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A line of credit is reusable debt

A line of credit lets you borrow, repay and borrow again up to an approved limit.

Housing5 min · Scroll lesson

A mortgage preapproval is a ceiling, not a budget

A lender's preapproval estimates what you may qualify to borrow, not what will feel comfortable in your full household budget.

At 71, your RRSP has to change

By the end of the year you turn 71, an RRSP must be withdrawn, transferred to a RRIF or used to buy an annuity.

Bonds: You are lending money

A bond is a loan to a government or company, and its market price can still move before maturity.

CPP timing: Starting later means a larger monthly payment

CPP can start between ages 60 and 70, and the age you choose changes the monthly retirement pension.

Credit & Debt6 min · Scroll lesson

Credit card grace periods depend on paying in full

Purchase interest can often be avoided during the grace period, but cash advances and unpaid balances follow different rules.

Credit utilization is only one part of your credit profile

Using a large share of your available revolving credit can affect your credit profile, but utilization is not the whole score.

Deductibles: You pay the first part of some claims

A deductible is the part of a covered loss you are responsible for before the insurer's payment is calculated.

Dividends are not free money

A dividend is cash distributed to shareholders, but it is only one part of an investment's total return.

Fixed vs variable: Rate risk moves differently

Fixed and variable mortgages change how and when interest-rate changes affect the borrower.

GICs: A known return comes with trade-offs

A GIC can give you a known return, but access to your money and potential upside depend on the terms.

Home insurance does not cover every loss

A home insurance policy covers specified risks, subject to exclusions, limits, deductibles and optional coverage.

Money Basics4 min · Scroll lesson

Liquidity

Liquidity describes how easily an asset can be turned into spendable cash without a large loss in value.

Liquidity: How fast can your money become cash?

Liquidity is about how easily an asset can become spendable cash without a major loss in value.

Mortgage prepayments can save interest

Extra mortgage payments can reduce principal faster, but closed mortgages usually limit how much you can prepay without a penalty.

Not all investment income is taxed the same way

Interest, Canadian dividends and capital gains can follow different tax rules in a non-registered account.

OAS and GIS react to income differently

OAS is taxable and can face a recovery tax at higher income, while GIS is a tax-free benefit targeted to lower-income OAS recipients.

Planned expenses are not emergencies

Costs that are irregular but predictable belong in the budget before they arrive.

Real return: Inflation changes what your return can buy

An investment can grow in dollars while gaining less purchasing power once inflation is considered.

Taxes & Accounts7 min · Scroll lesson

RESPs: Grants come with rules

An RESP can attract government education savings grants, but contributions, grants and withdrawals each follow different rules.

Insurance6 min · Scroll lesson

Term vs permanent: Different coverage timelines

Term life insurance covers a defined period, while permanent insurance is designed to last for life while the policy remains in effect.

A $1 million portfolio is not $1 million of annual spending

A retirement portfolio is a pool of assets that may need to support spending for many years.

A lower monthly payment can still cost more

Stretching a loan over more time can reduce the payment while increasing the total interest you pay.

Investing6 min · Scroll lesson

A market drop and a permanent loss are not the same thing

Prices can fall temporarily, but some losses reflect lasting damage. A falling price alone does not tell you which one you are seeing.

Housing7 min · Scroll lesson

A mortgage payment is not the full cost of owning a home

Homeownership comes with upfront, ongoing and unpredictable costs that sit outside the mortgage payment.

Saving & Spending4 min · Scroll lesson

A sale only saves money if you were going to buy it anyway

A discount reduces the price of a purchase. It does not automatically make the purchase useful or affordable.

A stock is ownership in a business

Buying a share means buying a small ownership interest in the company behind the ticker.

A tax deduction and a tax credit do different things

A deduction generally reduces income used to calculate tax. A credit generally reduces tax after it has been calculated.

A TFSA is an account. What you put inside still matters.

The TFSA provides tax treatment. The holdings inside determine the risk, return, liquidity and experience.

An emergency fund has one job: buy you time

Emergency savings give unexpected expenses somewhere to land before they become a borrowing problem.

An ETF is a basket, not a strategy

ETF describes how a fund is packaged and traded. What it owns determines the actual investment exposure.

An FHSA combines two tax advantages, but the rules matter

Eligible FHSA contributions can generally be deductible and qualifying home withdrawals can generally be tax-free.

An RRSP generally delays tax. It does not make tax disappear.

RRSP contributions can create a deduction today, while withdrawals are generally taxable later.

Cash flow and net worth can tell different stories

Net worth shows what you own minus what you owe. Cash flow shows what is coming in and going out over time.

CPP, OAS and your own savings do different jobs

Retirement income can come from several layers, and each one works differently.

Credit & Debt6 min · Scroll lesson

Credit card interest is expensive because of the rate and the timing

Credit card interest can become costly quickly because rates are high and some transactions start charging interest sooner than others.

Insurance6 min · Scroll lesson

Disability insurance protects something easy to overlook: your income

For many working people, future earning ability is a major financial asset. Disability insurance can replace part of income when covered illness or injury prevents work.

Inflation is what your money can buy, not just a percentage

Inflation means prices rise over time, which changes the purchasing power of the dollars you have.

Insurance transfers risk. It does not make the risk disappear.

Insurance trades a known premium for protection against specified losses, subject to coverage limits, deductibles and exclusions.

Life insurance protects a financial need, not your life

Life insurance cannot prevent death. It provides money to help absorb the financial consequences for the people or obligations left behind.

Money needed soon has a different job

A short timeline changes how much investment risk a financial goal can reasonably absorb.

More investments does not always mean more diversification

Diversification comes from spreading underlying exposure, not simply increasing the number of holdings in an account.

Moving into a higher tax bracket does not make all your income taxed at that rate

Canada's income tax brackets are marginal. A higher rate applies only to the portion of taxable income that falls inside that bracket.

Principal and interest do different things inside a mortgage payment

Principal reduces the mortgage balance. Interest is the cost of borrowing, and the mix can change over time.

Renting is not automatically throwing money away

Rent pays for housing and flexibility. Ownership can build equity but also comes with financing, transaction and maintenance costs.

Retirement7 min · Scroll lesson

Retirement changes the problem from building money to drawing from it

Saving into a portfolio and withdrawing from it create different risks, even with the same investments.

Saving and investing have different jobs

Saving prioritizes stability and access. Investing accepts uncertainty in pursuit of longer-term growth.

What does net worth actually tell you?

Net worth is a useful snapshot of what you own minus what you owe, but it does not tell the whole story.

Investing6 min · Scroll lesson

Why 1% in investment fees can become a much bigger number

A percentage-point cost difference can compound into a much larger dollar difference over time.

Credit & Debt6 min · Scroll lesson

Why credit card minimum payments can keep debt around for years

The minimum payment keeps the account current. It is not designed to clear the balance quickly.

Your credit score is not your financial health score

A credit score summarizes parts of your credit history. It does not measure your savings, income, net worth or overall financial wellbeing.