Self-employment can be a rewarding and fulfilling alternative to traditional employment, but you need to find the right kind of job. For example, you can’t become a self-employed banker or high school teacher.

To help, I’ve created a list of self-employment ideas. I’ve included many types of work, including creative jobs, skilled trades, ecommerce, and consulting.

By focusing on the right type of job and putting in the work, you can make the transition from employee to self-employed.

What Does Self-Employment Look Like?

Self-employment refers to a segment of the workforce that does not work for a specific employer to receive a regular salary or hourly wage.

When you are self-employed, you are your own boss. However, that doesn’t mean that you work alone. Some self-employed individuals own large businesses and employ many people to work for them. But there are just as many people who work independently, without any employees.

Many, but not all, self-employed individuals have well-developed skills in a specific niche. They may be freelancers, coaches, consultants, and skilled tradespeople.

12 Best Self-Employed Jobs in Canada

The following jobs are ideal for people who want to be self-employed. They offer flexibility and solid income potential. Some of the jobs are very scalable, with few limits on your ability to make extra money.

1. Freelance Writing

If you have a passion for writing and a strong grasp of language, you can make good money as a freelance writer. Freelance writers create content for websites, marketing materials, and technical documents. Many freelance writers find work on a project basis, while others will find ongoing work with the same clients.

Freelance writing is one of the most flexible self-employment jobs available. You can work from anywhere, as long as you have a laptop and an internet connection.

2. Handyman Services

If you are skilled at fixing things, you can find work as a self-employed handyman. You can specialize in different areas, depending on your skill set. Many home repair or renovation businesses grow through client testimonials and word of mouth. You’ll never have a shortage of work if you are willing to put in the effort and prioritize quality work.

3. Graphic/Web Design

Creative work, like web or graphic design, can be the perfect self-employed job. Most people don’t have the skills and experience or the time to do the work themselves. With a strong online presence and a portfolio of past work, designers can market their skills to small businesses and corporate clients who need branding, marketing materials, and website design. Knowledge in search engine optimization (SEO) and social media marketing can provide an opportunity to enhance your services.

4. Event Planner

Many event planners have leveraged their organization and communication skills into lucrative careers. Event planners serve a wide range of clients, from individuals planning weddings to corporations organizing conferences. Opportunities in the food industry and corporate events are in especially high demand.

5. Consulting

If you have years of experience in a specific industry, such as marketing, finance, or even nursing, you can leverage your knowledge by becoming a self-employed consultant. Companies will pay thousands of dollars to professionals outside of their organization who can help them solve problems and manage change. A strong network and an established reputation can help you gain potential clients.

6. Personal Trainer

If you spend all of your spare time at the gym, you may want to consider becoming a personal trainer. Personal trainers help clients exceed their fitness goals by creating customized workouts and teaching them the proper techniques. Keep in mind that you may need to obtain certification and have a background in physical fitness. The beauty of this self-employed job is that it’s flexible – you can choose your own hours and your rates.

7. Childcare Provider

Most self-employed jobs could also be performed as an employee, working for a company. Childcare is a good example of this. You could work as a childcare provider at a local daycare and earn $15 or $16 an hour, whatever the going rate happens to be.

Or, you could go the self-employment route and open your own daycare center. This way, you can set your rates and decide how many children you want to care for and what hours you will be available. However, because you’re self-employed, you’ll also be responsible for communicating directly with parents, collecting payments, etc.

8. Virtual Assistant

Virtual assistants are independent contractors who perform various tasks; however, they usually provide remote administrative support to businesses and entrepreneurs. Virtual assistants perform tasks such as managing schedules, organizing documents, and providing customer service. Strong communication skills and an eye for detail are essential for this role.

9. Start a Real Estate Business

There are many different opportunities to make money in real estate. Many real estate agents work as self-employed contractors for a specific real estate agency. Instead of a fixed salary or hourly wage, they earn commission sales income. Some real estate agents decide to start their own brokerages, which allows them to scale their income.

If becoming a real estate agent doesn’t interest you, you could always get into rental property ownership or flip investment properties, which involves buying homes, fixing them up, and reselling them. Other self-employed jobs in real estate include property manager, home inspector, or mortgage broker.

10. Life or Career Coach

Becoming a self-employed life coach can be a fulfilling career choice that allows you to help others in their personal and professional journeys. As a life coach, your main focus will be to guide clients toward achieving their goals, navigating life challenges, and making important life decisions.

You’ll have an opportunity to meet a diverse range of individuals, each with unique challenges and aspirations. You’ll need to develop strong listening, communication, and problem-solving skills as you’ll be responsible for establishing rapport with your clients, setting realistic goals, and suggesting strategies for personal growth.

To establish yourself as a credible life coach, consider obtaining certification through a reputable coaching organization. This will help you gain the trust of potential clients and demonstrate your commitment to the profession. Additionally, investing in your personal development will enable you to offer better guidance and support to your clients.

11. Ecommerce

Ecommerce involves the exchange of goods and services over the Internet. The best example of an ecommerce business may be Amazon, which is the world’s largest online marketplace.

But you don’t have to own a business the size of Amazon to succeed in ecommerce. With the growing digital landscape, more people buy products online, making ecommerce one of the most scalable self-employed jobs available.

One of the main perks of starting your own online store is the flexibility it provides. You can work from home or anywhere with an internet connection. Additionally, operating an online store allows you to cater to a larger audience, which can lead to increased sales and growth opportunities. You’ll also benefit from lower overhead costs, as you won’t have to worry about rent, utilities, or in-person staffing.

When launching an ecommerce business, you can choose to be a generalist or specialize in a niche. For instance, you could focus on selling handcrafted items, eco-friendly products, or even offer services such as digital consulting. Before you start, conduct market research and identify what makes your store stand out.

12. Photographer

Photography allows you to work independently, set your schedule, and be in control of your creative process. In addition, you can develop a personal brand, market your services, and build strong relationships with clients.

You can become a portrait photographer specializing in family photos, graduation pictures, and headshots for professionals. You can also focus on wedding photography, capturing precious moments for couples on their special day. Another route is commercial photography, where you work with businesses to create visually stunning marketing materials.

As a photographer, it’s critical that you invest in high-quality equipment, constantly develop your skills, and stay up-to-date with the latest industry trends. But don’t worry about having everything set up on day one. You can upgrade your equipment as you go. Networking with other professionals and showcasing your portfolio on social media platforms can also help grow your business.

Benefits of Being Self-Employed

Being a small business owner can be very challenging and is definitely not for everyone. Many people prefer the predictability of a 9-5 job – the steady paycheque, the benefits, and the company pension plan, if they’re lucky. When you’re self-employed you need to look after those details yourself, including doing your own taxes.

However, self-employment offers many advantages over traditional employment. Here are some of the main benefits you can expect when you become self-employed.

Financial freedom: You can grow your income and achieve financial independence on your terms without relying on the confines of a traditional salary. As a business owner, you’re in control of your income and can set your rates.

Flexibility: Depending on the type of business you own, you can create a schedule that works for you, whether that means working early mornings, late nights, or even weekends. This makes it easier to manage personal commitments or pursue hobbies and interests outside of work.

Independence: When you’re self-employed, you are your own boss. While that comes with a lot of responsibility, you don’t have a manager to answer to. You get the final word on any decisions that need to be made.

Final Thoughts on Self-Employed Jobs

Self-employment isn’t easy; in fact, many self-employed people work a lot harder than they did when they worked for someone else. But there’s freedom in being able to control your hours, your job description, and how you complete tasks. The flexibility can be very empowering.

If you’re interested in working for yourself, it’s important to research different business ideas before you start. Take the time to evaluate your options; consider your skills and experience, as well as your income potential.

FAQs

What are the highest-paying self-employed opportunities?

There are several high-paying self-employed jobs, but your income may depend on your experience and skills. Some include consulting, software development, and graphic design. Also, consider professions like real estate and freelance writing.

What are common self-employed jobs with minimal qualifications?

You don’t always need a wealth of experience at something to become self-employed. Some opportunities, like dog walking, delivery services, or personal shopping, require minimal training. Similarly, craftspeople or photographers often start with a more basic skillset and build on their proficiency over time.

Which self-employed job ideas have the potential to scale?

If you want to start a business that you can scale, consider industries with a growing customer base and increasing demand. One of the best examples is ecommerce. When you open an online store, your growth potential is unlimited. All you need to do is keep your store running and market your products effectively to broaden your reach.

But what is a REIT, how does it work, and how can you invest in a REIT in Canada? In this article, I’ll cover the basics of REIT investing in Canada.

What Is a Real Estate Investment Trust (REIT)?

A REIT is a type of trust that manages, owns, or finances income-producing real estate properties. Investors can buy shares in REITs, representing ownership in the underlying properties. Many REITs are traded on major stock exchanges, making them easily accessible to regular investors. REITs are designed to provide a steady income stream and offer several benefits.

