PERSONAL FINANCE

Choosing the top prepaid credit cards in Canada is quite subjective. Individuals have varied reasons for seeking prepaid credit cards. Some users aim to boost their credit score, while others are interested in hybrid cards that enable them to load funds in advance while still benefiting from rewards associated with credit card networks. While prepaid credit cards typically don't offer the same level of rewards as the best travel credit cards in Canada, they eliminate concerns about generating high income or accruing interest charges since users can only spend what they have preloaded. Below are my top recommendations for the best prepaid credit cards in Canada, along with unique attributes that set them apart. Top Prepaid Credit Cards in Canada CardBest for KOHODaily expenditur...

The American Express SimplyCash Preferred Card is recognized as one of Canada's leading cash back credit cards. Its standout feature is the impressive earning rate of 2% cash back on all purchases, making it one of the highest available in the market. If this enticing rate hasn’t convinced you to apply just yet, continue reading my review on the American Express SimplyCash Preferred Card, where I’ll detail all the advantages this card has to offer. SimplyCash Preferred Card from American Express Apply now Monthly fee of $9.99 ($119.88 per year) Receive a $40 statement credit monthly for 10 months when you spend $750 each month ($400 total) 4% cash back on grocery purc...

Lately, I've been receiving numerous inquiries regarding the Registered Education Savings Plan, commonly referred to as RESP. It's no surprise that many of my friends are looking into RESP regulations, especially since many have recently welcomed children. In fact, one of my first actions after my daughter was born was to establish her RESP. Essentially, an RESP serves as a savings account designed to support your child’s educational expenses. To encourage saving, the government offers an RESP grant, which matches 20% of your contributions. Additionally, there are tax advantages tied to an RESP, making it the ideal method for saving towards your child's post-secondary education. Table of contents [show] Registered Education Savings Plan Rules...

Recently, BMO Rewards has made notable strides with aggressive marketing campaigns aimed at attracting customers. For instance, they frequently waive the first year’s annual fee for customers who sign up for one of their credit cards. While this offer is enticing, the critical question remains: how valuable is BMO Rewards fundamentally? BMO Rewards does offer various features, but it also has several constraints. The point redemption system can be somewhat misleading. This doesn’t necessarily indicate a poor program; understanding its intricacies is essential for maximizing your points. This guide will outline the most effective ways to leverage BMO Rewards. Value of BMO Rewards Points To claim $1 in travel, you need to redeem 150 BMO Rewards points, valuing each point at approximately ...

Recently, BMO Rewards has ramped up its marketing efforts, often providing customers the opportunity to enjoy some of their credit cards free for the initial year. The appeal of waiving the annual fee for a premium travel credit card is evident, but how does the BMO Rewards program stack up? BMO Rewards includes several program features, but it does come with its limitations. Additionally, the process for redeeming points can be somewhat misleading. This isn't to say the program is ineffective; understanding its intricacies allows you to fully leverage your rewards. In this guide, we’ll delve into how you can maximize your benefits with BMO Rewards. Value of BMO Rewards Points To acquire $1 in travel, you need to spend 150 BMO Rewards points, translating to a value of about 0.67 cents p...

Ten years ago, I embarked on my journey as a small business owner. I began with this blog, but over the years, I’ve evolved into a media consultant, freelance writer, brand ambassador, and more. Along the way, I’ve encountered several challenges, learning valuable lessons from each misstep. Among these lessons, I believe my most significant error was underestimating the importance of insurance. My awareness was sparked when a client insisted that I obtain a policy before we could start working together. I’ve learned that this is a common sentiment; a recent TD Survey highlighted that many freelancers, entrepreneurs, and small business owners have not taken the crucial steps to secure appropriate protection for their ventures. I consulted with Tang Hung Trang, Vice President of Small Busi...

Over time, many individuals have inquired about the value of establishing a U.S. dollar investment account. I always hesitated to provide a definitive answer due to my lack of concrete insights regarding its advantages and drawbacks. My preference lean towards keeping my investment strategies uncomplicated, which led me to avoid such accounts. Nonetheless, I recognize their potential benefits, which is why I invited James Gauthier, Chief Investment Officer at Justwealth, to clarify this topic in the following guest post. ** Most Canadians are likely aware that U.S. dollar bank accounts can be set up at numerous Canadian financial institutions. However, it's less commonly known that various investment firms also enable you to open U.S. dollar investment accounts. Here are a few reasons wh...

This article is shared by my friend Kyle Prevost from MillionDollarJourney.ca, who has developed an affordable retirement course to assist in planning your financial future. Many individuals are curious about the effectiveness of such investment courses, and here Kyle explains how his course operates and the benefits it offers. *** “Am I going to be okay in retirement?” “Is it true that I need $1.7 million for retirement?!” “When should I start worrying about this – will I be financially ready to retire?” When posed with these types of inquiries, representatives from major Canadian financial firms typically respond with something like: “The key lies in investing. Saving more is undeniably advantageous. Check out this chart – and here’s another that illustrates how incredible your lif...

Have you ever given thought to whether credit cards share the same dimensions? With the multitude of financial institutions worldwide, you might expect variability in sizes; however, credit card dimensions are standardized by the International Organization for Standardization (ISO). This uniformity ensures that your credit card is compatible with wallets and readers across the globe. Although individual credit card issuers offer varied features, rewards, and security protocols, the consistent size for credit and debit cards falls under the ID-1 standard. This level of uniformity is crucial, enabling you to utilize your cards in any corner of the world without hassle. Dimensions and Size of Credit Cards Upon receiving a new credit card, its size and dimensions might not immediately cross...

Using a credit card to pay income taxes, municipal taxes, or utility bills might seem unwise due to the fees often associated with this service. However, if you're looking to meet the minimum spending threshold for welcome bonuses on certain credit cards, it could be a beneficial choice, even after considering the associated costs. Thankfully, one platform facilitates this process – paysimply.ca. Introducing Paysimply.ca Paysimply.ca is an online platform that allows you to make credit card payments for bills – at a cost – and converts these payments into electronic bank transfers recognized by the service providers. This option is particularly useful for settling payments with entities that only accept direct bank transfers, such as the Canada Revenue Agency, various municipalities, and...