Author: Em Norton

Money mastery isn’t always taught in school. In fact, a survey by Intuit found that 73% of Canadian high school students wish they understood more about personal finance but don’t know where to start.

But Ramit Sethi’s goal in life is to bridge that knowledge gap.

“Many people drift through their 20s and 30s hoping money just figures itself out,” Sethi said in a video posted to his Youtube channel in June.

With his website, I Will Teach You To Be Rich, he created an empire built around clear, no-nonsense financial advice that anyone can put into practice today.

If you’re in your 20s, 30s, 40s or beyond, his 9 money milestones are worth considering.

Milestone #1: Zero high-interest debt

His first milestone is clearing all high-interest debt. This means any debt with an interest rate of 6% of higher.

“You cannot build a rich life while dragging credit card debt behind you — and you will be shocked at how fast your money grows once this anchor is gone,” Sethi says.

Credit card debt is the worst kind of debt, according to Sethi. It creates compound interest in reverse, counteracting any of the benefits you would otherwise receive from investing. Clearing this debt before doing anything else with your cash should be your number one priority.

The two most common types of debt payment strategies are the avalanche and snowball methods. The avalanche technique starts with your largest, or highest interest, debt to create cascading relief once it’s settled. The snowball method aims to knock off smaller debts first and build momentum over time.

To make clearing your high interest debt easier, you can consolidate it into one loan at a lower rate with Loans Canada. Instead of juggling multiple monthly payments, you’ll have one predictable payment to manage each month.This can both ease your interest costs and improve your credit score.

You can shop for the most competitive interest rates on personal and debt consolidation loans, since Loans Canada specializes in comparing rates offered by different lenders. You don’t need a minimum credit score or annual income to receive personalized loan offers.

Milestone #2: Have a bullet-proof emergency fund

After your debt is cleared, the next milestone is creating an emergency fund.

While many money influencers suggest three to six months so you can invest more of your money faster, Sethi believes six to 12 provides true psychological security.

“Your goal is to build six to 12 months of core expenses in an emergency fund,” Sethi notes. “That includes rent or mortgage payments, transportation, groceries — and put that money in a boring high-yield savings account.”

A high interest savings account can help you grow your savings faster. It often pays to shop around because some banks offer special interest rates for new customers.

For example, if you open a Simplii Financial high interest savings account (HISA), you can earn 4.25% interest on eligible deposits up to $100,000 for the first four months of having an account.

If you’re already a client, you can still take advantage of the welcome offer if you’re still within 60 days of opening a Simplii Financial account. Offer ends September 30, 2025.

Simplii also has a no fee chequing account which can help you make the most of your everyday spending while you’re at it.

With unlimited transactions and no monthly fees, Simplii’s no-fee chequing account simplifies everyday financial activities, allowing you to make purchases without a worry.

Plus, you can earn 0.01% to 0.1% interest on your balance.

Milestone #3: Reach full financial automation

His next milestone is all about ensuring you are investing regularly, without lifting a finger.

Automating your finances means you don’t have to do anything to invest — it happens automatically. This requires setting up automatic contributions with your banking and investing accounts, so a percentage of the money you earn is automatically invested every time your paycheck hits your account.

“The secret to getting rich is not about stock picks, it’s not about crypto, it’s definitely not day trading … it’s boring, automated, consistent investing,” according to Sethi.

He recommends investing at least 10% of your income into tax-advantaged savings vehicles — like an RRSP or TFSA — every time you are paid.

He also suggests increasing that auto-investment by 1% every year to supercharge your investment plan — meaning if you invest 7% of your pay this year, next year you would revisit your automatic investment plan and set it to 8%. The year after would be 9%, and so on.

Using an app like Wealthsimple Invest makes it easy for you to automate monthly contributions to your RRSP and/or TFSA

Once you set up your risk profile and financial goals, Wealthsimple will build a smart, diverse, expertly-managed investment portfolio to help achieve your goals.

Plus, you’ll get a $25 bonus when you open your first Wealthsimple account (through this page) and fund at least $1 within 30 days. T&Cs apply.

Once you’re fully automated, it’s time to consider diversifying your investments. Investing in stocks and bonds with a 60/40 split is a good first step, but still exposes you to market risks tied to fiat currency, global trade and the like.

Milestone #4: Reach career mastery

Sethi notes that your income is your most powerful wealth building tool. Your career is where you earn money, and the more money you earn, the more you can invest.

“The majority of millionaires in America made it from having a nice stable salary and then investing their money in low cost investments,” he says. “They didn’t win an insurance settlement. They didn’t pick a lottery ticket.

“They literally had a nine-to-five job and they took part of that money and invested. That’s why it makes a lot of sense for you to pay attention to your career and build the skill of increasing your income.”

The same goes for Canadians. A survey by RBC found that Canadian millionaires’ wealth is largely self-made. Wages and investment gains account for the largest source of their assets and only 8% inherited the bulk of their wealth.

Milestone #5: Know your number — and your why

Sethi’s next milestone is all about finding and understanding the bank account balance you need to retire and achieve all the financial goals you want in life.

“What number in the bank is enough for you? Is it a million dollars in savings? Two million, five million? Okay, but why?” Sethi asks.

“Why do you want that number? Truly rich people know their number and they know their why.”

Ask yourself what number will make you feel like you have enough to retire comfortably, retire early or go on that dream sabbatical. Knowing how much you need and why is the backbone of any strong financial plan.

“If you don’t know what that money is for, then you are simply wasting your life chasing a number,” Sethi continues.

Once you know your number, consider opening a self-directed trading account through a platform like CIBC Investor’s Edge to invest in low-cost index funds.

With CIBC Investor’s Edge, you can enjoy low commissions on trades and no or minimal account maintenance charges, depending on the size of your portfolio. You don;t have to pay any account fees on RRSPs with a balance of $25,000 or more and TFSAs with a balance of $10,000 or more. For non-registered accounts, the platform waives maintenance fees if the account balance exceeds $10,000.