Types of REITs

There are two main types of REITs: Equity and Mortgage REITs. Here’s a closer look at each type:

Equity REITs

Equity REITs primarily own and manage income-producing real estate properties, such as apartment buildings, office spaces, shopping centers, and other commercial real estate properties. Investors in Equity REITs earn dividends from the rental income generated by these properties.

Mortgage REITs

Mortgage REITs finance income-producing real estate through mortgages and mortgage-backed securities. Instead of receiving distributions on rental income, investors earn dividends from the interest paid on the loans held by the REIT.

Besides those main types, some hybrid REITs combine both approaches – owning properties and investing in mortgages. Additionally, we can classify REITs based on their sectors, such as:

• Retail: overseeing shopping centres, malls, and outlets
• Industrial: managing warehouses, distribution centres, and manufacturing facilities
• Residential: apartment buildings, single-family homes, and student housing

You can also choose between publicly traded REITs listed on stock exchanges and non-traded or private REITs, which don’t trade openly and typically require a higher initial investment. Private REITs can be less transparent and more challenging to liquidate, so they might not be the right choice for every investor.

Related Post: Best Canadian REITs

Benefits of Investing in REITs

REITs offer several advantages you can’t get from owning a single-family rental property. Here is a list of REIT benefits to consider:

They Generate Passive Income

Since REITs distribute a significant portion of their income as REIT dividends, investors can enjoy a steady stream of passive income. REIT investors don’t have to worry about late-night calls to deal with a clogged drain or flooded basement.

They Offer Diversification

REITs provide investors with an easy way to diversify a portfolio comprised mainly of stocks and bonds. And because a single REIT will be involved in several real estate properties across different markets, a single REIT is well-diversified within the real estate asset class.

The Offer Liquidity

Many REITs are listed on major stock exchanges, such as the Toronto Stock Exchange. This allows you to buy and sell shares easily. This makes REITs a much more liquid investment than directly owning a physical rental property.

Low Minimum Investment Requirement

Purchasing publicly-traded equity REITs on the stock market is similar to buying individual shares of stock or units of a mutual fund. For example, at the time of writing, Granite REIT (GRT.UN) trades at $69.50 per share, and Canadian Apartment Properties REIT (CAR.UN) trades at just over $45. In other words, you can begin to add real estate to your portfolio for under $100. That’s a huge advantage compared to the high upfront and ongoing costs required to own a physical real estate property.

Canadian vs. U.S. REITs

Canadian REITs are very similar to U.S. REITs in how they are governed, but there are some differences. For example, according to an industry report from Edward Jones, U.S. REITs must pay at least 90% of their taxable income as distributions to investors. In Canada, it’s 100%. In Canada, REITs are structured as mutual fund trusts, whereas in the U.S., they are corporations. And in most cases, Canadian REITs pay a monthly dividend. In the U.S., dividends are typically paid quarterly.

Pros and Cons of REITs

REITs can be an excellent addition to your portfolio, particularly because they allow you to gain real estate exposure without directly owning property. However, like any investment, there are pros and cons worth considering.

Pros:

• Diversification: REITs provide diversification in the real estate sector by investing in various properties, such as apartments, office buildings, warehouses, shopping centres, hotels, and more. Adding REITs to a stock portfolio can help reduce its overall risk since real estate typically doesn’t correlate directly with stock market performance.
• Liquidity: Unlike direct investments in real estate, which can be challenging to sell quickly, REITs are traded like stocks and can be easily bought or sold on the market.
• Income Potential: REITs are legally required to distribute income to shareholders through dividends. This feature makes them an attractive option for income-focused investors.
• Professional Management: When you invest in a REIT, you benefit from professional management, much like a mutual fund. This means experts with experience and knowledge of the real estate market handle property acquisitions, maintenance, and tenant leases.

Cons:

• Lack of Control: Although you benefit from professional REIT management, you also sacrifice control over the properties. Unlike individual real estate investments, you won’t be able to make decisions about property selection, improvements, or management strategies.
• Interest Rate Sensitivity: REITs are often sensitive to interest rate fluctuations. When interest rates rise, REITs tend to decrease in value due to higher real estate borrowing costs.
• Management Fees: Like mutual funds, REITs often charge management fees, which can affect the overall return on your investment.

What Is a REIT ETF?

A REIT ETF is an investment vehicle that allows you to gain exposure to the real estate market through a diversified portfolio of real estate investment trusts (REITs). It can be an excellent way to invest in the property sector without owning or managing any properties yourself directly. The fund is passively managed, which means it seeks to replicate the performance of an underlying index of publicly traded real estate companies.

How to Invest in REITs in Canada

There are a few ways to build your own REIT portfolio in Canada. The most direct way is by purchasing units of an individual REIT through an online brokerage account, the same way you would buy stocks, ETFs, or mutual funds.

Another option is to purchase a REIT mutual fund, which is a mutual fund that invests primarily in REITs or other real estate companies. One example of a Canadian REIT mutual fund is CIBC’s Canadian Real Estate Fund. The downside to REIT mutual funds is their high management fees, which can impact overall returns. For example, the CIBC fund has an MER of over 2.3%.

You may also consider purchasing a REIT ETF. ETFs are similar to mutual funds, except they trade like stocks on the stock market. They are highly liquid investments that you can buy and sell anytime during the trading day. Generally, REIT ETFs also have lower MERs than REIT mutual funds. For example, BMO’s Equal Weight REITs Index ETF has a MER of only 0.61%

As always, take some time to research and analyze the available options before making an investment decision, and I also highly recommend consulting with a professional investment advisor.

Final Thoughts on REITs

You can make a lot of money owning physical real estate, but there are also risks. Individual real estate is not a diversified investment, it requires a lot of upfront capital to get started, and it’s not as passive an investment as some make it out to be. You need to deal with renters and keep the property well-maintained. And it can be a headache when it comes time to sell the property.

REITs are a great alternative for investors who understand the importance of having exposure to alternative investments, without the capital requirements and poor liquidity of physical real estate.

FAQs

How do REITs generate income?

REITs generate income by owning, operating, or financing income-producing real estate properties. As the properties produce rental income, the revenue is collected by the REIT and distributed to investors in the form of dividends. This regular income stream is one of the primary benefits of investing in a REIT.

Are there any risks associated with REIT investments?

Like any investment, REITs come with their own set of risks. Some common risks associated with REIT investments include market, interest rate, and property-specific risks. Market risk refers to the potential for fluctuations in property values and rental income, which could impact the performance of a REIT.

Interest rate risk relates to changes in interest rates, which can affect the financing costs for REITs and their ability to acquire new properties or refinance existing debt. Property-specific risks can include factors such as location, tenant mix, and property management, which can influence the overall performance of a REIT’s assets. Always carefully assess the performance and portfolio of a REIT before you make an investment decision.

What factors should I consider when choosing a REIT?

When choosing a REIT for your investment portfolio, you should consider several factors. First, look at the type of properties within the REIT’s portfolio. REITs can invest in various types of properties, such as retail, industrial, office, residential, and healthcare facilities. Each property type has its own set of opportunities and risks, so it’s important to understand the specific market for each type.

Another factor to consider is the REIT’s management team and track record in managing income-producing properties. Strong management is crucial for a REIT’s success, as they’ll make key decisions related to property acquisitions, dispositions, and tenant management.

Finally, consider the REIT’s financial metrics, such as dividend yield, funds from operations (FFO), and price-to-FFO ratio. These metrics can help you gauge the financial health and overall value of a REIT relative to its peers, allowing you to make a more informed investment decision.

What Is Pet Insurance?

Pet insurance is designed to cover pet owners from a financial setback caused by an injury or unexpected illness to their pets, usually dogs or cats. As with any insurance plan, the insured pays a monthly premium for coverage and, if a claim is made, a deductible.

What Is Petsecure?

Winnipeg-based Petsecure is one of Canada’s largest pet insurance companies. The Petline Insurance Company underwrites its policies. Unlike some pet insurers, Petsecure’s sole focus is on pet health insurance, and they don’t sell other types of coverage.

How Petsecure Insurance Works

Purchasing pet insurance and making a claim is a four-step process with Petsecure. Here’s what you need to do:

1. Review the Petsecure Insurance plans and choose the one that’s best suited for your needs and budget.
2. After you sign up, you must adhere to the following waiting periods before you become eligible for coverage: Accidents – 48 Hours, Illness – 14 Days, Dental coverage – 6 months.
3. Pay your vet bill and have an authorized employee from the vet clinic assist you in filling out a claim form.
4. Petsecure will approve your claim and reimburse you via cheque or direct deposit.

Petsecure Plans

Petsecure offers separate insurance policies for dogs and cats, with several plans available for each. Here’s a closer look at the different plans Petsecure offers.

