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Canada Apprentice Loan: Maximize Your Benefits
If you're considering a career in the skilled trades, you'll want to understand how the Canada Apprentice Loan Program can work to your advantage. This federal initiative offers up to $4,000 per training period for eligible apprentices in Red Seal trades, but there's...
Financial Aid Options for International Students Studying in Canada
If you're feeling the financial squeeze while pursuing your Canadian education dreams, you're not alone in maneuvering these challenging waters. As an international student, you'll need to demonstrate sufficient funds for your study permit, but that's just the...
Investing Your TFSA as a Student
Just as you're settling into your college routine, you've received your first TFSA contribution notice—and it couldn't come at a better time. You've likely heard about these tax-sheltered accounts but might wonder if investing while juggling classes is worth your...
Navigating OSAP Repayment: Tips for Ontario Graduates
Just as you're celebrating your graduation, your first OSAP repayment notice arrives in the mail - a coincidence that quickly brings you back to financial reality. You're now facing the responsibility of managing your student loan debt, and it's essential to...
A Student’s Guide to the Lifelong Learning Plan (LLP) for Education Financing
The LLP can be a game-changer for your educational journey, offering tax-free withdrawals to fund your studies. As a Canadian student, you've likely heard whispers about this RRSP withdrawal option, but you might not fully grasp its potential. However, like any...
Maximizing RESP Withdrawals: Tax-Efficient Strategies for Education Funding
When it comes to funding your child's education, you've made a wise choice with a Registered Education Savings Plan (RESP). But now that it's time to withdraw those funds, you're faced with a vital question: how do you maximize the benefits while minimizing tax...
Canadian Retirement Calculator: GPT Driven!
Before You Begin: A Friendly Heads-Up Before we set sail on this voyage through the ins and outs of Canadian retirement planning, let's get one thing clear (so my legal team can sleep at night). The advice you're about to receive comes from an AI—think of it as a...
Canada’s Best Banks Online: A Closer Look for Students
Canada's Big Five Banks: A Closer Look for Students When it comes to banking in the True North, the Big Five banks—RBC, TD, Scotiabank, BMO, and CIBC—are as Canadian as maple syrup and hockey. These financial giants dominate the market, controlling a substantial share...
![The Best Discount [Cheap] Beers in Canada](https://myuniversitymoney.com/wp-content/uploads/2013/02/124038280-jpg_185125.jpg)
The Best Discount [Cheap] Beers in Canada
In honour of the release of our fast-selling book for Canadian students More Money For Beer and Textbooks last week, I thought we’d take a fun look at some personal finance principles applied to students’ beverage choices today. My favorite quote from the book is one...
AI Investment Helper: ChatGPT Canadian Financial Advisor*
Before you dive into the ocean of wisdom that our AI pal ChatGPT is about to pour out, let's get one thing straight (so my lawyer doesn't have a heart attack). The advice you're about to receive is generated by an AI that's brilliant but doesn't have a finance...
Pros and Cons of Family RESP Explained
A Family RESP offers you a flexible way to save for multiple children's education in one account, making contributions simpler and potentially maximizing government grants. You can tailor funds to each child's educational needs, and investment growth is tax-deferred....
How to Avoid Tax on Severance Pay in Canada
To reduce the tax on your severance pay in Canada, consider a few key strategies. Contributing to your RRSP can lower your taxable income, and spreading payments over several years may keep you in a lower tax bracket. Opting for salary continuance rather than a lump...
Does RRIF Income Affect GIS?
Yes, RRIF income affects your GIS benefits because RRIF withdrawals count as taxable income. The more you withdraw from your RRIF, the less you'll receive from the GIS, since GIS benefits decrease as your taxable income increases. To minimize this impact, consider...
3 FREE CANADIAN FINANCE LECTURES
In a world where you can trust things to a lesser and lesser extent with AI overtaking humans in so many areas simultaneously, it's really reassuring to look at videos. While AI can write almost as well as humans, it cannot (YET) produce the human touch that you feel...
Keep Your Rates, Change Your Address: The Benefits of Porting Your Mortgage
Mortgage portability is a handy feature you might not even know you have! It's the ability to transfer your current mortgage—with its existing rate and terms—from your old home to your new abode. Think of it as packing up not just your belongings but your loan as well...
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– MyUniversityMoney staff