Melanie Pitman

1 week ago | moneygenius.ca | Melanie Pitman

Canada's work-from-home credit allows those who work from home to claim certain home office expenses on their tax return. The CRA allows employees to deduct a portion of expenses like rent, utilities, internet, and office supplies, provided specific criteria are met. Unlike the temporary flat rate method that was available from 2020 to 2022, employees must now calculate their actual work-from-home expenses and obtain a signed declaration from their employer.

1 month ago | moneygenius.ca | Melanie Pitman |Kathleen Flear

An exchange-traded fund – commonly known as an ETF – is an investment fund that can be bought and sold on an exchange, similar to a stock. They allow Canadian investors to buy a collection of individual stocks and/or bonds at once, similar to mutual funds. Most ETFs follow the performance of an index, a specific economic sector (such as healthcare, industrial, or energy), or even global markets.

2 months ago | moneygenius.ca | Melanie Pitman |Kathleen Flear

EQ Bank and Wealthsimple are online-only banks in Canada, but EQ Bank specializes in everyday banking and Wealthsimple specializes in investing. Canadian banking has tended to look a certain way and offer certain products. However, these institutions break the mould – neither offers a typical credit card or mortgage product, and they don't offer personal loans at all. Still, the products they do offer are quite valuable and very, very convenient.

2 months ago | moneygenius.ca | Melanie Pitman

The debate between EQ Bank vs. Tangerine mostly comes down to how you use your money. Both are convenient, online bank with no-fee chequing accounts and several registered savings account options. Only Tangerine offers a true credit card and separate chequing and savings accounts – so we think it’s the better option for most Canadians. Still, EQ Bank has higher base interest rates.

Jan 16, 2025 | moneygenius.ca | Melanie Pitman

Canada doesn’t use cashier’s cheques – instead, Canadian banks offer bank drafts and certified cheques, which are guaranteed and certified by the bank like cashier’s cheques are in the U.S.These are safe and secure payment options commonly used for large transactions such as vehicle purchases or down payments for real estate purchases. However, Canada’s alternatives to cashier’s cheques do come with a fee.