Dog Insurance Plans

Petsecure offers four plans to suit your dog’s needs and budget. With comprehensive coverage, these plans ensure your furry friend can receive the necessary veterinary services. Here’s a brief overview of the dog insurance plans:

What’s Included:

Generally, Petsecure’s dog insurance plans cover the following injuries and illnesses, up to the limits noted on the chart above:

• Up to 80% of vet bills, including exam fees and taxes
• Accidents and illnesses
• Diagnostics
• X-rays
• Emergency care and hospitalization
• Surgeries
• Medications
• Dental coverage (annual cleanings, problems with gums and teeth)
• Boarding/Kennel fees
• Lost pet advertising
• Holiday cancellation
• Cremation/burial costs
• Alternative treatments (acupuncture or massage)
• Behavioural therapy
• Medical devices
• Wellness coverage (Secure 4 only)

What’s Not Included:

• Pre-existing conditions
• Optional treatments
• Food and special diets
• Spay or neuter surgery
• Pregnancy and whelping
• Alternative medications

Cat Insurance Plans

Petsecure’s cat insurance plans are nearly identical to its dog insurance plans, with the exception of the wellness coverage amount on the Secure 4 plan ($350 vs. $450).

What’s Included:

Petsecure’s cat insurance plans have nearly identical coverage inclusions and exclusions as its dog insurance plans:

• Up to 80% of vet bills, including exam fees and taxes
• Accidents and illnesses
• Diagnostics
• X-rays
• Emergency care and hospitalization
• Surgeries
• Medications
• Dental coverage (annual cleanings, problems with gums and teeth)
• Boarding/Kennel fees
• Lost pet advertising
• Holiday cancellation
• Cremation/burial costs
• Alternative treatments (acupuncture or massage)
• Behavioural therapy
• Medical devices
• Wellness coverage (Secure 4 only)

What’s Not Included:

• Pre-existing conditions
• Optional treatments
• Food and special diets
• Spay or neuter surgery
• Pregnancy and whelping
• Alternative medications

Petsecure Pricing

Petsecure doesn’t publish pet insurance premiums on its website because coverage costs vary based on several factors, including your pet’s age, breed, location, and gender.

That said, you can obtain a free quote on the website. Enter your pet’s details, and Petsecure will email you pricing. You can also contact Petsecure’s Call Center at 1-800-268-1169 during business hours.

Petsecure Deductibles

Petsecure gives you the option to choose from two deductibles. The deductible amounts vary, depending on the Secure Plan you choose, and the age of your dog or cat.

For example, if your dog is up to 5 years old, you can choose a $100 or $300 deductible on Secure 1, 2, or 3, and $250 or $400 on Secure 4.

Generally, the older your pet, the higher the deductible. For example, if you have a dog that’s 10 years of age or older, the deductible increases to either $500 or $700.

Petsecure Alternatives

Petsecure isn’t the only pet insurance provider in Canada. Before signing up, I recommend checking out the following Petsecure alternatives to ensure you get the best pet protection.

Trupanion

Trupanion is another well-known pet insurer in Canada. They offer comprehensive coverage, including accident and illness protection and customizable deductibles. What sets Trupanion apart is their direct-pay option, which allows them to pay your veterinarian directly instead of having you pay upfront and wait for reimbursement. They also cover 90% coverage instead of the 80% Petsecure offers. This can be especially helpful for large, unexpected expenses; however, comparing premiums between providers is important.

Pets Plus Us

Pets Plus Us offers a variety of coverage options to suit your needs and budget. They provide accident-only, accident and illness, and wellness add-on coverage. One unique feature is their Blue Ribbon Benefits program, which offers additional services such as a pet poisoning helpline, bereavement counseling, and travel assistance.

Petsecure Pros and Cons

Petsecure has several coverage options and some potential drawbacks. Here are a list of Petsecure pros and cons:

Pros:

• Choice of 4 plans for both dogs and cats
• Unlimited coverage available
• Available Canada-wide
• Multiple deductible options

Cons:

• Poor Trustpilot customer score
• No direct pay option

The Bottom Line on Petsecure

Petsecure is a longstanding pet insurance company. They offer flexible coverage, solid dental care available on all plans, and the option to purchase wellness coverage. You also have a choice of deductibles. Unfortunately, there is no direct pay option. If you make a claim, you must pay the full price upfront and be reimbursed by Petsecure after the fact.

If direct pay is important to you, I recommend checking out other providers, such as Trupanion. Remember that you may pay more for premium coverage options, so look closely at each company’s premiums to ensure you’re getting the best value for your dollar.

FAQs

How does Petsecure compare to Trupanion?

Petsecure offers four levels of coverage, catering to different needs and budgets. On the other hand, Trupanion provides a more straightforward, customizable plan with 90% coverage and no payout limits. Both companies cover accidents, illnesses, and hereditary conditions, but Petsecure may include dental coverage, whereas Trupanion does not. To decide which one suits you best, evaluate your pet’s needs and thoroughly research each company’s offerings.

What are the common issues with the Petsecure claims process?

While the sample size is very small (6 reviews at the time of writing), Petsecure has a less than favourable rating of 2.3 stars on Trustpilot. Common problems include processing delays, denied claims due to pre-existing conditions, and confusion around coverage limitations. To minimize these issues, it’s essential to read and understand your policy thoroughly, keep all documentation related to your pet’s health, and communicate with Petsecure representatives when needed.

Does Petsecure cover dental?

Yes. Coverage is included for routine dental procedures on all Petsecure pet insurance plans.

What Is a Secured Credit Card?

Secured credit cards work much like regular ones, but with one key difference: they require a refundable security deposit. This deposit acts as collateral, making it less risky for the lender to issue the card to someone with a low credit score or no credit history.

When you apply for a secured credit card, you’ll need to provide a security deposit, which is usually equal to the credit limit on the card. For example, if you apply for a $500 credit card limit, you’ll need to provide a security deposit of $500 upfront.

This security deposit is held in a secure account, like a savings account or GIC product. You won’t have access to those funds while you have the secured credit card in place. Over time, as your credit score improves, the credit card issuer may be willing to release the security back to you and switch your credit card account to a regular unsecured card.

How Secured Credit Cards Help You Build Credit

Once your secured credit card has been activated, it works just like a regular credit card. You can make purchases and pay bills in person and online with your card. The main difference is that your own money, in the form of a security deposit, is backing your credit limit.

One of the primary benefits of secured cards is that they can help you build a positive credit history. Most secured credit cards report your payments to the major credit bureaus, TransUnion and Equifax, allowing you to establish a track record of responsible credit use.

By making timely payments and keeping your balance low, you demonstrate to lenders that you’re a reliable borrower.

As you build your credit by using secured credit cards responsibly, you may eventually qualify for unsecured credit cards with better rewards and lower interest rates. So, while secured credit cards may not offer the same perks as their unsecured counterparts, they’re a critical tool for building or rebuilding credit, paving the way for a more stable financial future.

Secured vs. Prepaid Credit Cards

Prepaid credit cards are more like debit cards. You load funds onto the card and use it to make purchases until the funds run out. Unlike secured credit cards, prepaid cards don’t require a deposit that the issuer holds. Instead, the funds you load onto the card are used directly for transactions. Prepaid cards typically don’t report to credit bureaus, so they won’t help you build your credit. They might also have fees for usage or loading the card with funds.

Secured vs. Unsecured Credit Cards

Unsecured credit cards do not require a security deposit. They tend to offer higher credit limits and are more common than secured cards, but they are harder to obtain if you have a poor credit rating or no established credit history. Both secured and unsecured credit cards report your payment history to credit reporting agencies, allowing you to build or improve your credit score.

Secured Credit Card Examples in Canada

Most banks offer a secured credit card product, as do other credit card issuers. Here are some examples of secured credit cards in Canada.

Neo Financial Secured Mastercard

The NEO Financial Secured Mastercard is a guaranteed approval, no annual fee secured credit card designed for people who want the convenience of a credit card but are struggling to qualify for a regular. unsecured Visa or Mastercard.

You can get this card with a credit limit as low as $50 (and up to $10,000), and Neo doesn’t pull a hard credit check when you apply, which is a nice bonus. Speaking of bonuses, this card offers cash back of up to 5% when you use the card at one of Neo’s many retail partners.

Home Trust Secured Visa

The Home Trust Secured Visa is one of Canada’s highest-rated secured credit cards. You can choose between no annual fee and a 19.99% purchase interest rate or an annual fee of $59 and a lower interest rate of 14.90%. If you plan to pay off your credit card balance in full each month, then the no-annual fee option is the best choice. Unlike the Neo Financial Secured Mastercard, the Home Trust’s minimum credit limit is $500.

Capital One Secured Mastercard

The Capital One Secured Mastercard is another solid option. There is a $59 annual fee and a high purchase interest rate of 21.9%, but approval is guaranteed and you can put as little as $75 down as a security deposit. One potential drawback – the highest possible credit limit is only $300.

One nice thing about the Capital One card is the complimentary insurance coverage that comes with the card, including Purchase Assurance, Extended Warranty, Car Rental Collision/Loss Damage Waiver Insurance, Price Protection Insurance, Common Carrier Travel Accident Insurance, Baggage Delay, and Travel Assistance.

