How to avoid these common RESP withdrawal mistakes

As the school year approaches, families across the country are getting ready to tap into their registered education savings plans. RESPs are a powerful savings tool to fund a child’s post-secondary education, but experts say parents or guardians navigating withdrawals should start the process early and avoid common mistakes that may raise their tax burden or hurt growth of the investments in the account.  Sandi Martin, a certified financial planner at Sandi Martin Financial Planning,

Wealthsimple’s newest product has given armchair economists and Canadians convinced they can predict Mother Nature a chance to put their skills to the test, but some say the business is likely after an even bigger audience. The Toronto-based financial services company started offering prediction markets last month. The product lets customers make wagers of $1 or less on the outcome of economic, financial or climate matters like what will happen at the Bank of Canada’s next inter

A lot of mainstream financial advice operates under the assumption of predictable paycheques and enough financial cushion to comfortably optimize for retirement, investing, or home ownership. But when you’re self-employed, money management tends to look a little different.I’ve been a freelance writer for the better part of 10 years, and admittedly am still figuring out my own financial strategy. This past tax season, that reality hit me harder than ever. I was on the phone with

Here’s a round-up of news for Canadian investors this week.
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I was on the elliptical machine at the gym the other day when I wondered if I might want a degree in behavioural psychology.Minutes earlier I had been writing to my MoneySense editor about my philosophy on personal finance writing—how I want readers to feel seen rather than shamed for the decisions they make. My mind wandered, the way it does mid-workout, toward my own career. An old friend from university had recently gone back to school for something similar and I thought about reaching

There was a time when telling your friends, “Sorry, I can’t afford it,” felt more uncomfortable than quietly putting a night out on your credit card.A pricey birthday dinner? You went. A destination wedding that required a flight, hotel, and three new outfits? You just figured it out. A group trip you hadn’t budgeted for? Saying no meant admitting that money was the reason, and for many people, that’s enough to make them say yes anyway. Gen Z is starting to cha

Paying down debt is often presented as a simple equation: spend less, earn more, and put the difference toward what you owe. But knowing what to do is only part of the challenge. The harder part is consistently making financial decisions that support your goals, especially when rising costs, unexpected expenses, or everyday temptations get in the way.That’s where habits come in. Habits are the automatic behaviours that shape how we spend, save, borrow, and manage money over time. A single

As Lucy grew older, her blood work started to show some abnormal results. By the time the 80-pound shepherd mix was turning 10, her owner Emma Gilmour wanted a diagnosis. Lucy’s veterinarian had mentioned Cushing’s disease as a possibility. Gilmour paid close to $5,000 for further testing, including an ultrasound, CT scan, and specialist consultations. Lucy had a mass on her liver close to a quarter of the organ’s size, and surgery was recommended to remove it. The mass wa

On August 4, the Canada Revenue Agency (CRA) finally opened the claims period for its multi-million-dollar class action settlement.A 2020 data breach affecting CRA and Service Canada online accounts had resulted in a major class action, and a settlement of $8.76 million was reached, with payments of up to $5,000 available to some claimants.Most Canadians will likely be looking at compensation of up to $80 or $200, with the larger payouts reserved for those who can document out-of-pocket losses r

One of the freedoms we get to enjoy as Canadians is tax freedom, which came on June 9 this year. You are now officially working for yourself and your family, and, as we celebrate our life in Canada, there could be future tax risks and rewards just around the corner.Aside from collecting taxes, the CRA administers the government’s economic, social, and income redistribution goals. That’s complex for everyone. People are motivated to file to get their tax refunds, but even people with

Chexy is synonymous with rewarding Canadians for everyday purchases, so why shouldn’t homeowners be rewarded for one of their biggest expenses? Chexy recently announced that homeowners can earn reward points for making mortgage payments. After signing up, you’ll earn 1 Aeroplan point for every $1 you spend on your mortgage. Since renewing mortgage payments have grown by an average of $375 a month this year alone, the reward points can pile up fast. All about the Chexy-Aerop

Owning a home comes with a long list of expenses that go beyond a monthly mortgage, whether that’s replacing an old roof, paying for home insurance, or keeping up with climbing property taxes. While many costs are fixed, experts say there might be some wiggle room on property taxes to get the amount lowered or a potential refund. But first, you need to know if there is merit for an appeal.“Taxes are one of the biggest expenses associated with owning property,” said Raymond Will

