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INVEST. RETIRE EARLY. WE ARE ON A MISSION TO HELP YOU ACHIEVE FINANCIAL FREEDOM INVESTING BANKING RETIREMENT PERSONAL FINANCE CREDIT CARDS SAVE MONEY Show more categories MAKE MONEY LOANS MORTGAGES PRODUCT REVIEWS INSURANCE CREDIT SCORE WHY SAVVY NEW CANADIAN? Our goal at Savvy New Canadian is to empower you to make smarter financial decisions no matter where you are in your financial journey. To accomplish this, our platform provides practical and reliable personal finance resources to help you take control of your money, invest wisely, increase your income, and become financially free. Join the millions using Savvy New Canadian annually to find the best financial products, tools, rates, and expert money tips and guidance. Read more about Savvy New Canadian. EMPOWERING We believe anyone can turn their finances around and provide the financial tools you need to succeed. TRUSTWORTHY We provide honest reviews and opinions of financial products so you can make informed decisions. CANADA-CENTRIC We simplify finances for everyday Canadians and don’t promote anything we wouldn’t personally use. EXPERTISE Our personal finance experts have over 20 years of combined experience writing about money matters. Featured in LEARN HOW TO MASTER YOUR MONEY Join thousands of others! Get our free weekly newsletter and access to the latest personal finance tips. Plus, get our free eBook “A Complete Guide To Canada’s Retirement Income System”, right in your inbox today. Get Free Access *Unsubscribe at any time FEATURED GUIDES Investing Finance Credit Banking Loans Retirement Savings Insurance Mortgages WHAT IS CONSIDERED DAY TRADING IN A TFSA? By Enoch Omololu, MSc (Econ) October 26, 2023 MANAGEMENT FEE VS. MER: THESE ARE THE DIFFERENCES By Baggio Ma November 13, 2023 BEST ETFS IN CANADA FOR 2024: A GUIDE TO INVESTING IN ETFS By Enoch Omololu, MSc (Econ) February 11, 2024 FREE STOCK TRADING IN CANADA: 5 BEST FREE TRADING PLATFORMS 2024 By Enoch Omololu, MSc (Econ) May 2, 2024 THE BEST FHSA INVESTMENTS IN CANADA FOR MAY 2024 By Enoch Omololu, MSc (Econ) April 13, 2024 HOW TO INVEST $20K IN CANADA AND GENERATE PASSIVE INCOME By Baggio Ma January 6, 2024 BEST TFSA INVESTMENTS FOR CANADIANS IN 2024 By Enoch Omololu, MSc (Econ) April 1, 2024 HOW TO EVALUATE A STOCK BEFORE INVESTING: 10 STOCK PERFORMANCE INDICATORS By Enoch Omololu, MSc (Econ) December 12, 2023 12 BEHAVIOURAL BIASES IN INVESTMENT DECISION MAKING By Enoch Omololu, MSc (Econ) April 11, 2024 SAVVY NEW CANADIAN FINANCIAL LITERACY SCHOLARSHIP WINNERS (FALL 2023) By Enoch Omololu, MSc (Econ) October 23, 2023 THE CHEAPEST CITIES IN CANADA FOR INTERNATIONAL STUDENTS (2024) By Enoch Omololu, MSc (Econ) December 13, 2023 WHAT IS UNIVERSAL BASIC INCOME AND DOES CANADA HAVE IT? By Enoch Omololu, MSc (Econ) November 2, 2023 THE 10 MOST AFFORDABLE PLACES TO LIVE IN CANADA By Enoch Omololu, MSc (Econ) March 17, 2024 BUILDING GENERATIONAL WEALTH: WHAT IT IS AND HOW TO PASS IT ON By Enoch Omololu, MSc (Econ) October 22, 2023 HOW TO ESCAPE THE RAT RACE WITH NO MONEY IN 2024 By Enoch Omololu, MSc (Econ) October 22, 2023 BEST ONLINE WILL KITS IN CANADA FOR 2024 By Enoch Omololu, MSc (Econ) February 23, 2024 RESP MATCHING IN CANADA: HOW TO GET GOVERNMENT GRANTS AND BONDS By Enoch Omololu, MSc (Econ) November 30, 2023 MINIMUM WAGE IN CANADA BY PROVINCE (2024) By Enoch Omololu, MSc (Econ) May 8, 2024 CANADA’S CONSUMER DEBT SURGE 2023: GROWTH AND PER CAPITA ANALYSIS BY TOP CITIES By Enoch Omololu, MSc (Econ) November 10, 2023 THE 70 BEST REWARDS PROGRAMS IN