FAQs

When do you get your deposit back on a secured credit card?

When you close the account or transition to an unsecured credit card, you’ll typically get your deposit back on a secured credit card. The issuer will usually refund your deposit as long as you don’t have any outstanding balances or pending fees. Remember to pay your balance on time each month to maintain a good credit history and increase your chances of upgrading to an unsecured card.

Do secured credit cards offer rewards?

Yes, some secured credit cards offer rewards. For example, the Neo Secured Mastercard provides cash back rewards, with up to 5% cash back on purchases made with participating Neo partners and 0.50% on everything else (up to a $5,000 limit per month).

Are secured credit cards available in Canada?

Yes, secured credit cards are available in Canada. There are multiple options, including the Neo Secured Mastercard, as well as cards from Home Trust and Capital One, and many more.

If you’re unfamiliar with Coast Capital, you may wonder how it compares to other credit unions or online banks. In this Coast Capital Savings review, we’ll take a closer look at their products and services to help you decide if Coast Capital is right for you.

About Coast Capital Savings Federal Credit Union

Coast Capital Savings is one of the largest credit unions in Canada. The federally-regulated credit union has over 50 branches, 500,000 members, and $25 billion in assets under management.

Coast Capital Products

Coast Capital Savings offers a broad range of banking products and services, including chequing and savings accounts, credit cards, personal loans, mortgages, and investments. For the purpose of this review, we’ll focus on their personal deposit products.

Coast Capital Chequing Accounts

Coast Capital has four chequing accounts, including a USD account. The Free Chequing, Free Debit, and More account stands out for having no monthly maintenance fees and unlimited transactions. You can also access free withdrawals at over 4,000 ATMs across Canada. Unfortunately, there is a $1.50 for sending e-transfers, which will be a turn-off for some.

Members who are 59 years of age and over can bank for free with the Coast Chequing Classic Account. The account has a $11 monthly fee, but the fee is waived for seniors. You also get free cheques, bank drafts, and a safety deposit box discount of $10 off the annual fee. The account does have a limit of 40 transactions per month.

There is no monthly fee for the Coast Capital US Chequing Account. You get one free monthly withdrawal, but the withdrawal fees are waived if you maintain a balance over $1,000 USD.

Coast Capital High-Interest Savings Account

Coast Capital offers a high-interest savings account with a competitive APY and no monthly fees. At the time of writing, the account pays interest of 1.60%. You can find better rates from some online banks, but it’s much better than what the big banks pay on savings. Note that the account offers two free monthly withdrawals, with a $5 charge for each additional transaction.

Coast Capital Credit Cards

Coast Capital Savings has five Mastercard credit cards for members to choose from. They include a no-annual-fee credit card – the Cash Back Mastercard – and a premium rewards credit card – the Cash Back World Elite Mastercard. Here’s a closer look at the features of these two cards.

Coast Capital Cash Back Mastercard

• No annual fee
• 20.99% purchase interest rate
• 2 points for every dollar spent on gas
• 1 point for every dollar spent on entertainment
• 0.5 points per dollar spent on all other purchases
• Purchase Protection
• Extended Warranty Insurance
• Mobile Device Insurance

Coast Capital Cash Back World Elite Mastercard

• $120 annual fee
• 20.99% purchase interest rate
• 4 points for every dollar spent on groceries and sustainable transit
• 2 points for every dollar spent on eligible recurring bills, digital streaming, and dining
• 1 point for every dollar spent on all other purchases
• Purchase Protection
• Extended Warranty Insurance
• Auto Rental Collision/Loss Damage Insurance
• Mobile Device Insurance
• Emergency Health Care, Travel Assistance & Baggage Coverage

You can redeem your Coast Capital Rewards in various ways, including a deposit to your chequing or savings account, gift cards, merchandise, statement credits, travel rewards, and charitable donations.

Coast Capital GICs

Coast Capital offers several investment products, including GICs, mutual funds, and wealth management options, like financial planning services. You can purchase non-registered and registered investments, including RRSPs, TFSAs, RESPs, RRIFs, RDSPs, and FHSAs.

Regarding GICs, Coast Capital offers competitive rates on several terms. At the time of writing, their 1-year non-redeemable GIC pays 5.25%. Their 3-year non-redeemable GIC is slightly higher, at 5.35%.

How to Open an Account with Coast Capital

There are several ways to get started with Coast Capital Savings. You can open an account online in as little as 5 minutes, over the phone, or in person at a Coast Capital branch.

Note that because Coast Capital is a credit union, you must purchase a $5 membership at the time of account opening. As a member, you can vote on various credit union business matters.

Coast Capital Pros and Cons

If you live in BC’s Lower Mainland and prefer dealing with credit unions over traditional banks, then you may be interested in what Coast Capital offers. At the same time, there are some drawbacks. Here’s my list of Coast Capital’s pros and cons.

Pros:

• Free chequing account with unlimited transactions
• Free account with benefits for seniors (free cheques, bank drafts, safety deposit box discount)
• Free withdrawals at more than 4,000 ATMs
• Wide range of products and services
• As a federal credit union, deposits are protected through CDIC

Cons:

• $1.50 fee to send e-transfers
• Branches limited to BC’s Lower Mainland, Vancouver Island
• High-interest savings account APY lags behind other credit unions, online banks
• Credit card benefits are far from class-leading

The Bottom Line on Coast Capital Savings

Coast Capital Savings is one of the largest credit unions in Canada, but should you become a member? I like their no-fee chequing account, though I wish there were an option for free e-transfers. Their high-interest savings account pays a decent APY of 1.60%, but it lags behind leading credit unions and online banks. (Meridian Credit Union currently pays 2.50% on its high-interest savings account, and Manitoba-based Steinbach Credit Union’s high-interest savings account starts at 3.80%.)

Coast Capital is a solid choice if you live in the Greater Vancouver area and are looking for a credit union with a strong branch network, though you may want to look at Vancity Credit Union before making a final decision. If you don’t need to visit a branch, you’ll get more from an online bank, like EQ Bank or Tangerine.

FAQs

How does Coast Capital Savings compare to banks?

Coast Capital Savings is the largest federally regulated credit union in Canada. Unlike banks, credit unions like Coast Capital are owned by their members. This is why you must buy a membership share when opening an account with a credit union.

Is Coast Capital Savings Safe?

As a federally regulated credit union, Coast Capital Savings adheres to strict guidelines and regulations set by the Canadian government. This ensures the safety and security of your funds and personal information. Additionally, your deposits are protected by the Canada Deposit Insurance Corporation (CDIC) up to certain limits, giving you peace of mind knowing that your money is secure.

How do I contact Coast Capital Savings?

There are several ways to get in touch with Coast Capital. For general inquiries or help with your account, you can contact their customer support team by phone at 1-888-517-7000. Alternatively, you can visit their website and use the online chat feature for a quick response. If you prefer face-to-face assistance, you can find a local branch by using the branch locator on their website.

To help you in your search, we’ve compiled a list of what we believe are the best Mastercard credit cards in Canada. In doing so, we’ve tried to include cards catering to different needs to help you find the perfect card. Note that we’ve arranged the credit cards in alphabetical order.

Best Mastercards in Canada

If you’re in the market for a new Mastercard credit card, you’ve come to the right place. Here is our list of 7 top Mastercards, arranged in alphabetical order.

BMO Air Miles World Elite Mastercard

Best For: Collecting AIR MILES

Key Features:

• Welcome Bonus: 2,000 AIR MILES Bonus Miles, plus the $120 annual fee waived for the first year
• $120 annual fee (waived for the first year)
• 20.99% Purchase interest rate
• Earn 3x the Miles at participating AIR MILES Reward Partners
• Earn 2X the Miles at any eligible grocery store
• Earn 1 Mile for every $12 spent on all other purchases
• 25% discount on one worldwide AIR MILES flight redemption during the calendar year
• Complimentary membership in Mastercard Travel Pass (airport lounges)
• BMO AIR MILES World Elite Travel and Medical Protection
• Extended Warranty
• Purchase Protection
• Mastercard Travel Rewards Program

If you’re looking for an AIR MILES Mastercard, the BMO AIR MILES World Elite Mastercard is arguably the best one in Canada. It offers an excellent opportunity to earn AIR MILES on your everyday purchases and provides several additional benefits.

For starters, there’s a generous welcome bonus of 2,000 AIR MILES, and the $120 annual fee is waived for the first year.

When it comes to earning AIR MILES, this card stands out for its attractive earning rates. For every $12 spent at participating AIR MILES partners, you’ll earn 3x the Miles. You’ll earn 2x the Miles for every $12 spent at eligible grocery stores and 1 Mile for every $12 spent on all other credit card purchases.

Using the card will help you accumulate miles more quickly, which you can redeem for various rewards, including travel.

In addition to AIR MILES, the card includes the following coverages: BMO AIR MILES World Elite Travel and Medical Protection, Extended Warranty, Purchase Protection, Mastercard Travel Rewards Program, and more.

Click Here to Apply For the BMO AIR MILES World Elite Mastercard

BMO Ascend World Elite Mastercard

Best For: Overall Travel Rewards

Key Features:

• Welcome Offer: Up to 60,000 BMO Reward points and the annual fee waived in the first year for both the primary cardholder and authorized users.
• $150 annual fee (waived for the first year)
• 20.99% Purchase interest rate
• Earn 5X the points for every dollar spent on eligible travel purchases
• Earn 3X the points for every dollar spent on eligible dining and entertainment purchases
• Earn 3X the points for every dollar spent on recurring bills
• Earn 1 point per dollar spent on all other purchases
• Complimentary airport lounge membership with 4 free passes per year
• Travel Medical Insurance
• Travel Accident Insurance
• Trip Cancellation/Trip Interruption Insurance
• Car Rental Collision Loss/Damage Waiver Insurance
• Delayed and Lost Baggage Insurance
• Flight Delay Insurance

If you’re looking for a premium travel rewards Mastercard, look no further than the BMO Ascend World Elite Mastercard. The card features a generous welcome bonus, a lucrative rewards program, and other essential travel benefits, including free airport lounge access and as many as six different travel-related insurance coverages.

When you spend with the card, you earn BMO Rewards points, which can be used to pay for flights, hotels, car rentals, vacation packages, cruises, and more. You can also redeem your points towards contributions into a BMO savings or investment account or apply them directly to eligible purchases you make with the card.

Regarding earning rate, you’ll receive 5X the points for every dollar you spend on eligible travel purchases and 3X the points for every dollar spent on eligible dining and entertainment purchases and recurring bill payments. All other purchases are worth 1 point per dollar.

As mentioned, the Ascend World Elite Mastercard includes complimentary airport lounge access. Specifically, you get membership to participating lounges in the Mastercard Travel Pass by DragonPass program and four complimentary passes per year.

There is a $150 annual fee, which is waived for the first year, and a minimum annual income requirement of $80,000 per individual or $100,000 per household.

PC Financial World Elite Mastercard

Best For: PC Optimum Rewards

Key Features:

• No annual fee
• 21.99% purchase interest rate
• Earn 45 PC Optimum points per dollar spent at Shoppers Drug Mart
• 30 points per dollar spent at PC Optimum grocery stores
• 30 points per dollar spent at Esso Mobil stations
• 30 points per dollar spent at PC Travel
• 10 points per dollar on all other purchases
• Travel Emergency Medical Insurance
• Car Rental Collision/Loss Damage Waiver Insurance
• Identity Theft Assistant Service
• Concierge service
• Minimum income requirement $80,000/year personal or $150,000/year household

If you’re a fan of the PC Optimum Rewards program, the PC Financial World Elite Mastercard may be the perfect card for you. The card allows you to earn bonus PC Optimum points when you shop at Shopper’s Drug Mart, PC Financial-affiliated grocery stores, Esso and Mobile gas stations, and PC Travel. The best part is that there’s no annual fee.

You’ll earn 45 PC Optimum points per dollar spent at Shopper’s Drug Mart, 30 points per dollar spent on groceries, 30 points per dollar spent at ESSO and Mobile gas stations, 30 points per dollar spent through PC Travel, and 10 PC Optimum points on all other purchases.

Participating grocery stores include Loblaws, NoFrills, Valu-mart, Zehrs, Real Canadian Superstore, Your Independent Grocer, Fortinos, and Wholesale Club.

You can redeem your points for free products and groceries at participating stores or online. You can also redeem points for fuel discounts and car wash packages at Esso stations.

To qualify, a minimum annual income of $80,000/year per individual or $150,000/year per household is required. In addition to earning PC points, the card has several other benefits, including Travel Emergency Medical Insurance, Car Rental Collision/Loss Damage Waiver Insurance, Identity Theft Assistant Service, and Concierge service.

Click Here to Apply for the PC Financial World Elite Mastercard

Rogers World Elite Mastercard

Best For: Rewards on U.S. Dollar purchases

Key Features:

• Welcome Bonus: $25 cash back bonus upon making your first purchase within 3 months of receiving your card.
• No annual fee
• 19.99% purchase interest rate
• No foreign exchange fees
• Earn 3% cash back on all eligible purchases made in U.S. dollars
• Earn 1.5% cash back on all other eligible purchases
• Complimentary membership to Mastercard Travel Pass provided by DragonPass
• Extended Warranty and Purchase Protection
• Rental Car Collision/Damage Insurance
• Emergency Travel Medical Insurance
• Trip Interruption/Trip Cancellation Insurance
• Minimum income requirement of $80,000 individual/$150,000 household

The Rogers World Elite Mastercard is a premium no-annual-fee-rewards credit card that comes with several travel-related benefits. What’s unique about this card is that you earn 3% unlimited cash back on all eligible purchases made in U.S. dollars. All other eligible purchases earn 1.5% cash back. That makes it an ideal card for someone who travels frequently to the U.S. but who doesn’t want to use a U.S. dollar credit card.

Travel benefits include a complimentary membership to Mastercard Travel Pass provided by DragonPass, Emergency Travel Medical Insurance, Rental Car Collision/Damage Insurance, and Trip Interruption/Trip Cancellation protection.

The Rogers World Elite Mastercard also stands out for its lack of foreign transaction fees. While many credit cards charge a 2.5-3% fee on purchases made in foreign currencies, this card allows you to save money when you shop internationally by waiving these fees.

Note that a minimum income requirement of $80,000 annual personal income or $150,000 annual household income is on the high side for a no-annual-fee card.

Tangerine Money-Back Mastercard

Best For: Flexible Rewards Earning

Key Features:

• Limited Time Welcome Offer: Apply by January 31, 2024, and earn an extra 10% cash back on up to $1,000 in purchases made within the first two months.
• No annual fee
• 19.95% Purchase interest rate
• Earn 2% cash back in up to 3 spending categories of your choice
• Earn 0.50% cash back on all other purchases
• Purchase Assurance and Extended Warranty.

Tangerine is a leading Canadian online bank. It offers two Mastercard products: the Tangerine World Mastercard and the Tangerine Money-Back Credit Card. Both are no annual fee cards, and the World Mastercard provides more benefits, but we’ve chosen the Money-Back Card for our list because it has a low minimum income requirement of only $12,000. By comparison, the World Mastercard requires you to have an annual income of $60000 or $100,000 per household.

The Tangerine Money-Back Mastercard may be the most flexible card on our list when it comes to earning rewards. That’s because you can choose two spending categories to earn the 2% bonus cash back. And if you open a Tangerine Savings Account, you can add a 3rd bonus category. All other card purchases earn 0.50% cash back.

Additional card benefits include Purchase Assurance and Extended Warranty, free authorized user cards, and no annual fee.

Click Here to Apply for the Tangerine Money-Back Credit Card

Triangle World Elite Mastercard

Best For: Triangle Rewards

Key Features:

• No annual fee
• 20.99% Purchase interest rate
• Earn 4% in CT Money on most items at Canadian Tire and its partner stores
• Earn up to 7 cents per litre in fuel discounts at Gas+ and Essence+ locations
• Earn 3% back in CT Money on eligible grocery purchases (up to $12,000 annual spend)
• Earn 1% back in CT Money on all other card purchases
• Complimentary Triangle World Elite Mastercard Roadside Assistance Gold Plan membership
• Purchase Security and Extended Warranty coverage
• Car Rental Collision/Loss Damage Waiver Insurance

If you’re a frequent shopper at Canadian Tire, you’ll definitely appreciate the benefits of the Triangle World Elite Mastercard. This card offers an impressive rewards program, along with complimentary membership perks, purchase protection, and much more.

When using your Triangle World Elite Mastercard, you can earn Canadian Tire Money on eligible purchases across various stores, including Canadian Tire, Sport Chek, Mark’s, etc.

For example, you’ll earn 4% back in CT Money on most items at Canadian Tire, Sport Chek, Mark’s, Party City, Atmosphere, Pro Hockey Life, and more. You’ll also collect 7 cents per litre in CT Money on premium fuel and 5 cents per litre on all other fuel types at Gas+ and Essence+ stations.

You’ll earn 3% back in CT Money on eligible grocery purchases, up to a $12,000 annual spend. Note that Costco and Walmart are not included in the grocery rewards. Lastly, you’ll earn 1% in CT Money on all other purchases.

The complimentary Roadside Assistance Gold Plan membership is another great perk of the Triangle World Elite Card. It’s one of Canada’s top roadside assistance programs and offers towing up to 250km per service call within Canada and the U.S.

