Your Financial Guide

Your financial direction,
clearly set.

We help Canadian families and newcomers build financial confidence, create lasting wealth, and plan for the future with clarity, honesty, and strategies built for real life.

Get a Free Quote Book a Free Call

Trusted by Canadians

1,200+

Families guided

5.0 ★

Average rating

9

Provinces licensed

Free

Consultation

Fully licensed and regulated in 9 provinces in Canada.

"Financial confidence begins when you understand where you are, know where you're going, and have a plan to get there."
- Rahmat Hassan, Royal Compass Advisory
About Us

A compass for every financial journey.

Whether you arrived in Canada last year or have been building your life here for decades, financial decisions don't get simpler on their own. Royal Compass Advisory was built to change that, with clear, honest guidance that meets you exactly where you are.

Led by Rahmat Hassan, our approach is rooted in education and trust. We believe you deserve to understand every recommendation before you act on it, and that proper protection, smart savings, and long-term planning aren't just for the privileged few.

Clarity Over Complexity
Every strategy explained in plain language, so you understand exactly what you are doing and why before you take action.
Real-World Relevance
Information grounded in real-life situations, helping you connect financial concepts to the decisions you face every day.
Long-Term Thinking
We plan beyond today, helping you make financial decisions that support where you want to be for years to come.
Explore our services
Rahmat Hassan, Royal Compass Advisory
Rahmat Hassan
Meet the Founder

Rahmat Hassan

Rahmat Hassan is a licensed financial professional across nine provinces in Canada and in Texas, USA. Her path to the financial industry was not traditional. With a background in industrial chemistry and network surveillance analysis in telecommunications, she eventually found her calling in financial services.

She is part of a financial literacy campaign with a mission to educate 30 million people by 2030. Her mission is driven by the belief that too many people work hard for their money without their money working for them, often due to a lack of financial structure and understanding. She educates through one-on-one solutions, conferences, webinars, and community workshops in religious centers, libraries, and schools.

What We Do

How we can help you.

Every service is tailored to your situation, your goals, and where you are in your financial life right now.

1:1 Financial Strategy Session

A focused conversation about where you are and where you want to be. We look at your full financial picture and map a clear path forward.

Book a session

Career Opportunity

Interested in building a career in financial services? We mentor and support individuals who want to join this field with purpose and become professionally licensed.

Talk to us

Cash Flow and Debt Strategy

Get clear on where your money goes and build a system to reduce debt while keeping your household running with room to grow.

Get started

Savings and Asset Growth

TFSA, RRSP, RESP, FHSA, RDSP, and investment guidance designed around your income level and timeline. Grow what you have with a strategy that makes sense.

Explore options

Retirement and Business Planning

Whether you are self-employed, run a small business, or thinking about life after work, we help you structure today so your future is covered.

Plan ahead

Protection and Estate Planning

Life insurance, critical illness, disability, and estate guidance to protect the people and assets that matter most to you, at every life stage.

Get a quote
What Clients Say

Real Guidance. Real Results.

★★★★★

"I arrived in Canada with no idea how insurance or savings worked here. Rahmat walked me through everything step by step. I finally feel like I have a plan."

H
Helen O.Project Manager, Ontario
★★★★★

"I was leaving significant earnings in my corporation without a clear long-term plan. Rahmat worked alongside my accountant to put together a strategy that made much better use of what I had built."

O
Oladele A.Incorporated Physician, Ontario
★★★★★

"I’m grateful Rahmat invited me to the free financial literacy workshop instead of assuming I already understood financial planning. I learned so much, wish I’d known these things years ago, and I’ve already started telling others about the workshop."

A
Amara S.HR Professional, Mississauga

1,200+

Clients guided

5.0 ★

Average rating

9

Province licensed

Free

Consultation
Free Guides

Take Something Useful Home

Nine plain-language guides designed to help you make smarter financial decisions, whether you’ve just arrived in Canada or have been here for years. Each one covers a topic most people only learn about after they’ve already paid the price for not knowing.

1

Your First 90 Days in the Canadian Financial System

Most newcomers spend their first months getting it wrong. This shows you exactly what to set up, in what order, before it costs you.

Get Free Guide
2

Stop Paying CRA More Than You Owe

Legal, simple, and widely overlooked. The tax strategies most Canadians never learn until it is far too late in the year.

Get Free Guide
3

Building Credit in Canada: The Newcomer Playbook

Starting with no credit history does not mean starting with no options. Build a score lenders respect, beginning day one.