Here’s a round-up of news for Canadian investors this week.
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Strategy (formerly Microstrategy), the original and most well-known Bitcoin (BTC) treasury company, recently sold some of its Bitcoin (BTC) holdings, causing jitters in the investor community. In a move that surprised many investors, the company sold about $218 million (all figures in U.S. dollars unless otherwise specified) worth of BTC this year and has authorized the sale of an additional $1.25 billion, as reported by Reuters. As per the reporting, Strategy did this to fund dividend payments

Ontarians eligible for the monthly Ontario Trillium Benefit (OTB) payment will receive their August instalment on Monday, August 10, 2026.July marked a new benefit year in Canada and benefit amounts were adjusted by 2% based on the Consumer Price Index.Each year, you must file your personal Income Tax and Benefit Return and fill out the ON-BEN Application form that’s included in the tax return package. Based on your return, the Canada Revenue Agency (CRA) determines whether you’re el

Canadians’ investment in cryptocurrency has more than doubled over the past few years, according to a survey released in July by the Ontario Securities Commission. One-quarter of respondents to the Crypto Assets Survey 2025, conducted last December and January, said they owned crypto assets or funds, up from just 10% in 2023.Awareness is growing, too. Six in 10 respondents (59%) correctly identified the definition of cryptocurrency, up from 54% in 2023 and 51% in 2022. More than one third

The Canada Revenue Agency (CRA) is becoming more proactive in its pursuit of tax-free savings account (TFSA) overcontributions. They had a project over the past couple of years where they sent out TFSA education letters. These letters warned people who may have overcontributed to their TFSAs about how TFSA contributions, withdrawals, and overcontribution penalties work. Now, their approach appears to have shifted from education toward enforcement. The CRA may send a proposed RC243 Tax-Free

I recently overheard a conversation between two young mothers talking about the demographic makeup of different communities in the city they lived in. Specifically, which neighbourhoods had younger families with younger children and which were more likely to have families with older kids.Being a parent, I was fascinated—so I did the polite thing and kept listening in as discreetly as possible. As they named different communities and speculated about who lived there, I noticed one defining

When people think about building wealth, they often jump straight to investing, paying off debt, or saving for retirement. While those are all important pieces of the financial puzzle, they rely on one thing to work well: healthy cash flow.  Cash flow is the foundation of every financial decision you make. If you don’t have a clear understanding of where your money is going, it’s difficult to save consistently, invest confidently, or prepare for unexpected expenses.The good

If you’re a parent who has been watching tuition costs rise over the last few years, you might be feeling anxious about paying for your child’s post-secondary education. But despite the higher costs, about half of eligible Canadians are not participating in an RESP to prepare for their child’s future.The Canada Education Savings Grant (CESG) contributes a 20% match of a family’s annual savings contribution to their children’s RESP, and the Canada Learning Bond (CLB)

Here’s a round-up of news for Canadian investors this week.
IntactFirst QuantumCGIAlgomaPower CorpSpin MasterFeatured RRSP Accountsfeatured EQ Bank Build your retirement savings with 1.50% interest, tax-deferred contributions and zero fees. go to site featured Registered GIC rate Earn a guaranteed 2.75% in your RRSP when you lock in for 1 year. go to siteBest RRSP rates See our ranking of the best RRSP accounts and rates available in Canada. read now
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I have an unusual—but perhaps more common than I know—question and I hope that someone could kindly point me in the right direction. Is there a type of planner that could provide me with a “state of the nation” overview of our finances (husband and me) and lay out the best course of action moving forward?We are not wealthy, however I believe that, no matter what the situation, there is a strategic and smart way to approach our issue. I am 63 years old

For Eugene Blanchard’s daughter and her partner, the search for a starter home began in Calgary, expanded to Edmonton, and then even beyond Alberta’s borders to the Maritimes and Ontario. But homes that checked the right boxes didn’t fit their budget during their hunt about five years ago, recalled Blanchard. Over time, the young couple’s search ended in Blanchard’s own backyard.“It made a lot of sense,.” said the 69-year-old Calgary resident. “Tea

According to Cboe Canada’s ETF Market Screener, as of July 14, 2026, the Canadian ETF industry consists of 2,025 listed funds, having recently surpassed the $1 trillion assets under management (AUM) milestone. Of those 2,025 ETFs, 158, or 7.8%, explicitly mention “dividend” in their name. That popularity reflects just how strongly Canadian investors gravitate toward dividend investing.It is particularly popular among newer investors. One of the most common ideas promoted online

A new survey suggests the risk of fraud could be on the rise with nearly one-quarter of respondents saying they or a family member have been the victim of financial scams in the past year. The poll, commissioned by TD and conducted by Leger, found 46% of respondents encounter scams or fraud attempts weekly or even daily, and more than half reported behaviours that could make them more vulnerable. That includes u