Click Here to Apply for the Triangle World Elite Mastercard

CIBC Costco Mastercard

Best For: Costco shoppers

Key Features:

• No annual fee
• 19.75% Purchase interest rate
• 21.49% interest on cash advances
• Earn 3% cash back at restaurants and on Costco gas
• Earn 2% cash back at other gas stations and on Costco.ca
• Earn 1% cash back on all other purchases and in Costco stores

If you’re a frequent Costco shopper in Canada, you already know that Mastercard is the only type of credit card accepted by Costco. One of the best ways to maximize your Costco experience is with the CIBC Costco Mastercard.

You’ll earn 3% cash back at restaurants and on Costco Gas purchases, 2% cash back on other gas purchases and at Costco.ca, and 1% cash back on all other purchases, including in-store Costco purchases.

You can redeem your annual cash back gift certificate at any Costco warehouse in Canada, and the card also comes with insurance coverage, including Mobile Device Insurance and Purchase Security, and Extended Warranty protection.

You can stack your cash back rewards at Costco using the Costco Mastercard and a Costco Executive Membership, which on its own pays 2% cash back on eligible Costco purchases.

Final Thoughts on Canada’s Best Mastercard Credit Cards

There you have it, our list of the top Mastercard credit cards in Canada. Perhaps surprisingly, several cards on our list offer premium features but don’t charge a yearly fee.

The best card for you will depend on the types of rewards you like to earn and your spending habits. For example, the BMO Ascend World Elite Mastercard is your best bet for flexible travel rewards. If you enjoy earning PC Optimum points, then the PC Financial Card should be at the top of your list. The same goes for Canadian Tire and the Triangle World Elite Mastercard.

FAQs

Which Canadian bank offers the best Mastercard options?

While several Canadian banks offer at least one Mastercard product, BMO has the largest Mastercard lineup among the big banks and some of the best Mastercard products in Canada, including those that made our list.

Which is the best travel Mastercard?

While honourary mention goes to the RBC WestJet World Elite Mastercard, the BMO Ascend World Elite Mastercard gets our nod for the best travel MasterCard in Canada because of the flexibility you get in the many ways with which you can redeem your rewards.

Which Mastercard is best for business use in Canada?

For business use, consider cards like the BMO CashBack Business Mastercard. This card offers cashback rewards on various spending categories, such as gas, office supplies, and internet service, and doesn’t charge an annual fee. Additionally, look for cards with features like expense management tools, additional employee cards, and liability coverage for unauthorized charges.

However, if you are fortunate enough to have some budget flexibility, there are steps you can take to fight back against high mortgage rates. In this article, I’ll show you how to pay off your mortgage faster.

How to Pay Off Your Mortgage Faster

Because most people are paying their mortgage over many years or decades, even the smallest payment adjustments can amount to thousands of dollars in savings over the life of your mortgage. If you want to make a bigger dent in your mortgage, here are some options.

1. Increase Your Regular Mortgage Payment

Most mortgage lenders will let you increase your regular mortgage payment by a certain amount during your mortgage term. You may be able to increase your original principal and interest payment by up to 100%, though some lenders may only allow you to increase your payment by 15% or 20%. Even a small payment increase, such as $50 per month, can save thousands of dollars in interest and shave years off of your mortgage.

2. Increase Your Payment Frequency

If you are currently making monthly mortgage payments, consider increasing the payment frequency. Here’s an example of how it can help. Instead of paying monthly, make biweekly payments. This way, you’ll make one extra monthly payment each year, reducing the amount of interest you pay over the life of the mortgage. You can get the same result by paying weekly instead of monthly.

3. Make Lump Sum Payments Whenever Possible

It can be easier to make small payment adjustments as they don’t impact your budget as much. However, if you do receive a lump sum of money, you may want to consider applying it as a one-time lump sum payment against your mortgage principal. Depending on the amount, a single lump sum can result in significant savings in mortgage interest and help you pay off the balance more quickly.

Not everyone has a lump sum of cash sitting around, but here are some possible sources:

• Excess savings
• Work bonus
• Severance pay
• Income tax refund
• Gift of money
• Inheritance
• Insurance settlement
• Lottery winnings

4. Reduce Your Mortgage Amortization Period

Your mortgage amortization period refers to the number of years it will take to pay off your mortgage. Your contractual amortization period is what your mortgage lender uses to establish your regular payment amount. Most new mortgages in Canada have a standard amortization of 25 years. But you can choose a shorter amortization period, like 15 or 20 years. This will increase your monthly payments, but you will save thousands of dollars in interest over the life of your mortgage.

While this is a legitimate way to pay off your mortgage faster, I don’t recommend it for most people. The problem with choosing a shorter amortization is that you lock yourself into a higher mortgage payment.

What happens if you or your partner lose their job or you have another financial setback? The higher mortgage payment could suddenly become a huge burden.

Instead, I recommend choosing the longer amortization, say 25 years, and taking advantage of the lender’s prepayment privileges to pay the mortgage off faster.

For example, you could increase your regular payment by enough to pay off your 25-year mortgage in 15 years, but if you find yourself unable to maintain the higher payment amount, you have the option of lowering it back down.

5. Refinance Your Mortgage

This scenario will only help you pay down your mortgage faster if you currently pay a high interest rate and can refinance your mortgage at a much lower rate. Unfortunately, this is not the reality in our current rate environment. Most Canadians are facing the opposite situation. They have a low mortgage interest rate and will likely be forced to renew their mortgage at a much higher rate when their term expires within the next couple of years.

But if you ever find yourself in the former situation, you can pay your mortgage off faster by refinancing at a lower rate. Just make sure you’re not facing a steep penalty to do so, as it may not be worth it.

Remember, before you make any changes to your mortgage payment schedule or amounts, consult with your mortgage lender and consider your personal financial situation. Your dedication to paying off your mortgage faster will bring you one step closer to financial freedom and long-term peace of mind.

Should You Pay off Your Mortgage or Invest?

You may wonder whether it’s better to use your extra funds to accelerate your mortgage paydown or invest. This is a much-debated topic, and the right answer really depends on your individual situation.

That said, here are some things you should consider.

For starters, think about the interest rate on your mortgage. If the rate is relatively low, it may be more advantageous to invest your extra money, as you could potentially earn a higher return on your investment than the interest you would save by paying off your mortgage sooner. However, if the interest rate on your mortgage is high, paying it off faster might make more financial sense, as it could save you more in interest charges over time.

Next, consider your financial goals. If becoming mortgage-free or reducing the mortgage term is important to you, using extra money to pay down your mortgage may align with these goals. Conversely, if retirement or your children’s education is a more pressing concern, you might choose to invest the extra money into savings or an investment plan tailored to those goals.

Are There Penalties for Paying Off My Mortgage More Quickly?

Prepayment privileges are the options that let you make extra payments on your mortgage without facing penalties. These privileges allow you to increase your regular payment amount, make lump-sum payments up to a certain amount, or even change your payment frequency, such as switching from monthly to semi-monthly payments. By taking advantage of these privileges, you can pay down your principal faster and save on interest.

However, your lender may apply prepayment charges (penalties) if you exceed your prepayment privileges. These charges may be triggered if you:

• Break your mortgage early and renegotiate a mortgage with a lower interest rate.
• Pay off your mortgage before the end of the term.
• Make lump-sum payments that exceed your allowed prepayment privilege.
• Refinance your mortgage with another lender.

To avoid prepayment charges, it’s wise to stay within the limits of your prepayment privileges. Always check with your lender about your payment options and any specific rules or fees for making extra payments.

FAQs

How can I pay off a 30-year mortgage in just 10 years?

To pay off a 30-year mortgage in just 10 years, you’ll need to make higher monthly payments or extra payments when possible. Consider using lump sum payments from work bonuses, a tax refund, or an inheritance to decrease the principal amount.

Is it more advantageous to make extra monthly payments or a large single payment?

The best strategy depends on your financial circumstances. Extra monthly payments can help pay down the principal consistently, while a large single payment can make a significant impact in reducing the principal balance.

Are the benefits of paying off a 25-year mortgage amortization in 15 years similar to starting with a 15-year mortgage?

Yes, they can be similar. However, choosing a 15-year mortgage from the start typically involves higher monthly payments. On the other hand, paying off a 25-year mortgage in 15 years allows for more flexibility in budgeting, as you can adjust extra payments based on your financial situation.

In just a few years, TikTok has gained immense popularity as a social media platform. But apart from the well-known viral dance and adorable animal videos, it has opened up new ways for social media-savvy Canadians to make money online.

As a creative platform with a massive user base, TikTok lets content creators showcase their talent, build a following, and grow their income. From promoting your own business to collaborating with brands, there are numerous ways to generate revenue on the app.

What Is TikTok?

TikTok is a popular social media platform where users create and share short, engaging videos that often feature music, dancing, and various challenges. With its user-friendly interface and wide range of content, TikTok has become a go-to app for millions of people worldwide.

How Does TikTok Work?

As a TikTok user, you can explore an endless stream of videos on your “For You” page. The personalized feed offers content tailored to your interests, making it easy to discover new creators and trends. Users can interact with the content by liking, commenting, and sharing TikTok videos.

TikTok makes creating your own videos simple and fun. It offers an extensive library of music, filters, and effects, allowing you to craft unique videos that stand out. Whether you’re showcasing your dance moves, sharing a funny skit, or providing helpful tips, there’s something for everyone on TikTok.

Now, let’s take a closer look at some ways to make money with the video content you create.

Related Post: 50+ Ways to Make Money Online

6 Ways to Make Money on TikTok

Here are some of the many ways Canadian creators can make money on TikTok.

1. Promote Your Products

You don’t need millions of followers to promote your own business or products on TikTok. By setting your TikTok account up to showcase your personal brand, you can use your platform to market your online store, courses, or coaching services.

2. Sponsorships

If you’ve built an established following on TikTok, you may be approached by various companies or brands to create one or more TikTok videos promoting their products or services. You can also look for sponsorship opportunities with brands you believe in. Monetization can come in different forms, including sponsored content, brand deals, or sponsored posts.

3. Create Live Stream Content

TikTok allows creators to live stream and interact with their followers in real time. While live streaming, you can collect tips from your audience through virtual gifts. These gifts can be converted to real-life cash, making it a fun and engaging way to earn some income on the platform.

4. Consulting

If you have expertise in the field of social media or TikTok, consider offering consulting services as a way to earn money. Provide marketing consulting, freelance writing, or TikTok strategy to clients who are trying to build their online presence.

5. Flip Accounts

Many TikTok creators have made money by flipping TikTok accounts. If you are skilled at growing and managing accounts, you can sell established accounts to people who would rather pay for an audience without putting in the work of building one from scratch. To generate the most interest, focus on building accounts in high-demand niches. It helps if you have experience or expertise in the subject matter.

2. Affiliate Marketing

Affiliate marketing is a business model where businesses reward individuals or other businesses for driving traffic or sales to their products or services through different marketing efforts.

As a TikTok creator, you may be eligible to sign up for some affiliate marketing programs with as few as 1,000 followers. You’ll promote products and services that you have experience using and earn a commission every time someone purchases from your affiliate link. The more people who use your link, the more money you can make. Promoting affiliate products on your TikTok can be an excellent way to earn commission income.

Related Post: How to Make Money As a Teenager

Is the TikTok Creator Fund Available in Canada?

The Creator Fund is a pool of money set aside by TikTok to reward creators for making high-quality, engaging videos. Unfortunately, the TikTok Creator Fund is not available to Canadian creators. The program is currently open to creators in the U.S., UK, Germany, Italy, France, and Spain only. There have been rumours that the Creator Fund is coming to Canada, but no date has been announced as of yet.

If you’re a Canadian TikToker with a passion for content creation and a growing audience, continue to focus on the monetization opportunities offered in this article while you wait for the Creator Fund to be introduced in Canada.

Final Thoughts

As a content creator on TikTok in Canada, turning your passion into a side hustle or full-time job is possible with persistence and creativity.

To improve your chances of success, focus on establishing a unique brand and connecting with potential customers. Look for opportunities to collaborate, post regular content, and engage with your audience.

Remember, you can build a profitable TikTok business while maintaining a friendly, authentic tone that resonates with your audience. Stay true to yourself and showcase your unique talent or skillset, and you’ll be well on your way to making money on TikTok.

FAQs

How can you monetize TikTok without many followers?

You don’t need millions of followers to monetize your TikTok account. One effective way to earn money without having a massive following is by promoting your own business. By creatively showcasing your products and services, you can attract potential customers and generate sales. Additionally, collaborating with other creators or participating in affiliate marketing programs can also help you expand your audience and start earning money.

Can you profit from TikTok livecasts?

Yes, you can profit from TikTok livecasts through the live gifting feature. This feature allows your followers to express their gratitude in real time by sending virtual gifts during your live broadcasts. As a creator, you can convert these virtual gifts into TikTok’s digital currency, Diamonds, and then cash them out for real money.

What’s the best way earn on TikTok?

To start earning on TikTok, you should focus on creating high-quality, engaging content that resonates with your target audience. Building a loyal following and cultivating strong engagement is vital for attracting brand partners and generating income through sponsored content, live gifts, and other monetization options. Remember that the key to success on TikTok is consistency, so continue to hone your skills and publish new videos to maximize your earning potential.

To successfully fight a speeding ticket in Canada, you need to know the specific traffic laws in your province and gather evidence to dispute the charge to present your case effectively in court. The burden of proof will be on you and not the police officer who issued the ticket, so you must be thorough in your approach.

If you’ve never fought traffic tickets in the past, this article guides you through the general steps you need to take and explains the various consequences of getting a speeding ticket.

How To Fight A Speeding Ticket in Canada

The process of fighting a speeding ticket will differ slightly from province to province. If you find yourself saddled with a ticket you want to dispute, make sure you understand the process where you live. With that in mind, here are the general steps you will need to take to fight your ticket.

1. Attend Court

To dispute and fight your speeding ticket, you must take the matter to court within the timeframe established by provincial laws. For example, in Ontario, you have 15 days to dispute your ticket, although you may be able to get an extension due to special circumstances. The 15-day period includes weekends, and you must attend the issuing court in person to file.

2. Consider a Plea Deal

While in court, you might be offered a plea deal by the prosecution. This often entails a reduced fine if you’re willing to plead guilty. Consider your options carefully, but remember that accepting this deal means you will still have a speeding ticket on your record, which could affect your insurance premiums.

If you truly believe you weren’t speeding, it may be best to decline the deal and proceed with the trial.

3. Request Disclosure

Before your court date, it’s crucial to ask for disclosure. This provides you access to all relevant information and documents, including the police officer’s notes, which will be submitted to you for review before the trial.

Having this information helps you better understand the case against you and identify any weaknesses in the evidence.

Remember to make a note of your court date and plan accordingly. Make sure you arrive on time and well-prepared, as showing up unprepared or late can negatively impact your case. Dress professionally and maintain a friendly tone of voice when presenting your defence.

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What Are the Consequences of Getting a Speeding Ticket in Canada?

The consequences of receiving a speeding ticket vary depending on the province where you got the ticket, whether you were pulled over by a patrol officer or received a photo radar ticket in the mail, and how far you went over the speed limit. Here’s a closer look at some of the penalties you could face.

Financial Penalties

Your monetary fine will depend on how much over the posted speed limit you were driving. While the penalties vary between provinces, there is usually a jump in the fine once you exceed 20 km/h over the limit. You’ll see another jump at 30 km/h over, and so on.

You May Receive Demerit Points

In addition to monetary fines, you’ll also receive demerit points on your driving record. The more demerit points you have, the more severe the consequences. For example, accumulating too many demerit points can lead to license suspension.

Many Canadian provinces and municipalities use photo radar detection. If you receive a speeding violation via photo radar, there will be a monetary fine; however, you won’t lose demerits. This is because while the traffic cameras can capture an image of the license plate and the vehicle, there is no way to prove who was driving at the time of the infraction.

You May Have Your License Suspended

If you receive too many demerit points, your license may be suspended. The specific number of points required for suspension varies by province. For example, drivers who reach 15 demerit points face a 30-day license suspension. In Alberta, you’ll receive a 30-day license suspension if you receive eight or more demerit points within a 2-year period.

Your Insurance Premiums Could Go Up

Lastly, getting a speeding ticket can result in increased car insurance rates. Your insurance company will typically review your driving record when setting your rates, and having speeding infractions on your record will often lead to more expensive premiums. Remember that different insurance companies might interpret your driving record differently, so it’s essential to shop around to find the best rates for you.

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The Bottom Line on Fighting Speeding Tickets in Canada

Getting a speeding ticket can leave you feeling pretty deflated, but if you feel as though it wasn’t warranted and you have a clear understanding of your options, you can make an informed decision on how to proceed.

If you decide to fight your speeding infraction, make sure you gather all relevant information and ask for disclosure. This will give you access to the officer’s notes and other documentation before your court date. Remember, being well-prepared and having all the necessary evidence increases your chances of presenting a strong case.

Ultimately, weighing the pros and cons of fighting the ticket is up to you and deciding what’s best for your situation. Remember to stay friendly and respectful throughout the process, whether you choose to contest the ticket or accept the consequences.

FAQs

How do I dispute a traffic ticket in Ontario?

To dispute a speeding ticket in Ontario, you must select option 3 on the back of the ticket and request a trial by going to the courthouse or by sending in a request by certified or registered mail. Your next step is to request Disclosure, which is the officer’s notes about the infraction.

From there, you should go to a First Attendance meeting with the prosecutor. Here, you can discuss a plea bargain with the prosecutor. If you accept a plea bargain, then you can avoid going to trial. If you are not willing to accept a plea bargain and want the entire ticket thrown out, then you may have to go to trial. Note that most police officers will appear in court for traffic violation disputes.

What are the consequences of fighting a ticket?