CANADA: A COMPLETE GUIDE By Brianna Harrison November 17, 2023 THE BEST FREE PREPAID CARDS IN CANADA FOR 2024 By Enoch Omololu, MSc (Econ) April 23, 2024 WHAT IS A BALANCE TRANSFER CREDIT CARD AND HOW DOES IT WORK? By Enoch Omololu, MSc (Econ) July 28, 2023 SECURED VS. PREPAID CREDIT CARDS: WHICH IS BETTER FOR YOU? By Enoch Omololu, MSc (Econ) April 23, 2024 HOW TO USE A CREDIT CARD RESPONSIBLY: TIPS, TRICKS, AND THINGS TO KNOW By Enoch Omololu, MSc (Econ) July 5, 2023 WHAT IS THE ANNUAL FEE FOR A CREDIT CARD? (AND WAYS TO AVOID IT) By Enoch Omololu, MSc (Econ) May 17, 2023 HOW IS CREDIT CARD INTEREST CALCULATED IN CANADA? By Enoch Omololu, MSc (Econ) June 30, 2023 HARD VS. SOFT CREDIT CHECK: WHAT’S THE DIFFERENCE? By Enoch Omololu, MSc (Econ) September 17, 2023 HOW TO GET YOUR FREE CREDIT REPORT AND CREDIT SCORE IN CANADA By Enoch Omololu, MSc (Econ) November 12, 2023 HOW TO WRITE A CHEQUE IN CANADA: STEP-BY-STEP GUIDE By Enoch Omololu, MSc (Econ) May 8, 2024 WHAT IS AN OVERDRAFT AND HOW DOES OVERDRAFT PROTECTION WORK IN CANADA? By Enoch Omololu, MSc (Econ) July 4, 2023 17 BEST NO-FEE BANK ACCOUNTS IN CANADA FOR 2024: AVOID MONTHLY FEES By Enoch Omololu, MSc (Econ) April 2, 2024 A GUIDE TO CANADA’S BEST BANKS IN 2024: READ BEFORE APPLYING By Enoch Omololu, MSc (Econ) April 1, 2024 INACTIVITY FEES IN CANADA 2024: BANK ACCOUNTS, PAYPAL & INVESTMENTS By Enoch Omololu, MSc (Econ) March 17, 2024 13 COMMON BANK FEES IN CANADA AND HOW TO AVOID THEM By Enoch Omololu, MSc (Econ) March 17, 2024 INTERAC E-TRANSFER LIMITS FOR CANADIAN BANKS By Enoch Omololu, MSc (Econ) March 17, 2024 HOW TO CLOSE A BANK ACCOUNT IN CANADA IN 2024 By Enoch Omololu, MSc (Econ) May 5, 2024 WHAT IS A BANK DRAFT AND HOW DOES IT WORK IN CANADA? By Enoch Omololu, MSc (Econ) July 5, 2023 PERSONAL LOAN VS CREDIT CARD VS LINE OF CREDIT: WHAT’S THE DIFFERENCE? By Enoch Omololu, MSc (Econ) July 21, 2023 PERSONAL LOAN TERMS AND DEFINITIONS (A-Z GLOSSARY) By Enoch Omololu, MSc (Econ) November 13, 2023 BUY NOW PAY LATER PLANS IN CANADA 2024: HOW DO THEY WORK? By Enoch Omololu, MSc (Econ) November 16, 2023 PAYDAY LOANS ARE BAD: HERE ARE 10 STRATEGIES TO AVOID THEM By Enoch Omololu, MSc (Econ) October 2, 2022 BEST CREDIT BUILDING LOANS IN CANADA: REPAIR YOUR BAD CREDIT By Enoch Omololu, MSc (Econ) November 16, 2023 BEST CAR LOANS IN CANADA: COMPARE THE CHEAPEST CAR LOAN RATES By Enoch Omololu, MSc (Econ) May 12, 2024 HOW TO GET A $2,000 LOAN IN CANADA: TOP LENDERS & HOW TO APPLY By Enoch Omololu, MSc (Econ) February 28, 2024 THE 10 BEST COUNTRIES FOR CANADIANS TO RETIRE IN 2024 By Enoch Omololu, MSc (Econ) March 12, 2024 WHAT HAPPENS TO YOUR OAS AND CPP PENSION IF YOU RETIRE ABROAD? By Enoch Omololu, MSc (Econ) February 10, 2024 BENEFITS FOR SENIOR IMMIGRANTS IN CANADA By Enoch Omololu, MSc (Econ) March 12, 2024 EARLY RETIREMENT IN CANADA: WHAT YOU NEED TO KNOW IN 2024 By Enoch Omololu, MSc (Econ) March 17, 2024 TFSA BENEFICIARY VS. SUCCESSOR HOLDER: DESIGNATING A TFSA BENEFICIARY By Enoch Omololu, MSc (Econ) February 10, 2024 A GUIDE TO RETIREMENT PLANNING IN CANADA IN 2024 By Enoch Omololu, MSc (Econ) May 6, 2024 HOW MUCH RRSP SHOULD I HAVE AT 40? By Enoch Omololu, MSc (Econ) March 22, 2024 RETIREMENT SAVINGS BY AGE: HOW MUCH SHOULD YOU HAVE SAVED AT 20, 30, 40, 50 OR 60? By Enoch Omololu, MSc (Econ) April 22, 2024 THE BEST ROADSIDE ASSISTANCE PROGRAMS IN CANADA: 14 FREE & PAID OPTIONS By Enoch Omololu, MSc (Econ) November 10, 2023 GAS REWARDS PROGRAMS IN CANADA: HOW TO SAVE ON GAS IN 2024 By Enoch Omololu, MSc (Econ) November 10, 2023 WHAT IS $10 A DAY DAYCARE IN CANADA