Canadian money guides

Direct answers to common Canadian financial questions, with the rules, costs and official sources behind them.

• TFSA rules in Canada: limits, withdrawals and over-contributions

  How the Tax-Free Savings Account works in Canada: who can open one, how contribution room builds, how withdrawals return as room, and the over-contribution tax.

• FHSA explained: the First Home Savings Account for Canadian buyers

  Who qualifies for the FHSA, the annual and lifetime contribution limits, carry-forward room, qualifying withdrawals and how it compares with the RRSP Home Buyers' Plan.

• The Canadian mortgage stress test: how qualifying rates work

  How federally regulated lenders test whether you can afford a mortgage, the 5.25% floor, and how the stress test changes the amount you can borrow.

• CMHC mortgage insurance: down payments and premiums in Canada

  Minimum down payment rules in Canada, when mortgage default insurance is required and the CMHC premium rates by down payment.

• Line of credit vs personal loan in Canada: which fits your need?

  Compare how personal lines of credit and personal loans work in Canada, including rates, repayment, flexibility and who each one suits.

• Debt consolidation in Canada: loans, credit counselling and proposals

  The main ways to consolidate debt in Canada, from consolidation loans and balance transfers to non-profit credit counselling and consumer proposals, with the costs of each.

• Credit scores in Canada: ranges, bureaus and how to check yours free

  How credit scores work in Canada, what Equifax and TransUnion track, typical score ranges and free ways to check your credit report.

• Term vs permanent life insurance in Canada

  How term, whole and universal life insurance differ in Canada, what drives the cost, and how to decide how much coverage you need.

• RRSP vs TFSA: which should you use first?

  How the RRSP and TFSA differ in Canada, how tax works on each, and a simple way to decide which account to fund first.

• The RRSP Home Buyers' Plan: how much you can withdraw and repay

  How the Home Buyers' Plan lets first-time buyers in Canada withdraw from an RRSP tax-free, the CAD 60,000 limit, repayment rules and combining it with an FHSA.

• How to build credit as a newcomer to Canada

  Practical steps for newcomers to start a Canadian credit history: newcomer bank packages, secured cards, on-time payments and checking your free credit reports.

• How to choose a chequing account in Canada

  What to compare in a Canadian chequing account: monthly fees, waivers, transaction limits, e-Transfers, ATMs and when a paid plan is worth it.