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Tax-free savings account is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-traded funds (ETFs), guaranteed investment certificates (GICs), bonds, stocks and, yes, plain old cash. While you do have to abide by the set amount of contribution room each year, any growth you earn on those investments will not affect your contribution room for the current year or years to come. Plus, the income earned is tax-free (more on that below). Any resident of Canada who is 18 or older and has a valid social insurance number can open a TFSA.

Featured TFSA Accounts

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Best TFSA savings account

Earn 3% interest tax fee tax-free interest with flexible withdrawals and zero fees…

—Ian

How to change a tax filing to claim investment management fees

If you pay investment management fees for your non-registered investment account, the fees are generally tax deductible, Ian. They can be claimed on line 22100—carrying charges, interest expenses and other expenses. Fees paid for tax-preferred accounts like tax-free savings accounts (TFSAs) or registered retirement savings plans (RRSPs) are not deductible.

According to the Canada Revenue Agency (CRA), two types of fees are eligible to deduct:

“fees to manage or take care of your investments,”

and “fees, other than commissions, paid for advice on buying or selling a specific share or security by the taxpayer or for the administration or the management of the shares or securities of the taxpayer…

What’s new for taxes?
New alternative minimum tax changes: As of January 1, 2024, the AMT rate is 20.5% (previously 15%). Essentially, the AMT is a minimum level of tax for Canadians who claim certain deductions, exemptions and/or credits to reduce how much personal income tax they pay. The change doesn’t apply to 2023 income tax returns, though, and thankfully it doesn’t apply to most Canadians.

Deadline extended for underused housing tax (UHT): For residential property owners with vacant or underused real estate who owed the UHT from their 2022 income tax return and have yet to pay it, know that the Canada Revenue Agency (CRA) extended the due date to April 30, 2024, with penalties waived…

Making Things Accessible, Human and Understandable

The concept of blending creativity with technology to propel the finance sector forward is a business position championed by technology firm, Paralucent. “This isn’t about leveraging technology in isolation. It’s about harnessing technology alongside imaginative problem-solving in order to craft business solutions that resonate on a deeply human level.”emphasizes Jeff Miller, founder and CEO of Paralucent…

When is advance care planning day?
Advance Care Planning Awareness Day is April 16. It is meant to instigate conversations between family members and close friends about their wishes. Talk with your loved ones about what would happen if you or they weren’t able to make decisions.

How much does it cost to care for aging parents?

According to a survey conducted by the Petro Canada CareMakers Foundation, the average annual out of pocket expenses of caring for an elderly parent in Canada is $6,000, depending on the level of care needed…

U.S. inflation intimidates stock market

We were supposed to be entering the time of the year when inflation should be trending downward and stock markets could get back to a “normal” state of slow growth or perhaps marginal pullbacks.

Instead, the U.S. stock market has been on a relatively fast climb, even though high inflation should have begun to drag it down. Something had to give. And on Wednesday, the stock market gave back about 1% of its gains so far this year, as the U.S. Bureau of Labor Statistics reported that the U.S. consumer price index (CPI) jumped 3.5% in March 2024. Core CPI (excluding food and energy) was even higher at 3.8%.

Source: CNBC

Shelter and gas costs were the main culprits in driving the increased CPI number, and were responsible for more than half of the 3.5% increase. New and used cars were bright spots in the report, as they had price declines, when compared to a year ago…

There are so many competing priorities for our money these days that contributing regularly to a registered education savings plan (RESP)—especially enough to receive the full $7,200 available through the Canada Education Savings Grant (CESG)—is simply not possible for every family. Many families may need more room in their budgets before they can prioritize education savings. 

But investing in an RESP is still worth it, even if you’re unable to reach the lifetime RESP maximum contribution of $50,000 per child. Small amounts can help build and grow your RESP account value over time. Even if cash is tight, here are six suggestions for finding money to invest for your kids while minimizing the financial impacts on your monthly budget…

First, what is a covered call, anyway?

A call option is an agreement that gives a buyer the right to buy a stock at a predetermined price in the future. The seller is compensated for giving the call option buyer the right (or the option) to buy the investment they own. The option is “covered” if the seller owns the underlying stock. Canadian investors can “write” (sell) a covered call option when they want to reduce the risk of owning an investment.

In 1999, Mark Cuban (the minority owner of the Dallas Mavericks but better known as a panellist on Shark Tank) sold Broadcast…

The city of Vancouver is a vibrantly diverse urban hub in British Columbia where tourism, culture and business merge against a backdrop of spectacular mountain and ocean views. Offering some of the best and mildest weather in all of Canada, the city is a hot spot for real estate, ensuring that its home prices remain the highest across the country.

Table of contents: Best places to buy in Vancouver (tap to open)

The best neighbourhoods in Vancouver

Closer look at the top three neighbourhoods

Real estate trends in Vancouver

Methodology

How to read the results table

The table includes all 26 neighbourhoods in Vancouver.

Benchmark price 2023: An average of the composite benchmark price throughout 2023. It represents all property types, including attached and detached homes, townhouses/row units and apartment units.

1-year, 3-year and 5-year growth: The percentage increase or decrease in the composite benchmark price (all property types) over each time frame…

Metro Vancouver is part of British Columbia’s Lower Mainland and consists of North Shore, Coquitlam, Port Coquitlam, Port Moody, Burnaby, New Westminster, Richmond, Pitt Meadows, Maple Ridge and other municipalities. More than 2.5 million people call Metro Vancouver home, and many projections suggest the population will exceed the three-million mark this year.

Table of contents: Best places to buy in Metro Vancouver (tap to open)

Best places to buy in North Shore (North Vancouver and West Vancouver)

Best places to buy in the Tri-Cities (Coquitlam, Port Coquitlam and Port Moody)

Best places to buy in Burnaby, New Westminster and Richmond

Best places to buy in Pitt Meadows and Maple Ridge

Methodology

How to read the results tables

The tables includes all the neighbourhoods in each region of Metro Vancouver.

Benchmark price 2023: An average of the composite benchmark price throughout 2023. It represents all property types, including attached and detached homes, townhouses/row units and apartment units…

For more information on real estate trends and the top neighbourhoods in each region, as well as insights on the top-ranked regions nationally, return to the national page or select a region from the drop down menu.

More from Where to Buy Real Estate

Top neighbourhoods in Halifax, N.S.

Top neighbourhoods in Toronto, Ont.

Top neighbourhoods in the Greater Toronto Area

Top neighbourhoods in Halton, Ont.

Top neighbourhoods Edmonton, Alta.

Top neighbourhoods in Calgary, Alta.

Top neighbourhoods in Vancouver, B.C.

Top neighbourhoods in Metro Vancouver

Halifax Regional Municipality, N.S.

wdt_ID Rank Neighbourhood City Benchmark price 2023 1-year growth 3-year 5-year Value Economics Accessibility Children (%)

1
1
Cole Harbour
Halifax
$505,774
13%
66%
69%
4…

Edmonton, the capital of Alberta, is surrounded by the North Saskatchewan River and River Valley, providing residents with a mix of natural beauty and contemporary life. In recent years, out-of-province home buyers have been increasingly drawn to Edmonton’s affordable home prices, making this one of the most in-demand real estate markets in Canada.

Table of contents: Best places to buy in Edmonton (tap to open)

The 50 best neighbourhoods in Edmonton

Closer look at the top three neighbourhoods

Real estate trends in Edmonton

Methodology

How to read the results table

The table highlights the top 50 neighbourhoods in Edmonton. To view the complete data set for all 278 Edmonton neighbourhoods, visit this page.

Benchmark price 2023: An average of the composite benchmark price throughout 2023. It represents all property types, including attached and detached homes, townhouses/row units and apartment units.

1-year, 3-year and 5-year growth: The percentage increase or decrease in the composite benchmark price (all property types) over each time frame…

As Canada’s third-largest city, Calgary attracts home buyers from across the country who are looking for a cosmopolitan yet affordable life in the Prairies. The city boasts a strong economy and job market, supported by the agriculture, energy and technology industries.

Table of contents: Best places to buy in Calgary (tap to open)

The 50 best neighbourhoods in Calgary

Closer look at the top three neighbourhoods

Real estate trends in Calgary

Methodology

How to read the results table

The table highlights the top 50 neighbourhoods in Calgary. To view the complete data set for all 155 Calgary neighbourhoods, visit this page.

Benchmark price 2023: An average of the composite benchmark price throughout 2023. It represents all property types, including attached and detached homes, townhouses/row units and apartment units.

1-year, 3-year and 5-year growth: The percentage increase or decrease in the composite benchmark price (all property types) over each time frame…

How to lower the cost of auto insurance and prevent car theft

Experts say installing a tracking device and parking in a garage are among the actions that could help lower insurance costs.

Generally, a whole host of factors determine insurance premiums—driving history, type of vehicle and location, among others, said Matt Hands, vice-president of insurance at rate comparison website Ratehub.ca (Ratehub and MoneySense are both owned by Ratehub Inc). But as car thefts rise, he added, some car owners are likely to see an insurance surcharge.

“When you see the price as a consumer, you might go: ‘Oh, wow, that’s quite expensive’,” he said. “A good broker is going to walk you through why it’s the price and is largely out of their control.”

Compare personalized quotes from Canada’s top car insurance providers…