AND HOW DOES IT WORK? By Brianna Harrison October 11, 2023 51 BEST BIRTHDAY FREEBIES IN CANADA IN MAY 2024 By Enoch Omololu, MSc (Econ) March 17, 2024 ADVANTAGES AND DISADVANTAGES OF SAVINGS ACCOUNTS IN CANADA By Enoch Omololu, MSc (Econ) May 3, 2024 CHEFS PLATE VS HELLOFRESH: WHICH MEAL KIT IS BETTER IN 2024? By Enoch Omololu, MSc (Econ) March 17, 2024 THE 17 BEST CABLE TV ALTERNATIVES IN CANADA TO SAVE MONEY IN 2024 By Enoch Omololu, MSc (Econ) February 6, 2024 21 BEST HIGH INTEREST SAVINGS ACCOUNTS IN CANADA FOR 2024 By Enoch Omololu, MSc (Econ) April 30, 2024 EV INCENTIVES IN CANADA: HOW YOU CAN GET BACK UP TO $10,000 IN 2024 By Enoch Omololu, MSc (Econ) November 14, 2023 IS LIFE INSURANCE TAXABLE IN CANADA? WHAT YOU NEED TO KNOW By Enoch Omololu, MSc (Econ) May 1, 2024 TERM VS WHOLE LIFE INSURANCE: PROS AND CONS IN CANADA By Enoch Omololu, MSc (Econ) September 19, 2023 10 BEST LIFE INSURANCE COMPANIES IN CANADA IN 2024 By Enoch Omololu, MSc (Econ) April 29, 2024 GROUP LIFE INSURANCE IN CANADA: HOW IT WORKS, BENEFITS & MORE By Enoch Omololu, MSc (Econ) August 13, 2023 HOW MUCH IS LIFE INSURANCE IN CANADA? + FACTORS AFFECTING THE COST By Brianna Harrison September 28, 2023 PROS AND CONS OF EMPLOYER-PROVIDED LIFE INSURANCE IN CANADA By Baggio Ma August 14, 2023 MORTGAGE LIFE INSURANCE VS. TERM LIFE INSURANCE By Enoch Omololu, MSc (Econ) October 26, 2023 WHAT IS A POWER OF SALE FOR A MORTGAGE IN CANADA? By Enoch Omololu, MSc (Econ) August 31, 2023 HOW TO PAY OFF YOUR MORTGAGE 10 YEARS EARLY AND SAVE $72,000 By Enoch Omololu, MSc (Econ) May 20, 2023 HOW TO SELL A HOUSE PRIVATELY IN CANADA WITHOUT A REALTOR By Enoch Omololu, MSc (Econ) August 1, 2023 NEW TO CANADA MORTGAGE PROGRAMS: THE TOP 4 PROGRAMS IN 2024 By Enoch Omololu, MSc (Econ) March 17, 2024 WHAT ARE THE PENALTIES FOR PAYING OFF YOUR MORTGAGE EARLY IN CANADA? By Enoch Omololu, MSc (Econ) March 17, 2024 REALTOR COMMISSIONS IN CANADA 2024: WHAT YOU NEED TO KNOW By Enoch Omololu, MSc (Econ) January 25, 2024 HOW TO PORT OR TRANSFER YOUR MORTGAGE IN CANADA IN 2024 By Enoch Omololu, MSc (Econ) June 15, 2023 15 BEST MORTGAGE LENDERS IN CANADA IN 2024 By Enoch Omololu, MSc (Econ) January 25, 2024 HOW TO GET A MORTGAGE AS A FIRST-TIME HOME BUYER IN CANADA By Enoch Omololu, MSc (Econ) July 5, 2023 Show all guides TOP OFFERS AND RECOMMENDATIONS Maximize your savings and rewards with these limited offers. 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Get this offer YOUR MONEY RESOURCES CANADA’S RETIREMENT INCOME SYSTEM NEWCOMER FINANCIAL CHECKLIST IMPROVE CREDIT SCORE ROBO-ADVISOR GUIDE BEST STOCK TRADING APPS HOW TO INVEST IN STOCKS INVESTING IN CANADA BEST BANKS CAR LOAN CALCULATOR COMPOUND INTEREST CALCULATOR RRSP INVESTMENT CALCULATOR LOAN PAYMENT CALCULATOR SAVVY NEW CANADIANS EXCLUSIVE OFFER GET A TOP NO-FEE PREPAID CASH BACK CARD IN CANADA! Start with a $20 welcome bonus and up to 5% unlimited cash back on purchases. $0* monthly fees. No credit check required, and you get up to $1,000 by referring friends! Use “CASHBACK” code. Get the offer DIY INVESTING COURSE FOR BEGINNERS: GROW YOUR WEALTH LIKE A PRO Want to become a do-it-yourself investor, save on investment fees, grow your wealth, and reach financial independence? Enroll in this online investing course to learn the exact steps you need to take to get started. It is time to make your money work for you! HERE’S WHAT YOU GET AND LEARN Step-by-step video instructions on how to open a brokerage account and trade stocks and ETFs (includes 3 brokerage platforms) 30+ on-demand videos and presentations covering