-back MasterCard 2024 Review
This was originally a guest post by credit card enthusiast and regular reader – Elbyron, written back in 2015. Now, it’s the time to re-evaluate this card and see if it’s still the best cash back card in Canada. Our no-fee Tangerine Money-Back Credit Card Review takes a detailed look at the ins and outs of…
Read MoreFinancial Freedom Update (Q2) 2021 – Portfolio All-Time High Edition
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…
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. Given the consistent pattern of those truths, is it any wonder that so many expats simply give up on investing (often seeing the whole thing as a glorified casino) and instead just focus on enjoying the…
Read MoreMy Favorite 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…
Read MoreEI Benefits for the Self Employed
Today we’re going to cover the employment insurance (EI) benefits that you can receive, as a self-employed individual. Perhaps the most important thing to understand, is that while you can receive a significant amount in EI benefits as a self-employed person, you are not automatically signed up to receive them, and you do not receive…
Read MoreThe Hot Potato Investing Strategy
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…
Read MoreIndexed Family Education Fund (RESP) Portfolio Update – 2020 Edition
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. …
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 MoreLate Starting your RESP? Here’s how to Catch UP!
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…
Read MoreBuilding a $1,000,000 RRSP Starting in your 30’s, 40’s, and 50’s.
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…
Read MoreBuilding a Simple Low-Cost Indexed ETF Portfolio in 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…
Read MoreRetirement Calculators – How Much Do You Need to Retire?
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…
Read MoreThe Real MER on ETFs – Foreign Withholding Taxes on ETFs
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…
Read MoreWhat Happens to your RRSP and TFSA after 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…
Read MoreThe Mini-Split Heat Pump Experiment – Will it Save You Money?
Way back in 2008, we completed a custom home that we still live in today. In that same year, I wrote a post about my regrets of not going with a heat pump to save money on energy bills. I’m not sure if you use electric heat where you are from, but if you do,…
Read MoreRogers World Elite MasterCard – Best Free Cash Back Card in Canada?
In a recent post announcing the new Simplii Financial Cash Back Visa (4% at restaurants), I hinted that the Rogers World Elite MasterCard may be a top contender for the best free cash back credit card in Canada. My post comparing the best free cash back cards in Canada is a popular one with the…
Read MorePaying Property Tax and Utilities with a 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…
Read MoreWhere 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…
Read MoreOfficial 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. …
Read MoreCapital 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…
Read MoreReader Mail: Should I Sell or Hold during Stock Mergers/Acquistions?
The big financial news in Canada these days is that Burger King is acquiring Tim Hortons in a cash and stock deal worth $12 billion. When big events like this happens, I typically get a number of emails on the topic, this time around, readers are wondering what to do with their shares of Tim…
Read MoreSelf-Employed Freelancer or Professional? How to File Your Income Taxes!
With fewer employers offering stable full-time positions, instead opting for part-time and contract work, self-employment is on the rise. According to the latest jobs numbers from Statistics Canada, self-employment rose 3.6 per cent in August 2013. With over 2.6 million Canadians relying on self-employment for their livelihood, it’s more important than ever to understand how…
Read MoreAsk the Readers: What’s in Your Wallet?
The personal finance blog group, The Money Writers, came up with the idea of writing a post about the contents of a blogger’s wallet. As it’s a regular occurrence for me to bare all (financially) on this blog, I agreed to play along as some of my readers may be curious as well. What’s my…
Read MoreHow Rent to Own Houses Work in Canada
One real estate strategy that I’m quite familiar with, but never written about, is rent to own or lease option homes. What is a rent to own home? It’s pretty much exactly as it sounds. It’s where an investor, or home owner, rents out their property to a tenant, but gives the tenant the “option”…
Read MoreReader Question: Comparing MERs, Yield and Returns
A reader emailed me with a question about comparing ETFs, more specifically their MERS, yields, and if there is a correlating return. Here is the question in detail: I have a question regarding ETFs that follow indexes, like the XCV and XIC in Canada that follow the TSX in one way or another. There seems…
Read MoreManulife ONE Mortgage Review
As I’ve been looking into using the Smith Manoeuvre strategy, I’ve come across a few mortgage solutions that will fit nicely. Among them include the RBC Homeline mortgage, the First Line Matrix mortgage, and the Manulife ONE (M1) mortgage. The first two mortgages are similar where they have a traditional mortgage portion with a home…
Read MoreIs your Life Insurance Policy about to Implode?
This is a guest column by insurance specialist Glenn Cooke. Your life insurance policy may be about to implode. You may be on the verge of having to pay exhorbitant premiums just to keep your existing life insurance policy in force – and with those premiums continuing to increase year over year. Life insurance companies…
Read MoreResidential vs. Commercial Real Estate Investment Comparison
This is a column by our resident real estate expert Rachelle. I actually live and work in the Toronto area, in Ontario and this post is about different kinds of properties you can invest in and the benefits and pitfalls of developing a portfolio of properties that is not residential. Law Residential Property The law…
Read MoreAvoid the 5-Year Fixed Mortgage Trap
Should I go short or long; fixed or variable with my mortgage? “I wish I had an answer to that, because I’m tired of answering that question.” – Yogi Berra Number 3 on our list of things on which Canadians waste the most money is 5-year fixed mortgages. They are marketed as being safe and…
Read MoreDIY Smith Manoeuvre II – The Readvanceable Mortgages
The Readvanceable Mortgage Canadian Capitalist contacted me to write part 2 of his DIY Smith Manoeuvre 3 part series. Part 1 more or less introduces The Smith Manoeuvre Part 2, which is this article, is about the various readvanceable mortgages available in Canada and which ones are recommended, and Part 3, discusses some investment options…
Read MoreShould Spouse Stay at Home with Kids OR Work?
I got a common young couple question from Fab (Cashflow 101 charity sponsor) a little while back about whether it’s better financially for his wife to stay at home and take care of their children, or go back to work. Here is the question in more detail: … for families with young age kids (like…
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