Build your portfolio with CIBC Investor’s Edge and get up to 100 free trades and over $200 in cash back.

Milestone #6: Have a shared financial dashboard

If you are married, or considering marriage, this is crucial advice.

Sethi notes that there should never be one person in the relationship who controls all the fiances — as that can be a breeding ground for resentment. A shared dashboard means you actively look at your money together, share financial goals and make long-term plans together.

His advice isn’t just about emotions. It’s also practical.

“If you happen to get hit by a bus one day, you’re going to leave your grieving family not even sure where the money is.”

If one partner holds access to all the accounts, and that person is suddenly gone, this creates extra chaos for the partner left behind.

With this in mind, Monarch Money offers tools for couples to track your combined finances across multiple accounts. This can help you and your partner create a shared dashboard to manage your full financial picture.

Monarch Money is a platform that acts as a personal finance concierge. It connects you with over 11,200 financial institutions — this means you can have a top-down view of your bank accounts and investment portfolios.

Milestone #7: You’ve created your “no” list

What don’t you care about? Cut it out ruthlessly.

“This checkpoint is about clarity. It’s about knowing what doesn’t matter to you,” Sethi notes. “Here’s what you need to do: Write down three things you don’t care about spending money on, then write three things you want to spend money on unapologetically.”

This means actively looking at what you spend money on by tracking spending for a few months. Make sure your spending is aligned with the things you actually care about.

“Once you know what is not part of your rich life, then you can cut those things without guilt, and you can actually redirect that money to the things you love,” Sethi says.

Tracking your spending could show that you’re actually spending $120 a month on subscription services you haven’t used in years, allowing you to make cuts and put your money toward something more meaningful.

Milestone #8: A simplified credit card assortment

Sethi’s next milestone is all about simplicity.

It is easy to get caught up in financial optimization to the detriment of enjoying your life.

An all-consuming obsession with getting the best deal possible, or carrying around a wallet full of credit cards that need a spreadsheet to keep track of the best cash back rates for each spending category, is not how you create a healthy relationship with money.

“Do you really want to spend the rest of your life optimizing a spreadsheet of cash back rewards?” Sethi asks.

This takes up time you could better spend earning money, recharging by watching your favorite show or being with family. All that work to save an extra $50 a year isn’t always a worthwhile use of time.

Instead, he recommends keeping “one to two solid rewards cards.”

“Cancel those junk cards, including those predatory f—ing credit cards with 30% plus APRs that you got from Gap and Kohl’s to get $10 off a sub par pair of jeans,” he continues. “And then monitor your interest rates like a hawk while you’re paying off debt.”

Neo Financial’s Mastercard can be a good option to consider for one of your two go-to credit cards.

It has no annual fee and offers 1% cashback on gas and groceries so you can earn while you spend on essentials.

And if you shop at select stores nationwide — like Aldo and Pet Valu — or book a room with Best Western, you can get up to 15% cashback on your purchases.

Apply today and get a $25 bonus.

Milestone #9: Have your financial vision in place

Finally, Sethi recommends using everything you learned from the other milestones to create a financial vision that you revisit yearly.

What you think you want out of life in your 30s will not be the same as what you might want in your 40s or 50s. At the end of each year, update your plan to suit your current lifestyle and future goals — a recurring calendar event can help with this.

Sethi recommends asking yourself the following questions during these check-ins: “What do I want more of in this coming year? What doesn’t matter to me anymore? What do I want less of? And finally, what’s next?”

While it’s certainly not an easy thing to think about, planning for the finances of what happens when you’re gone can be a life saver for your loved ones and ease your mind in the present by knowing your wealth is protected.

With PolicyMe finding the best, most affordable life insurance policy for you is simple. All you need to do is fill in some information about yourself — things like your age, income and smoking status —and they will provide you with a free quote in minutes.

Sources

1. Intuit: Intuit Survey: Few Canadian high schoolers feel they have a solid understanding of personal finance terms (July 18, 2024)

2. Intuit: I Will Teach You To Be Rich: 9 Major Money Milestones to Accomplish Before 40

3. RBC: Canada’s millionaires concerned about next generation’s financial future: RBC

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Money mastery isn’t always taught in school. In fact, a survey by Intuit found that 73% of Canadian high school students wish they understood more about personal finance but don’t know where to start.

But Ramit Sethi’s goal in life is to bridge that knowledge gap.

“Many people drift through their 20s and 30s hoping money just figures itself out,” Sethi said in a video posted to his Youtube channel in June.

With his website, I Will Teach You To Be Rich, he created an empire built around clear, no-nonsense financial advice that anyone can put into practice today.

If you’re in your 20s, 30s, 40s or beyond, his 9 money milestones are worth considering.

Milestone #1: Zero high-interest debt

His first milestone is clearing all high-interest debt. This means any debt with an interest rate of 6% of higher.

“You cannot build a rich life while dragging credit card debt behind you — and you will be shocked at how fast your money grows once this anchor is gone,” Sethi says.

Credit card debt is the worst kind of debt, according to Sethi. It creates compound interest in reverse, counteracting any of the benefits you would otherwise receive from investing. Clearing this debt before doing anything else with your cash should be your number one priority.

The two most common types of debt payment strategies are the avalanche and snowball methods. The avalanche technique starts with your largest, or highest interest, debt to create cascading relief once it’s settled. The snowball method aims to knock off smaller debts first and build momentum over time.

To make clearing your high interest debt easier, you can consolidate it into one loan at a lower rate with Loans Canada. Instead of juggling multiple monthly payments, you’ll have one predictable payment to manage each month.This can both ease your interest costs and improve your credit score.

You can shop for the most competitive interest rates on personal and debt consolidation loans, since Loans Canada specializes in comparing rates offered by different lenders. You don’t need a minimum credit score or annual income to receive personalized loan offers.

Milestone #2: Have a bullet-proof emergency fund

After your debt is cleared, the next milestone is creating an emergency fund.

While many money influencers suggest three to six months so you can invest more of your money faster, Sethi believes six to 12 provides true psychological security.