must-know investment concepts Guides, workbooks, and reference material (20,000+ words) How to assess your risk profile, develop an investment strategy, and build a diversified portfolio How to choose ETFs and other investment products How to invest with little money How to cut your investment fees and balance returns vs risk Confidence to navigate the financial markets and stay on track under all financial conditions 24/7 access to all course material and future updates Quizzes and downloadable infographics to reinforce learning 6 months of live support to ask questions Exclusive bonuses and access to live webinars Private Facebook “Investing For Beginners” Community ENROLL NOW Grab your copies of the latest Savvy New Canadian books, planners, and more. MEET OUR FOUNDER Enoch Omololu is the founder and chief editor of Savvy New Canadian. A money expert, he has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. He launched the Savvy New Canadian platform in 2016 to help other newcomers navigate Canada’s financial landscape by providing updated guides and resources on investing, retirement planning, banking, credit, and more. Enoch is the author of two books: How To Buy a Home in Canada and A Complete Guide to Canada’s Retirement Income System. He is passionate about helping others win with their finances and has written about money matters for over a decade. Read more about Enoch Omololu. DR. ENOCH OMOLOLU (FOUNDER) FREQUENTLY ASKED QUESTIONS Who is Savvy New Canadian? Savvy New Canadian is one of Canada’s top resources for actionable personal finance guides, tools, and resources. Founded in 2016, the platform’s core mission is to help you become better at managing your money. Learn more about us and see where we have been featured. Is Savvy New Canadian only for newcomers? Savvy New Canadian is used by Canadian citizens, permanent residents, international students, refugees, and many new immigrants in Canada. We help millions of people each year to make smarter financial decisions. What are the best banks in Canada? Canada’s financial landscape includes the Big Five Banks (RBC, TD, BMO, Scotiabank, and CIBC) and several online banks that help you save on banking fees. Each bank has its pros and cons, and we have compiled their top features to help you find the best bank for you. Which ETFs are right for me? Exchange-Traded Funds (ETFs) take the guesswork out of building a diversified portfolio. You can choose from equity, bond, index, dividend, sector, and commodity ETFs based on your risk tolerance and investment objectives. There are also asset allocation ETFs that are multi-asset diversified portfolios within a single fund. Use this list of the best ETFs as a starting point for your search. How do I start investing in Canada? Begin your investing journey by learning about the types of investment products, the relationship between risk and return, types of retirement accounts, and how to choose the right brokerage platform. If you have already paid off your high interest debt, it is time to put your money to work and grow your net worth by investing. Where can I find new Canadian benefits? Newcomers to Canada may be entitled to various benefits and tax credits such as the GST/HST credit, Canada Child Benefit, Climate Action Incentive Payment, and several other provincial and territorial benefits. You will generally need a social insurance number to qualify. Do you offer a Finance 101 course? Yes, we have an investing 101 course for beginners that will launch soon. This course includes step-by-step video instructions on