Get Free Guide
4

The Canadian Debt Trap: Break Free and Stay Free

High-interest debt follows people for years. Here is the exact strategy to break the cycle and make sure it does not come back.

Get Free Guide
5

Insurance Uncovered

What you are actually buying when you sign an insurance policy and what the fine print really means for you.

Get Free Guide
6

Rent vs. Buy: The Honest Canadian Math

Everyone has an opinion. This guide gives you the actual numbers, so you can decide for yourself without the noise.

Get Free Guide
7

Retire Well in Canada

CPP, OAS, RRSP withdrawals. What you get, when you get it, and how to structure it so it actually lasts.

Get Free Guide
8

Financial Planning for Business Owners

Running a business in Canada comes with tax advantages most owners miss entirely. This guide closes that gap.

Get Free Guide
9

Build Wealth on Any Income: Your Canadian Starter Plan

It does not start with a high salary. It starts with a clear strategy. Here is yours, no matter your income level.

Get Free Guide

Access Your Guide

Enter your details to receive the guide. Your information is never shared.

Please enter your name.
Please enter a valid phone number.
Please enter a valid email address.
Please enter your city.
Knowledge Check

Financial Literacy Quiz

Think you know Canadian finance? Put it to the test.

Test Your Financial IQ

How well do you really know your money?

6 randomly chosen questions to test your financial IQ. Topics span investing, credit, taxes, insurance, and government benefits. Takes about 3 minutes.

Each session draws a fresh set of questions, so no two quizzes are ever the same. After the quiz you can book a free call, download a guide, or retake with a fresh set.

Common Questions

You have questions. We have answers.

Browse by topic below. Click any question to read the full answer.

Still have questions?

A 30-minute call with Rahmat costs nothing and could answer everything on your list. No obligation, no pressure.

Book a Free Call

Getting Started in Canada

+

I just arrived in Canada. What should I set up financially first?

›
Start with three things in order: open a bank account, apply for your SIN, and get a provincial health card. In Ontario, there is no waiting period for OHIP coverage, so apply as soon as you arrive. If you are in another province, check local rules as waiting periods may apply. Then begin building credit with a secured card.

What should I do with money when I first arrive in Canada?

›
Cover your immediate basics first: housing, food, and health coverage. Then open a chequing account, set up automatic savings even if it is a small amount, and avoid taking on debt before you understand how Canadian interest rates and credit reporting work.

Does my credit history from my home country transfer to Canada?

›
Generally, no. Canadian credit bureaus (Equifax and TransUnion) do not receive your foreign credit history. You will need to build your score in Canada from scratch. The fastest legal ways include secured credit cards and credit-builder loans through a credit union.

Can I receive government benefits as a newcomer?

›
Eligibility depends on your residency status and how long you have been in Canada. Permanent residents may qualify for the Canada Child Benefit, GST/HST credit, and other benefits once they file a tax return. Filing your return every year, even with low income, is essential to unlock these benefits.

When can I open a TFSA as a newcomer to Canada?

›
You can open a TFSA as soon as you become a Canadian resident and are 18 or older. Your TFSA contribution room accumulates from the year you turned 18 as a resident. Note: contributions made while a non-resident are subject to a 1% monthly penalty tax, so only contribute while living in Canada.

Do I need to file taxes if I just arrived and earned very little?

›
Yes. Even with little or no income, filing a tax return each year establishes your residency in the system, builds TFSA contribution room, and ensures you receive government benefits like the GST/HST credit and Canada Child Benefit if you have children.

What is a SIN and why do I need it?

›
A Social Insurance Number (SIN) is a 9-digit number required to work in Canada and to access most government programs. You need it to open registered accounts like a TFSA or RRSP, file taxes, and receive employment income. Apply through Service Canada as soon as you arrive.

Insurance in Canada

+

What types of insurance do I actually need in Canada?

›
The most important types for most Canadians are: life insurance (if anyone depends on your income), disability insurance (to replace income if you cannot work), and travel insurance (provincial health plans offer very limited coverage outside Canada). Critical illness and group benefits round out a solid protection plan.

What is the difference between term and whole life insurance?

›
Term life covers you for a fixed period, typically 10, 20, or 30 years. It is the most affordable option and works well for income replacement during your earning years. Whole life is permanent coverage that never expires and builds cash value over time. The right choice depends on your goals, timeline, and budget.

Does provincial health insurance cover me outside Canada?

›
No, not meaningfully. Provincial plans like OHIP offer minimal to no coverage outside Canada. A single emergency hospitalization abroad can cost tens of thousands of dollars. