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Guaranteed Investment Certificates (GIC)

When it comes to investing in Canada, you have options on top of options (including, well, actual options). And if you want one of the safest investments, look to Guaranteed Investment Certificates, or GICs. GICs are a low-risk way of keeping your money — especially if you’re saving toward a specific goal like a down payment — secure. As a result, it’s been a popular choice for Canadians for years. Think GICs might be a solid option for you and your money? Keep reading to learn how they might be a valuable piece of your financial puzzle. What is a Guaranteed Investment Certificate? It’s right there in the name! A GIC is basically a loan to a financial institution —in most cases, a bank. In return, the bank gives you a guaranteed interest rate. The longer your money stays in a GIC —typically anywhere from 30 days to six months to 10 years — the higher your interest rate. The only requirement is

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How to Invest in Mutual Funds in Canada

ETFs tend to get a lot of attention these days. Mutual funds, however, have been a Canadian portfolio cornerstone for decades. In fact, according to the Investment Funds Institute of Canada (IFIC), the amount of money Canadians invested in mutual funds skyrocketed from $100 billion to $1.71 trillion between 1990 and the end of 2019. Now, there are over 5,000 mutual funds in Canada. And it’s no wonder Canadians are still so keen on mutual funds. Right off the bat, they offer diversification by design and professional management —two things many investors look for. And while ETFs are gaining in popularity for their benefits, as Jonathan Hartman, vice president and head of Advisor Channel Sales atRBC Global Asset Management explains, “mutual funds remain the most commonly used vehicle in Canada, especially among investors with $25,000 to $50,000 to invest.” This guide answers some of the biggest questions investors have about mutual funds in Canada, and why they are such a

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How To Invest In Index Funds In Canada

They’re a top recommendation of investing legend Warren Buffet. They’re also great for new investors and/or those looking to follow a passive investing style. ‘Index fund’ sounds like a fairly technical term, doesn’t it? In reality, they’re pretty straightforward — and can be a great way of diversifying your portfolio at a low cost. This guide will outline how index funds work, explain the pros and cons, and list some of the top funds in Canada. What are index funds? Simply put, an index fund is a type of mutual fund or exchange-traded fund (ETF) with a portfolio designed to match or track a specific market index. This might be theStandard & Poor’s 500 Index, or S&P 500, which is 500 of the top companies on the US stock market, or Canada’s benchmark S&P/TSX Composite Index. For example, the iShares S&P/TSX 60 Index ETF (XIU) tracks the 60 biggest stocks on the TSX. As of November 5, these include Shopify, RBC, TD,

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Financial Conversations To Have Before Marriage

As Frank Sinatra sings about love and marriage, “you can’t have one without the other.” These days, however, it’s important to also add “make sure you’re on the same page about finances before getting hitched” to the mix. Sure, it’s not the most romantic of topics, but having an open and honest dialogue about money matters before the big day can go a long way in building a successful marriage. And money is certainly at the top of mind for coupled-up Canadians. According to RBC’s Love, Money & Marriage Poll from the summer of 2021, 88% of respondents said: “having similar financial goals and habits and also being aligned on how to spend and save money were deemed to be important for a healthy long-term relationship.” At the same time, 32% of respondents found it hard to talk about finances with their partners. 32% were also not comfortable discussing each other’s current financial situations. To top it all off, 47%

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How To Finance A Home Renovation

Love your home so much that you want to take extra care to make sure it’s absolutely perfect? Or maybe you’re in a bit of a fixer-upper situation, tackling cabinetry and bathroom fixtures straight out of 1995? Either way, if you have a home renovation in mind, we’re here to look at all the ways you can finance it. Haven’t checked out our complete guide to the costs of home renovations? Be sure to do so! For this article, let’s start by revisiting some of the basic points of project costs. How much will a home renovation cost? Whether a small bungalow in Halifax, a bay-and-gable home in Toronto, or a west coast Vancouver Special, the cost of home renovation is going to depend on a variety of factors. Some of these include: If you’re confident in your skills and plan on DIY-ing basic projects like painting, then your costs will bump down. The bottom line: every home and renovation project

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