how to invest in stocks and ETFs. Students also learn how to develop a sustainable investment strategy based on their risk profile and financial goals. WHAT SAVVY CANADIANS ARE SAYING… Love reading all your blog posts on investing. So simple to understand and extremely informative. Kudos!!! Wemimo I really appreciate the applicability and thoroughness of your articles. [You] are providing an excellent service. Thank you! Leslie T Thank you for always providing such great advice and insight. I always look forward to getting your emails! Lynn A Thank you, Dr Enoch. The information is so useful for us newcomers to Canada. Much appreciated sir. Rowland G I’ve been waiting for someone to write a comprehensive post about U.S dollar accounts and credit cards for Canadians. Thank you. Roxy Thank you Enoch, I appreciate your time and effort in giving of yourself to help others. It’s refreshing to see this in today’s world. A Merry Christmas and Happy New Year to you and yours. All the very best. Fraser Awesome content. I come here daily looking for articles I have not read yet. Very informative that it is Canadian specific. Great work, Enoch. Anson Really appreciate the Canadian perspective on credit cards, points, TFSAs, etc.! I’ve been binge reading a lot of your stuff and trying to get more into travel hacks with points. With the massive amount of American blogs out there on the subject, it’s great to find a Canadian one. Just wanted to say thanks! Brenda I’m a big fan of your site and love reading your weekly newsletters. The information you provided this week on tax filing is outstanding; it’s so helpful to have such relevant information all in one place, and a bonus that it’s written in such an accessible, down to earth manner. Kami R Great article on investing Enoch. I am into the investing business and your articles is well written and very informational. I loved reading it. Tracy C As a senior Canadian (been here all my life) I didn’t know the majority of info on your site. It’s so well organized, and the articles are thoughtful and helpful. I really appreciate it, and you! B I know I have said this before, but I say it again. Your newsletter is SO helpful. I don’t get to spend the time to read/research everything, but even just skimming your info/links gets my mind on a track for future applications. And I archive by subject your info so I can find it easily. Ramona Great blogpost, Enoch!!! I have finished reading Unshakeable by Tony Robbins recently and I had a hard time finding more information about investing in index funds in Canada. But then I found your post! Thank you!!! Ahmed A This blog was so helpful to me as an international student with no idea of things like credit scores. Thank you so much. Egie A Your emails are great. Excellent info, helpful, clear and to the point. I will be passing this on to our financially motivated 16yo son. Keep up the great work, and very best wishes to you and yours. R.D. 408-55 Water St. Office 8402 Vancouver, BC V6B 1A1 5.0 Based on 3 reviews COMPANY About Us Founder Story Contact Us Press Editorial Policy Scholarship Partner With Us BROWSE Investing Retirement Personal Finance Banking Save Money Make Money Credit Loans Blog RESOURCES Shop Newsletter Free Resources Coaching Investing Course LEGAL Privacy Policy Disclosure Disclaimer: Information provided on Savvy New Canadian is for educational purposes only. Please read our disclosure and editorial guidelines for more details. © 2016 - 2024 Savvy New Canadian. All Rights Reserved. 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