// LAB NOTES
Lab notes
Plain-English explainers for the money questions Canadians search most, written from government and bank sources and checked against them.
Banking basics
Everyday accounts, direct deposit and keeping more of your pay.
- Banking basicsHow to get a void cheque at any Canadian bankYou don’t need a chequebook to give your employer a void cheque.7 min readRead
- Banking basicsHow to save money in Canada: practical tactics that add upSaving money has less to do with willpower than with plumbing: where your pay lands, what leaks out automatically and where the rest goes.6 min readRead
Credit
Credit reports, scores and the ways Canadians borrow.
- CreditHow to read your credit report (Equifax and TransUnion)Your credit report helps decide if you’re approved for a card, loan or apartment and what rate you pay, yet many people never look at theirs.7 min readRead
- CreditWhat is a good credit score in Canada?In Canada, credit scores usually run from 300 to 900, and a score of 660 or higher is generally considered good.6 min readRead
- CreditWhat is a line of credit? How it works in CanadaA line of credit is a pool of money you can borrow from, repay and borrow again, paying interest only on what you use.7 min readRead
Home buying
Mortgages, pre-approval and borrowing against your home.
- Home buyingHow to get pre-approved for a mortgage in CanadaA mortgage pre-approval tells you roughly how much a lender may lend you and can hold an interest rate while you shop.6 min readRead
- Home buyingWhat is a HELOC? Home equity line of credit vs home equity loanA home equity line of credit, or HELOC, lets you borrow against the part of your home you own, as much or as little as you need up to a limit.7 min readRead
- Home buyingWhat is a reverse mortgage? How it works in CanadaA reverse mortgage lets homeowners, usually aged 55 or older, turn part of their home equity into tax-free money without selling and without regular payments.6 min readRead
Investing & savings
Index funds and the registered plans that come with government money.
- Investing & savingsHow to invest in index funds in CanadaAn index fund buys a whole market, or a slice of it, in one purchase and usually charges far less than a fund that tries to beat the market.6 min readRead
- Investing & savingsRDSP: how the Registered Disability Savings Plan worksA Registered Disability Savings Plan (RDSP) is a long-term savings plan for people approved for the disability tax credit, and the federal government can add up to $4,500 a year to it.7 min readRead
- Investing & savingsRESP: how it works, the CESG and the Canada Learning BondA Registered Education Savings Plan (RESP) is how most Canadian families save for school after high school, and the federal government adds money on top.6 min readRead
Tax
Reading what the Canada Revenue Agency sends you.
General information for Canadians, not financial, tax or legal advice. Each note lists the official pages it was written from. See our methodology.