“Your goal is to build six to 12 months of core expenses in an emergency fund,” Sethi notes. “That includes rent or mortgage payments, transportation, groceries — and put that money in a boring high-yield savings account.”

A high interest savings account can help you grow your savings faster. It often pays to shop around because some banks offer special interest rates for new customers.

For example, if you open a Simplii Financial high interest savings account (HISA), you can earn 4.25% interest on eligible deposits up to $100,000 for the first four months of having an account.

If you’re already a client, you can still take advantage of the welcome offer if you’re still within 60 days of opening a Simplii Financial account. Offer ends September 30, 2025.

Simplii also has a no fee chequing account which can help you make the most of your everyday spending while you’re at it.

With unlimited transactions and no monthly fees, Simplii’s no-fee chequing account simplifies everyday financial activities, allowing you to make purchases without a worry.

Plus, you can earn 0.01% to 0.1% interest on your balance.

Milestone #3: Reach full financial automation

His next milestone is all about ensuring you are investing regularly, without lifting a finger.

Automating your finances means you don’t have to do anything to invest — it happens automatically. This requires setting up automatic contributions with your banking and investing accounts, so a percentage of the money you earn is automatically invested every time your paycheck hits your account.

“The secret to getting rich is not about stock picks, it’s not about crypto, it’s definitely not day trading … it’s boring, automated, consistent investing,” according to Sethi.

He recommends investing at least 10% of your income into tax-advantaged savings vehicles — like an RRSP or TFSA — every time you are paid.

He also suggests increasing that auto-investment by 1% every year to supercharge your investment plan — meaning if you invest 7% of your pay this year, next year you would revisit your automatic investment plan and set it to 8%. The year after would be 9%, and so on.

Using an app like Wealthsimple Invest makes it easy for you to automate monthly contributions to your RRSP and/or TFSA

Once you set up your risk profile and financial goals, Wealthsimple will build a smart, diverse, expertly-managed investment portfolio to help achieve your goals.

Plus, you’ll get a $25 bonus when you open your first Wealthsimple account (through this page) and fund at least $1 within 30 days. T&Cs apply.

Once you’re fully automated, it’s time to consider diversifying your investments. Investing in stocks and bonds with a 60/40 split is a good first step, but still exposes you to market risks tied to fiat currency, global trade and the like.

Milestone #4: Reach career mastery

Sethi notes that your income is your most powerful wealth building tool. Your career is where you earn money, and the more money you earn, the more you can invest.

“The majority of millionaires in America made it from having a nice stable salary and then investing their money in low cost investments,” he says. “They didn’t win an insurance settlement. They didn’t pick a lottery ticket.

“They literally had a nine-to-five job and they took part of that money and invested. That’s why it makes a lot of sense for you to pay attention to your career and build the skill of increasing your income.”

The same goes for Canadians. A survey by RBC found that Canadian millionaires’ wealth is largely self-made. Wages and investment gains account for the largest source of their assets and only 8% inherited the bulk of their wealth.

Milestone #5: Know your number — and your why

Sethi’s next milestone is all about finding and understanding the bank account balance you need to retire and achieve all the financial goals you want in life.

“What number in the bank is enough for you? Is it a million dollars in savings? Two million, five million? Okay, but why?” Sethi asks.

“Why do you want that number? Truly rich people know their number and they know their why.”

Ask yourself what number will make you feel like you have enough to retire comfortably, retire early or go on that dream sabbatical. Knowing how much you need and why is the backbone of any strong financial plan.

“If you don’t know what that money is for, then you are simply wasting your life chasing a number,” Sethi continues.

Once you know your number, consider opening a self-directed trading account through a platform like CIBC Investor’s Edge to invest in low-cost index funds.

With CIBC Investor’s Edge, you can enjoy low commissions on trades and no or minimal account maintenance charges, depending on the size of your portfolio. You don;t have to pay any account fees on RRSPs with a balance of $25,000 or more and TFSAs with a balance of $10,000 or more. For non-registered accounts, the platform waives maintenance fees if the account balance exceeds $10,000.

Build your portfolio with CIBC Investor’s Edge and get up to 100 free trades and over $200 in cash back.

Milestone #6: Have a shared financial dashboard

If you are married, or considering marriage, this is crucial advice.

Sethi notes that there should never be one person in the relationship who controls all the fiances — as that can be a breeding ground for resentment. A shared dashboard means you actively look at your money together, share financial goals and make long-term plans together.

His advice isn’t just about emotions. It’s also practical.

“If you happen to get hit by a bus one day, you’re going to leave your grieving family not even sure where the money is.”

If one partner holds access to all the accounts, and that person is suddenly gone, this creates extra chaos for the partner left behind.

With this in mind, Monarch Money offers tools for couples to track your combined finances across multiple accounts. This can help you and your partner create a shared dashboard to manage your full financial picture.

Monarch Money is a platform that acts as a personal finance concierge. It connects you with over 11,200 financial institutions — this means you can have a top-down view of your bank accounts and investment portfolios.

Milestone #7: You’ve created your “no” list

What don’t you care about? Cut it out ruthlessly.

“This checkpoint is about clarity. It’s about knowing what doesn’t matter to you,” Sethi notes. “Here’s what you need to do: Write down three things you don’t care about spending money on, then write three things you want to spend money on unapologetically.”

This means actively looking at what you spend money on by tracking spending for a few months. Make sure your spending is aligned with the things you actually care about.

“Once you know what is not part of your rich life, then you can cut those things without guilt, and you can actually redirect that money to the things you love,” Sethi says.

Tracking your spending could show that you’re actually spending $120 a month on subscription services you haven’t used in years, allowing you to make cuts and put your money toward something more meaningful.

Milestone #8: A simplified credit card assortment

Sethi’s next milestone is all about simplicity.

It is easy to get caught up in financial optimization to the detriment of enjoying your life.

An all-consuming obsession with getting the best deal possible, or carrying around a wallet full of credit cards that need a spreadsheet to keep track of the best cash back rates for each spending category, is not how you create a healthy relationship with money.

