learn
How the pieces actually work.
General education, by life stage. I explain what an account or a product category is and what it does. I never tell you what to buy, and nothing here is a recommendation for your situation.
by life stage
Where to start, depending on where you are.
Newcomers
New to Canada
No credit history, a qualification that does not transfer yet, and a whole system to learn.
- 1Building credit from zero as a newcomer to Canada
Credit decides the apartment and the phone plan before anything else does.
- 2The emergency fund: what it is for, and how much is enough
One bad month should not undo the move.
- 3TFSA vs RRSP: what each one actually does
The two accounts everyone mentions, and what each one is for.
Families
Raising a family
Children, parents, a home, one or two incomes. What protects the household, and what grows.
- 1Life insurance basics: what it is for, and the two main kinds
The question underneath all the others: what happens to them if something happens to you.
- 2RESPs and the grants many families never claim
The government adds money to this one, and many families never claim it.
- 3Income protection: what happens if you cannot work
The more likely risk, and the one most households leave uncovered.
Working women
Handling money yourself
If money was always handled by someone else, start here. Nothing on this page assumes you know the words, and not knowing them is not a character flaw. It is an education most of us were never offered.
- 1Your first budget in Canada, when everything costs something different
Knowing what a month costs is the first honest step.
- 2The emergency fund: what it is for, and how much is enough
A cushion in your own name is the safest money you will ever hold.
- 3TFSA vs RRSP: what each one actually does
What the accounts actually do, in plain words.
Business owners
Running a business
When the money arrives unevenly, the cushion and the protection questions come before anything about growth.
- 1The emergency fund: what it is for, and how much is enough
Uneven income needs a deeper cushion than a salary does.
- 2Income protection: what happens if you cannot work
No employer plan means you are the plan.
- 3Segregated funds: what they are and why the name is confusing
One of the few places where creditor protection is part of the design.
Every guide
- RESPs and the grants many families never claim2 minHow a Registered Education Savings Plan works, what the government adds on top, and the bond that needs no contribution from you at all.
- TFSA vs RRSP: what each one actually does3 minTwo accounts, two different jobs. The plain-language difference between a TFSA and an RRSP, and the one question that usually decides which to learn first.
- The emergency fund: what it is for, and how much is enough2 minEvery family should have a cushion before they invest. What an emergency fund actually protects, where it should live, and how to build one on a tight month.
- The FHSA, explained for first-time buyers2 minThe First Home Savings Account borrows the best feature of the RRSP and the best feature of the TFSA. Here is how it works and who can open one.
- Building credit from zero as a newcomer to Canada3 minNo credit history meant no apartment for us. How Canadian credit scores actually work, what builds one, and the mistakes that set newcomers back.
- Income protection: what happens if you cannot work2 minThe risk families most often leave uncovered is not death. It is a long illness or injury. What disability and critical illness coverage are, and how they differ.
- Life insurance basics: what it is for, and the two main kinds2 minWhat life insurance actually does for a household, the difference between term and permanent coverage, and the questions to ask before anyone talks about a product.
- Planning for a first home in the GTA3 minWhat lenders look at, what a down payment really has to cover, the two ways to use your own registered savings, and the costs people forget on closing day.
- Segregated funds: what they are and why the name is confusing2 minA segregated fund is an investment fund wrapped inside an insurance contract. What that wrapper does, what it costs, and who tends to look at them.
- Your first budget in Canada, when everything costs something different2 minA budget for a new country is not about restriction. It is about learning what a month actually looks like here. A plain method, and the order to pay things in.
Not sure which of these applies to you?
The Cents Check asks 14 plain questions and tells you what to read first.
Educational only. Not financial advice. General information about how things work in Canada, not a recommendation for your situation.