When you decide to fight a speeding ticket, you may either have the ticket dismissed or reduced, or you might be found guilty and responsible for the full fine. When you plead not guilty, you should be prepared to attend court, possibly multiple times, which could mean taking time off of work.

Is it worth disputing a ticket in Canada?

Disputing a ticket can be worth it if you have a valid reason or strong evidence to support your case. However, it’s important to weigh the potential benefits against the time and effort involved in fighting the ticket. Also, consider any possible increases to your insurance premiums if found guilty. Each case is different, so carefully assess your specific situation before deciding if it’s worth disputing the ticket.

What are the demerit points for speeding?

In Canada, demerit points are assigned based on the severity of the speeding offense. Usually, demerit points increase as the speed violation becomes more severe. For example, in Ontario, speeding at 16-29 km/h over the limit results in 3 demerit points, while speeding at 30-49 km/h over the limit results in 4 demerit points, and speeding at 50 km/h or more over the limit results in 6 demerit points. Remember that demerit points vary by province and could lead to license suspensions if you accumulate too many.

From no-fee cards to student cards to travel and cash back rewards cards, there is a credit card for just about everyone. That’s why it’s so important to understand the different types before you apply.

In this article, I’ll help you sort things out by sharing the main categories that most credit cards fall into. This guide will give you the confidence to find the ideal credit card for your situation.

6 Types of Credit Cards in Canada

1. No-fee Credit Cards

No-fee credit cards allow you to enjoy the benefits of having a credit card without worrying about paying an annual fee. But while most no-fee credit cards offer lower credit limits and fewer rewards or perks than other cards, more and more credit card companies are enticing customers with added benefits on their no-fee cards.

• Recommended No-Fee Credit Card: The Tangerine Money-Back Card is a no-annual-fee Mastercard that pays 2% bonus cash back in two spending categories of the cardholder’s choice. All other purchases earn 0.50% cash back. Bonus spending categories include Grocery, Furniture, Restaurants, Hotel-Motel, Gas, Drug Store, Recurring Bill Payments, Home Improvement, Entertainment, and Public Transportation and Parking.

Apply for the Tangerine Money-Back Card

2. Rewards Credit Cards

Rewards credit cards are designed to help you earn points, miles, cash back, or other rewards for each dollar you spend. The earning rates and redemption options vary by issuer, so it’s important to find a card that matches your spending habits and preferences, so you can maximize the value you get from your rewards credit card.

Some cards offer premium rewards rates, but they charge higher annual fees, and the approval criteria are more strict. Take the Westjet RBC World Elite Mastercard, for example. It’s a premium rewards credit card that allows you to earn Westjet Dollars and includes an annual companion pass and other benefits, including free checked bags on WestJet flights.

But the card has an annual fee of $119, plus $59 for a supplementary card, and a minimum annual income requirement of $80,000 per individual or $150,000 per household.

Most, but not all, rewards credit cards fall into one of two categories: Cash back and travel rewards cards. Let’s take a closer look at these two types of credit cards.

Cash Back Credit Cards

Cash back credit cards pay you a percentage of your purchases back in cash or as a statement credit. Depending on the card, you may have tiered cashback rates for certain spending categories. For example, you might earn more cash back when you spend money on groceries, gas, or at restaurants.

If you’re shopping for a cash back credit card, look for one that offers bonus cash back in the categories where you spend the most money each month. If you have a large family, it might be groceries. If you put a lot of mileage on your car, look for a card that pays extra cash back on gasoline purchases.

• Recommended Cash Back Credit Card: The Scotia Momentum Visa Infinite Card pays a whopping 4% cash back on grocery purchases and recurring bill payments. You also get 2% for gasoline and transit purchases and 1% cash back on all other spending. You can redeem your accumulated cash back once per year as a statement credit. The card does charge a $120 annual fee, which is well worth the cost if you can maximize the card’s benefits.

Apply for the Scotia Momentum Visa Infinite Card

Travel Credit Cards

Travel credit cards are perfect for those who love to explore the world. These cards let you earn travel rewards and offer perks like discounted flights, hotel stays, and car rentals. Some travel cards come with additional benefits like airport lounge access or travel insurance. However, these cards may have annual fees, so weigh the benefits against the costs to determine if they work for you.

• Recommended Travel Rewards Card: The TD Aeroplan Visa Infinite Card allows you to earn points in Canada’s most valuable airline rewards program, Aeroplan. Cardholders earn bonus points on eligible gas, grocery, and Air Canada purchases and 1 Aeroplan point on all other purchases made with the card. The annual fee is $139, and there is a minimum income requirement to qualify, but the card has many additional benefits and is ideal for frequent travellers, especially those who prefer to fly with Air Canada and its partners.

Apply for the TD Aeroplan Visa Infinite Card

3. Business Credit Cards

Business credit cards are designed for use by entrepreneurs and small business owners. These cards are very similar to personal credit cards, but they can be issued in your business name. This makes it easier to separate your personal and business spending.

Many business cards also come with higher credit limits and the ability to add employees as additional cardholders. Make sure to find a card that suits your business needs and helps you manage your finances efficiently.

• Recommended Business Credit Card: The RBC Avion Visa Infinite Business Card lets you earn valuable Avion points on your business purchases. You can then redeem your points on everything from travel to merchandise and gift cards to statement credits. The card does have a hefty $175 annual fee, but the card has a generous welcome bonus along with free tools that make it easier to manage your business expenses.

4. Student Credit Cards

Student credit cards are regular cards meant for young adults who are just starting to build credit. These cards usually have low credit limits and no annual fees. They may also offer modest rewards. By using a student credit card responsibly, you can begin building your credit history and learn to manage your budget effectively.

• Recommended Student Credit Card: The BMO Cash Back Mastercard for Students doesn’t charge an annual fee while offering new cardholders a welcome bonus of 5% cash back for the first three months. In addition, the card pays 3% cash back on grocery purchases, 1% cash back on recurring bill payments, and 0.5% cash back on all other purchases. Not bad for a no-annual-fee card.

5. Secured Credit Cards

Secured credit cards are designed for people with no established credit or who have struggled with poor credit in the past. When you get a secured credit card, you must put down a refundable security deposit, which is usually equal to your credit limit. The card issuer can offer secured credit cards to borrowers with a higher-risk profile because the cards are backed by a security deposit.

As you use your secured credit card and make regular monthly payments, it’s helping you build credit and improve your credit score over time. Secured cards still charge interest like unsecured credit cards, so it’s crucial to pay the balance in full every month. Most secured credit cards do not charge an annual fee.

• Recommended Secured Credit Card: The Neo Secured Card has no annual fee, and unlike most secured credit cards, it offers a rewards program. According to Neo Financial, cardholders earn an average of 5% cash back when purchasing at Neo retail partners. All cardholders earn a minimum of 0.50% cash back. Another nice feature is the low deposit requirement. You can open an account with as little as $50 security.

6. Prepaid Credit Cards

Prepaid credit cards offer users the convenience of a credit card without having to worry about interest charges and racking up credit card debt. That’s because, with a prepaid credit card, you’re not actually borrowing money. Instead, you’re spending money that you already deposited into your account.

Prepaid cards allow you to make purchases in stores or online, usually wherever Visa or Mastercard are accepted. And when travelling, prepaid credit cards are more secure than carrying cash. If you’re unable to qualify for a regular credit card, a prepaid credit card may help you build credit (check with the issuer before you apply.) Most prepaid cards are no-fee cards, although some cards charge a fee while offering additional rewards.

• Recommended Prepaid Credit Card: The KOHO Extra Mastercard is one of Canada’s most popular prepaid credit cards, but it charges an annual fee of $108 ($9 per month). I prefer the no-fee version, the KOHO Easy Mastercard. It features a reduced foreign exchange fee of 1.5%, and cardholders earn 0.5% interest on their prepaid balance.

Final Thoughts on the Different Types of Credit Cards

Before you choose any credit card, be mindful of your spending habits. You also need to consider factors like annual fees, bonus categories, and additional benefits, like insurance coverage. Find a card that fits your lifestyle and has rewards that align with your spending patterns.

FAQs

What are the main credit card categories?

The main credit card categories include no-fee credit cards, cash back credit cards, and travel rewards cards.

What are the differences between Visa, Mastercard, and American Express?

Visa, Mastercard, and American Express are all major payment networks that provide the infrastructure for processing credit card transactions. When it comes to differences, Visa and Mastercard have similar features and benefits but are more widely accepted by merchants than American Express.

Both often offer zero liability for unauthorized transactions and additional perks like travel insurance and purchase protection. American Express is often considered a more premium option with a reputation for excellent customer service and higher-tier rewards.

Which credit cards are best for beginners?

Most beginners should focus on low fees and building credit rather than earning rewards. For that reason, I recommend a student credit card (if applicable) or a regular no-fee credit card. Keep in mind that some no-fee cards, like the aforementioned Tangerine Money-Back Card, do earn rewards.