“Do you really want to spend the rest of your life optimizing a spreadsheet of cash back rewards?” Sethi asks.

This takes up time you could better spend earning money, recharging by watching your favorite show or being with family. All that work to save an extra $50 a year isn’t always a worthwhile use of time.

Instead, he recommends keeping “one to two solid rewards cards.”

“Cancel those junk cards, including those predatory f—ing credit cards with 30% plus APRs that you got from Gap and Kohl’s to get $10 off a sub par pair of jeans,” he continues. “And then monitor your interest rates like a hawk while you’re paying off debt.”

Neo Financial’s Mastercard can be a good option to consider for one of your two go-to credit cards.

It has no annual fee and offers 1% cashback on gas and groceries so you can earn while you spend on essentials.

And if you shop at select stores nationwide — like Aldo and Pet Valu — or book a room with Best Western, you can get up to 15% cashback on your purchases.

Apply today and get a $25 bonus.

Milestone #9: Have your financial vision in place

Finally, Sethi recommends using everything you learned from the other milestones to create a financial vision that you revisit yearly.

What you think you want out of life in your 30s will not be the same as what you might want in your 40s or 50s. At the end of each year, update your plan to suit your current lifestyle and future goals — a recurring calendar event can help with this.

Sethi recommends asking yourself the following questions during these check-ins: “What do I want more of in this coming year? What doesn’t matter to me anymore? What do I want less of? And finally, what’s next?”

While it’s certainly not an easy thing to think about, planning for the finances of what happens when you’re gone can be a life saver for your loved ones and ease your mind in the present by knowing your wealth is protected.

With PolicyMe finding the best, most affordable life insurance policy for you is simple. All you need to do is fill in some information about yourself — things like your age, income and smoking status —and they will provide you with a free quote in minutes.

Sources

1. Intuit: Intuit Survey: Few Canadian high schoolers feel they have a solid understanding of personal finance terms (July 18, 2024)

2. Intuit: I Will Teach You To Be Rich: 9 Major Money Milestones to Accomplish Before 40

3. RBC: Canada’s millionaires concerned about next generation’s financial future: RBC

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Tickets to the 2026 FIFA World Cup are officially available to Canadians, and the cost is certainly something to balk at.

This first wave of tickets, which cost $2,500+, all come in deluxe packages provided by FIFA’s official tournament hospitality partner, On Location. These packages include premium seating, food and beverages, private suits and other immersive experiences and entertainment.

What exactly does a FIFA World Cup ticket come with?

These initial-release tickets come with more than just a chance to see a game, hence the soccer net-sized price tag.

Here are some of the main packages they are offering, per their official website:

Single match – $2,500 per person

• Group Stage: Any 1 non-host nation match (no CAN, MEX, USA)
• Round of 32: Any 1 match
• Hospitality options: Pitchside Lounge, VIP, Trophy Lounge, Champions Club, FIFA Pavilion

Venue series – $15,975 per person

• Includes 4-9 matches, depending on venue
• All match days and stages eligible
• Hospitality options: Pitchside Lounge, VIP, Trophy Lounge, Champions Club, FIFA Pavilion

Follow my team – $9,720 per person

• All 3 Group-Stage matches and 1 Round-of-32 match
• All match days and locations eligible
• Follow My Team is not available at this time for host nation teams (Canada, Mexico, U.S.)
• Hospitality options: FIFA Pavilion

Can’t commit to premium tickets? Wait for the first ticket draw to kick off on September 10th

If these packages aren’t in your price range, don’t worry, you still have a chance to see the World Cup. Fans can register now to be entered in the draw to purchase tickets, with the first draw happening on September 10th.

Additionally, Canada Soccer is expected to unveil a revamped version of their Canada Red program which offers membership tiers that range from free to $5,000/year and offers access to their own ticket lottery for Canadian matches specifically.

Sources

1. FIFA World Cup: Match Offerings

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Credit cards can be your best friend, or your worst enemy. As satisfying as it is to get 5% off at the gas pump, it’s just as painful to pay $45 because you went over your credit limit.

Here are five credit card mistakes the banks are counting on you making to prime their coffers. Avoid them and you’re ahead of the game. Fall victim to them, and you could find yourself in serious financial trouble. We’re here to help you beat the banks and keep more money in your wallet.

1. Paying your bill late

Canadian credit card issuers are becoming increasingly less lenient with late payers. When you pay your credit card bill late, you will be charged interest. Rates vary depending on the credit card issuer and type of transactions.

For instance, if you’re 30 days late on your TD credit card, they will increase your interest rate by 5 percentage points i.e. from 19.99% to 24.99% and you will lose any promotional interest rate (introductory balance transfer or purchase rate) you may have had i.e. from 0% to 24.99%.

President’s Choice Financial reserves the right to increase your interest rate 5 percentage points after reviewing your credit card account or credit history for any reason whatsoever. If you’re late on a car loan payment with another company, PC Financial can increase your credit card interest rate.

2. Only paying the minimum amount

In most of Canada, the minimum payment is either $10 or a percentage of your balance, typically between 2% and 3% — whichever is higher, plus the interest owed. While you may be thanking your bank in the short term for the convenience of only having to pay potentially $10 of your balance, the truth is the bank is setting you up to be on a debt treadmill.

If you have a $2,000 balance, a $10 monthly minimum payment plus interest will take you over 16.5 years to pay down. The lesson? Always pay more than the minimum and try to pay off your credit card debt as fast as you can. If you need some breathing room get a balance transfer credit card that offers a 0% rate for 10 months.

3. Ignoring the fine print of balance transfers

With juicy 0% interest offers for as long as 12 months, you might be enticed to get a balance transfer credit card. Just remember, the interest rate only applies to the balances that you transferred from your other credit cards to your balance transfer card (which are great when used properly). Any new purchases you make with your balance transfer card will have the normal interest rate applied to it, even during the introductory period.

So, don’t go spending thousands of dollars thinking you have no interest to pay over the next 12 months, as the 0% balance transfer offer only applies to your existing credit card debt, not anything new.

4. Going over your credit limit

Most of us think that our credit limit is, in fact, our spending limit. Common sense would be on your side, but reality is not. Many Canadian credit card issuers will allow you to go over your credit limit without your required consent, but will then charge you up to $45 for an over-limit fee.

So that pack of gum you bought in the store for $2.50 that brought you $1 over your credit limit, may have been a lot more expensive than advertised.

5. Racking up interest charges from cash advances

Credit card cash advances can be very convenient ways of accessing cash. However, just remember there is no interest free grace period with cash advances.

Most will start charging interest from the moment the advance is completed at a rate often times more than your standard purchase interest rate. In addition, your bank will also likely charge you a fee the greater of $5 or 1% to access cash from your credit card, making it a truly expensive way of getting cash, and problematic if you forgot about the interest charges.

Make the most of your credit card by using it right

So, while credit card rewards, 0% balance transfers and low rate cards are all great opportunities for the savvy and responsible credit card user, used improperly and credit cards can inflict a frightening sting.

That’s why we continue to recommend the Golden Rule of credit card use: set-up an automatic bill pay from your bank to your credit card that auto pays the entire monthly balance, that way you’re never late and will never pay interest.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Being a renter can be frustrating, especially in a city like Toronto, where rent prices increased significantly over the past five years.

That being said, a December 2024 report from Rentals.ca found that rents declined 9.4% annually in Toronto for apartment and condo listings, revealing a glimmer of hope for those looking to relocate to or within the city.

For Torontians looking to move, this is great news. But, while the stats are enticing, it’s important to take a look for yourself and see what’s out there. Lucky for me, this big drop in rent prices coincided with my own apartment hunt, so I was able to get up close and personal with the current renter’s market before I signed a lease.

Average Toronto rent prices

As of February 2025, the average asking rent in Toronto for a one bedroom apartment was $2,370, $3,081 for two bedrooms and $3,633 for three bedrooms, according to Rentals.ca.

The past month, I’ve been on the hunt for a two bedroom apartment, so my personal experience exploring the market is shaped by those parameters.

Rents have gone down, but what kind of places are actually out there?

In looking for a new apartment to call home, I attended at least 20 showings. Among them there were definite no’s, plenty of maybe’s and a handful of yes’ worth applying for. The places I viewed ranged from as low as $2,400/month and as high as $3,000/month. Their prices varied depending on size, location, number of bathrooms, utilities and non-essential features, like balconies.

Here are some standout things I noticed (both positive and negative) while looking for an apartment in Toronto:

There are hidden costs

While some apartments seemed pretty affordable up front, there was more than meets the eye in terms of the asking rent price in the listing. When I went to view some units on the lower end of the price spectrum, I was met with additional costs that were not mentioned in the listing. Sometimes this would include utilities that weren’t included in the rent price, coin laundry fees and internet. One unit I saw charged $65/month for an in unit laundry machine, which made the place an immediate no for me.

If you’re looking to rent a parking spot, this is typically another additional fee for the units that have them. While one apartment I saw included a garage parking spot free of charge, most that had available parking spots charged $80 to $150/month for them. Even if you opt for street parking, you’ll be paying around $30/month for it, so it’s worth keeping that in mind when determining your budget for a new apartment.

Having outdoor space is a real possibility

Green space is certainly not the first thing you think of when you envision living in Toronto. That being said, many of the units I viewed did have some sort of outdoor space available — though it was more grey than green.

Whether it be a shared backyard with other units, a porch or a balcony, it is possible to find a space to enjoy fresh air in a Toronto apartment.

You can’t always trust photos

The photos in apartment listings are varied. Some are likely professionally done, and others are definitely not. That being said, it is often worth it to check out the places that don’t have the best photos — so long as their description and price is right for you — as you truly can’t know what to expect until you see the place. Many blurrily-photographed places ended up being top contenders in my apartment hunt, and some that looked nice online turned out to be quite dingy.

More square footage isn’t always better

Having ample space in your apartment is ideal, but it’s worth noting that sometimes the higher square footage may be due to an unconventional layout. For instance, I saw a lovely apartment that was great on paper, but had no storage space and its only bathroom was in a windowless basement corner. Unfortunately, the pretty stained glass windows and cute front porch weren’t enough for it to be worth it.

Getting an edge as a renter

With all these factors in mind, I was able to find an apartment that was the right fit for me. And after going through this process, I’ve also come to gain some insight on what it takes to have an edge as a prospective tenant.

Be ready to apply

Most apartment applications require the same basic components — a credit report, job letter, references (both from personal connections and prior landlords) and proof of income, like a payslip.

When you are ready to start applying for apartment rentals, it’s best to have everything prepared so you can be first in line for units that you’re interested in.

See as many places as possible

While it is a tiring process, seeing as many places as possible can help you have a better idea of what types of units are out there, and what you can use as leverage for places you’re interested in.

Practice your negotiation skills

In an interview with CBC, Errol Paulicpulle, a real estate agent with Harvey Kalles Real Estate, shared that there are more rental properties available than there were a year ago. With that in mind, renters are not holding back from negotiating when making offers on apartments, so you should definitely consider amping up your negotiation skills to ready yourself when making an offer.

Paulicpulle told CBC: “The tenants who are moving in are asking for more things … Both sides have sensed that there’s a change in the market. The tenants have sensed that they have a bit more leverage and most of the landlords have sensed that they need to be a little more flexible."

I was able to knock $150 off the asking price for the apartment I just signed a lease on, and it didn’t take much haggling.

Know your rights

Above all else, knowing your rights as a tenant is one of the best ways you can be prepared when looking for an apartment. This can save you a lot of strife down the line and ensure you have a keen understanding of what is legal when it comes to the state of the apartment you want to rent, the details of the lease and future rent increases. Consider brushing up on the Ontario Residential Tenancies Act so you can be prepared to stand up for yourself as a renter.

