5 stepsRenters within five years
Five steps from your first tax-sheltered dollar to the monthly cost of actually owning the place.
- 1Fill the FHSA before anything elseFHSA
- 2Put a date on the down paymentDown payment
- 3Find out what a lender will actually approveAffordability
- 4Price the mortgage itselfMortgage
- 5Budget for ownership, not for rentBudget
5 stepsAnyone with a surplus
Get the account order right first — it is worth more than any product you pick inside the account.
- 1Start from take-home paySalary & tax
- 2Rank the accounts by what each dollar is worthOptimizer
- 3Park short-term money where it cannot fallGIC & HISA
- 4Project the long-term money honestlyETF growth
- 5Make the contribution automaticBudget
5 stepsParents and parents-to-be with
Children change your tax situation as much as your budget. Both benefits below are income-tested.
- 1Lower AFNI, raise the child benefitCCB
- 2Claim the RESP grant every single yearRESP
- 3Size life insurance with DIME, not with a guessLife insurance
- 4Rebuild the budget around child careBudget
- 5Re-run the account orderOptimizer
5 stepsCanadians within fifteen years
In retirement the question stops being how much you have and becomes which account you draw from first.
- 1Decide when CPP startsCPP / OAS timing
- 2Know your RRIF minimums before 71RRIF
- 3Check the OAS clawback thresholdOAS clawback
- 4Set the drawdown orderOptimizer
- 5Test the retirement budget against real incomeBudget
5 stepsFreelancers, contractors and side-hustlers
Self-employment moves the tax bill from your employer to you. Plan for it before the first invoice.
- 1Price in double CPPSelf-employment
- 2Hold the CRA’s money separatelyTax reserve
- 3Check whether incorporating pays yetIncorporation
- 4Set the salary and dividend mixIncorporation
- 5Budget on variable incomeBudget
5 stepsAnyone carrying a revolving
Cut the interest rate first, then attack the balance. Doing it in the other order wastes months.
- 1Move the expensive balanceBalance transfer
- 2Consolidate what will not transferPersonal loan
- 3Use home equity carefully, if at allHELOC
- 4Check whether refinancing clearsRefinance
- 5Give every surplus dollar a jobBudget
5 stepsNewcomers, permanent residents and
A practical order of operations for your first two years in the Canadian financial system.
- 1Read your first paychequeSalary & tax
- 2Build a budget in Canadian costsBudget
- 3Open a TFSA firstRegistered
- 4Open an FHSA if a home is the goalFHSA
- 5Build credit deliberatelyBalance transfer