It’s a renter’s market, so find what’s best for you as a renter

If you’re a renter in Toronto, now is the time to take advantage of lower rents and find the best unit for you. Who knows, maybe you can negotiate a lower price and tuck the money you save on rent into savings to buy a home in the future.

Sources

1. Rentals.ca: December 2024 Rentals.ca Rent Report (Jan 13, 2025)

2. Rentals.ca: March 2025 Rentals.ca Rent Report

3. CBC: Rents dropping for apartments and condos in Toronto, experts say (Jan 6, 2025)

4. Government of Ontario: Residential Tenancies Act

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

For many people, the only way to afford a home is to finance it with a mortgage and pay off that loan over time.

In March 2025, the national average home price was $678,331 according to the Canadian Real Estate Association.

Given that the median the median after-tax income of Canadians was $74,200 in 2023, it’s easy to see why the typical working Canadian can barely afford a down payment on a home today, let alone the entire cost in one fell swoop.

But uber-wealthy folks are in a different position. Those with billions of dollars to their name can buy a home outright rather than take out a loan.

Yet celebrities like Mark Zuckerberg, Elon Musk and Jay-Z have all made headlines for taking out multimillion-dollar mortgages — not out of necessity but to reap a couple of key benefits.

It allows for better cash flow

Someone with billions to their name might not worry about cash flow, but taking out a mortgage can be a strategic move to maintain liquidity and keep cash available for other investments, rather than tying it up in a relatively illiquid asset like real estate.

Take Hollywood power couple Jay-Z and Beyoncé, for example. Despite their estimated combined net worth of US$1.6 billion in 2017, they secured a US$52.8 million mortgage to purchase an US$88 million hillside estate in Los Angeles, according to the L.A. Times.

There could be major benefits for Beyoncé and Jay-Z, depending on how their portfolio is allocated,” Robert Cohan, managing director at Carlyle Financial, told Business Insider. “A mortgage gives them financial flexibility, and they have the ability to pay it off whenever they choose.

You can still land an affordable mortgage rate even if you don’t fall in the category of the elite 1%. The key is to not accept the first offer on the table — and to shop around and get quotes from at least two-three lenders.

According to a study conducted by LendingTree, 45% of homebuyers who received more than one mortgage rate quote got a lower rate when they shopped around.

That’s why using Nesto could be a smart choice. Nesto is Canada’s first fully digital mortgage broker, designed to help you find the best mortgage rates quickly and easily.

No matter where you are in the country, Nesto lets you instantly compare low rates on a wide range of options — from 3-year fixed to 5-year variable mortgages.

They also have the longest rate hold period in the country for new mortgages at 150 days, so once you’re pre-approved you have plenty of time to consider your decision before committing.

Free up more money to invest

Someone who’s a billionaire a couple or several times over may not have to worry so much about cash flow. But borrowing for a home allows them to hang onto their cash for other purposes.

Remember, unlike stocks, which can be bought and sold in an instant, homes are a highly illiquid investment. So rather than tying up hundreds of thousands of dollars or more in a home, the wealthy might instead keep their money readily available and simply make payments they can easily afford on a loan.

If you’ve been locked in at a higher fixed rate for the last few years, you might be able to get a lower rate when it’s time to renew your mortgage.

While it may be convenient to automatically renew with your current lender, it often pays to shop around for the best deal.

With Nesto, you can forgo calling up various mortgage lenders and instead simply answer a few questions about yourself and your home, and Nesto will let you compare various offers.

Once you secure a lower rate, make sure you’re investing the extra money that would have gone into your mortgage payment.

More ways to invest in real estate

Purchasing additional properties for rental or investment income can be a hassle. Beyond ongoing maintenance and property taxes, there’s also the added burden of managing tenants and the responsibilities that come with being a landlord.

This is where CIBC Investor’s Edge comes in.

CIBC Investor’s Edge is a self-directed online trading platform where you can buy and sell Real Estate Investment Trusts (REITs) on the stock market. REITs own and operate a range of real estate properties, including office buildings, apartments, hospitals and malls. Investors earn returns through dividends and potential price appreciation of the portfolio of properties — but you aren’t forced to deposit large sums as a down payment or be responsible for fixing leaky faucets.

With CIBC Investor’s Edge you’ll pay low commissions on trades and have no or minimal account maintenance charges, depending on the size of your portfolio.

Get 100 free online equity trades when you open a CIBC Investor’s Edge account using promo code EDGE100†. Offer ends September 30, 2025.

Sources

1. Canadian Real Estate Association: Canadian Homes Sales Drop as CREA Downgrades 2025 Forecast

2. Statistics Canada: Canadian Income Survey, 2023

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Being a renter can be frustrating, especially in a city like Toronto, where rent prices increased significantly over the past five years.

That being said, a December 2024 report from Rentals.ca found that rents declined 9.4% annually in Toronto for apartment and condo listings, revealing a glimmer of hope for those looking to relocate to or within the city.

For Torontians looking to move, this is great news. But, while the stats are enticing, it’s important to take a look for yourself and see what’s out there. Lucky for me, this big drop in rent prices coincided with my own apartment hunt, so I was able to get up close and personal with the current renter’s market before I signed a lease.

Average Toronto rent prices

As of February 2025, the average asking rent in Toronto for a one bedroom apartment was $2,370, $3,081 for two bedrooms and $3,633 for three bedrooms, according to Rentals.ca.

The past month, I’ve been on the hunt for a two bedroom apartment, so my personal experience exploring the market is shaped by those parameters.

Rents have gone down, but what kind of places are actually out there?

In looking for a new apartment to call home, I attended at least 20 showings. Among them there were definite no’s, plenty of maybe’s and a handful of yes’ worth applying for. The places I viewed ranged from as low as $2,400/month and as high as $3,000/month. Their prices varied depending on size, location, number of bathrooms, utilities and non-essential features, like balconies.

Here are some standout things I noticed (both positive and negative) while looking for an apartment in Toronto:

There are hidden costs

While some apartments seemed pretty affordable up front, there was more than meets the eye in terms of the asking rent price in the listing. When I went to view some units on the lower end of the price spectrum, I was met with additional costs that were not mentioned in the listing. Sometimes this would include utilities that weren’t included in the rent price, coin laundry fees and internet. One unit I saw charged $65/month for an in unit laundry machine, which made the place an immediate no for me.

If you’re looking to rent a parking spot, this is typically another additional fee for the units that have them. While one apartment I saw included a garage parking spot free of charge, most that had available parking spots charged $80 to $150/month for them. Even if you opt for street parking, you’ll be paying around $30/month for it, so it’s worth keeping that in mind when determining your budget for a new apartment.

Having outdoor space is a real possibility

Green space is certainly not the first thing you think of when you envision living in Toronto. That being said, many of the units I viewed did have some sort of outdoor space available — though it was more grey than green.

Whether it be a shared backyard with other units, a porch or a balcony, it is possible to find a space to enjoy fresh air in a Toronto apartment.

You can’t always trust photos

The photos in apartment listings are varied. Some are likely professionally done, and others are definitely not. That being said, it is often worth it to check out the places that don’t have the best photos — so long as their description and price is right for you — as you truly can’t know what to expect until you see the place. Many blurrily-photographed places ended up being top contenders in my apartment hunt, and some that looked nice online turned out to be quite dingy.

More square footage isn’t always better

Having ample space in your apartment is ideal, but it’s worth noting that sometimes the higher square footage may be due to an unconventional layout. For instance, I saw a lovely apartment that was great on paper, but had no storage space and its only bathroom was in a windowless basement corner. Unfortunately, the pretty stained glass windows and cute front porch weren’t enough for it to be worth it.

Getting an edge as a renter

With all these factors in mind, I was able to find an apartment that was the right fit for me. And after going through this process, I’ve also come to gain some insight on what it takes to have an edge as a prospective tenant.

Be ready to apply

Most apartment applications require the same basic components — a credit report, job letter, references (both from personal connections and prior landlords) and proof of income, like a payslip.

When you are ready to start applying for apartment rentals, it’s best to have everything prepared so you can be first in line for units that you’re interested in.

See as many places as possible

While it is a tiring process, seeing as many places as possible can help you have a better idea of what types of units are out there, and what you can use as leverage for places you’re interested in.

Practice your negotiation skills

In an interview with CBC, Errol Paulicpulle, a real estate agent with Harvey Kalles Real Estate, shared that there are more rental properties available than there were a year ago. With that in mind, renters are not holding back from negotiating when making offers on apartments, so you should definitely consider amping up your negotiation skills to ready yourself when making an offer.

Paulicpulle told CBC: “The tenants who are moving in are asking for more things … Both sides have sensed that there’s a change in the market. The tenants have sensed that they have a bit more leverage and most of the landlords have sensed that they need to be a little more flexible."

I was able to knock $150 off the asking price for the apartment I just signed a lease on, and it didn’t take much haggling.

Know your rights

Above all else, knowing your rights as a tenant is one of the best ways you can be prepared when looking for an apartment. This can save you a lot of strife down the line and ensure you have a keen understanding of what is legal when it comes to the state of the apartment you want to rent, the details of the lease and future rent increases. Consider brushing up on the Ontario Residential Tenancies Act so you can be prepared to stand up for yourself as a renter.

It’s a renter’s market, so find what’s best for you as a renter

If you’re a renter in Toronto, now is the time to take advantage of lower rents and find the best unit for you. Who knows, maybe you can negotiate a lower price and tuck the money you save on rent into savings to buy a home in the future.

Sources

1. Rentals.ca: December 2024 Rentals.ca Rent Report (Jan 13, 2025)

2. Rentals.ca: March 2025 Rentals.ca Rent Report

3. CBC: Rents dropping for apartments and condos in Toronto, experts say (Jan 6, 2025)

4. Government of Ontario: Residential Tenancies Act

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Summertime is upon us, and with that comes the season of spending on new bathing suits, cottage getaways and drinks on the patio — at least for some.

A recent poll by CIBC found that 67% of Canadians are focused on saving money rather than spending this summer, allocating most of their cash to everyday expenses like gas and groceries. Additionally, 46% said they are actively trying to reduce their daily spending.

Forgoing international travel to explore local getaways

Canadians have already been limiting their trips to the U.S. since President Trump’s election, and this trend is projected to continue in the summer months with only 14% of Canadians planning to travel to the U.S. this summer per CIBC’s poll.

But it’s not just the states that Canadians are avoiding; 65% are planning to stay local altogether, opting for swims in Lake Ontario instead of the Adriatic Sea.

Supporting local businesses

While Canadians are prioritizing saving this summer, that doesn’t mean they aren’t spending at all. Rather, they’re being a bit more choosy about where their spare cash goes.

A recent survey by TD Bank Group found 89% of Canadians feel it’s important to support small businesses this summer.

Beyond that, Canadians are being meticulous mindful of their local travel by doing their research ahead of time. TD’s survey found 63% will research shops, restaurants and attractions ahead of time, with 73% considering travel to a destination to visit a unique business or attraction they researched.

Sources

1. CIBC: Frugal Fun in the Sun: CIBC poll finds Canadians prioritizing saving over spending this summeri (June 4, 2025)

2. TD Stories: Summer Plans? Stay Local, Spend Local: Majority of Canadians Intend to Support Small Businesses While Travelling Domestically this Summer (June 11, 2025)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

It can be hard to prioritize the hobbies and activities you love amidst the rising cost of living. But, doing these things is also an important part of maintaining your wellbeing. That being said, people are finding their way around paying for activities, especially in fitness facilities like pilates and yoga studios.

TikTok user @genevivelaurenn posted a video explaining how “Toronto girls afford pilates in this economy” sharing that some studios have programs where you can exchange your energy for free classes.

Essentially, you “work” for the studio — tasks like checking in clients and cleaning— for a few hours every week, and your pay comes in the form of free classes at said studio.

“I was like, I’m about to spend $300 a month on pilates and that is a lot of money to be going toward pilates” @genevivelaurenn said, explaining why she takes part in an energy exchange.

Sounds like a pretty good way to do one of your favourite activities, right? Well it could be, but it might not work for everyone.

It’s not just pilates

While it’s not just pilates and yoga studios that do energy exchange programs, they have certainly cemented themselves as one of the bigger proprietors of the concept. In Toronto, the cost of membership to a pilates studio ranges from $150 to $400 per month, so it’s no wonder why people want more affordable access to these classes.

Regardless of the activity you’re trading in your energy for, “energy exchange” is basically a new term for the same concept as barter services, which has been around for a long time and often involves a trade of skilled tasks. For instance a graphic designer designing a writer’s website in exchange for the writer editing the copy for a graphic designer’s website or even a plumber fixing a leaky pipe in exchange for a contractor fixing a broken railing.

How to get started

If you want to take part in an energy exchange, getting started is pretty simple — all you have to do is ask. Reach out to local businesses near you or check their websites and social media profiles to see if they advertise any energy exchange programs.

Don’t have the time to work a few hours a week in exchange for classes and activities? Consider building up a savings fund for activities and hobbies. A TFSA is a good option for short term goals that earns high interest and has limited penalties for withdrawing.

Important things to be aware of if you’re considering doing an energy exchange

On paper, energy exchanges can sound like a pretty sweet deal. But, it’s important to think critically about it before signing yourself up.

On a recent episode of Drew Afualo’s podcast The Comment Section she spoke to fellow podcaster and comedian Caleb Hearon who mentioned a time he worked a six and a half hour shift once a week at the box office of an improv theatre in exchange for improv classes, “which is of course the scam of the century, but I couldn’t afford improv classes so I was like [hell yeah]” he said.

Scam of the century might sound like a pretty big claim, but it does urge an exploration (beyond the excitement of a free yoga class) of a couple things that might be worth seriously considering in terms of energy exchanges.

Tax implications

Just because there isn’t a monetary exchange, if you are exchanging services that typically would be paid for, they are considered legitimate economic transactions by the CRA and therefore are taxable.

Unequal labour

When you are exchanging your labour for access to any component of a business, there is always the risk that the labour traded is unequally distributed. Especially with more ambiguous exchanges in which the time you spend providing a service is longer than the time you spend receiving a service.

Sources

1. TikTok: @genevivelaurenn (May 7, 2025)

2. The Comment Section: DOING BLASPHEMY Ft. Caleb Hearon | Episode 171 (May 28, 2025)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Credit cards can be your best friend, or your worst enemy. As satisfying as it is to get 5% off at the gas pump, it’s just as painful to pay $45 because you went over your credit limit.

Here are five credit card mistakes the banks are counting on you making to prime their coffers. Avoid them and you’re ahead of the game. Fall victim to them, and you could find yourself in serious financial trouble. We’re here to help you beat the banks and keep more money in your wallet.

1. Paying your bill late

Canadian credit card issuers are becoming increasingly less lenient with late payers. When you pay your credit card bill late, you will be charged interest. Rates vary depending on the credit card issuer and type of transactions.

For instance, if you’re 30 days late on your TD credit card, they will increase your interest rate by 5 percentage points i.e. from 19.99% to 24.99% and you will lose any promotional interest rate (introductory balance transfer or purchase rate) you may have had i.e. from 0% to 24.99%.

President’s Choice Financial reserves the right to increase your interest rate 5 percentage points after reviewing your credit card account or credit history for any reason whatsoever. If you’re late on a car loan payment with another company, PC Financial can increase your credit card interest rate.

2. Only paying the minimum amount

In most of Canada, the minimum payment is either $10 or a percentage of your balance, typically between 2% and 3% — whichever is higher, plus the interest owed. While you may be thanking your bank in the short term for the convenience of only having to pay potentially $10 of your balance, the truth is the bank is setting you up to be on a debt treadmill.

If you have a $2,000 balance, a $10 monthly minimum payment plus interest will take you over 16.5 years to pay down. The lesson? Always pay more than the minimum and try to pay off your credit card debt as fast as you can. If you need some breathing room get a balance transfer credit card that offers a 0% rate for 10 months.

3. Ignoring the fine print of balance transfers

With juicy 0% interest offers for as long as 12 months, you might be enticed to get a balance transfer credit card. Just remember, the interest rate only applies to the balances that you transferred from your other credit cards to your balance transfer card (which are great when used properly). Any new purchases you make with your balance transfer card will have the normal interest rate applied to it, even during the introductory period.

So, don’t go spending thousands of dollars thinking you have no interest to pay over the next 12 months, as the 0% balance transfer offer only applies to your existing credit card debt, not anything new.

4. Going over your credit limit

Most of us think that our credit limit is, in fact, our spending limit. Common sense would be on your side, but reality is not. Many Canadian credit card issuers will allow you to go over your credit limit without your required consent, but will then charge you up to $45 for an over-limit fee.

So that pack of gum you bought in the store for $2.50 that brought you $1 over your credit limit, may have been a lot more expensive than advertised.

5. Racking up interest charges from cash advances

Credit card cash advances can be very convenient ways of accessing cash. However, just remember there is no interest free grace period with cash advances.

Most will start charging interest from the moment the advance is completed at a rate often times more than your standard purchase interest rate. In addition, your bank will also likely charge you a fee the greater of $5 or 1% to access cash from your credit card, making it a truly expensive way of getting cash, and problematic if you forgot about the interest charges.

Make the most of your credit card by using it right

So, while credit card rewards, 0% balance transfers and low rate cards are all great opportunities for the savvy and responsible credit card user, used improperly and credit cards can inflict a frightening sting.

That’s why we continue to recommend the Golden Rule of credit card use: set-up an automatic bill pay from your bank to your credit card that auto pays the entire monthly balance, that way you’re never late and will never pay interest.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.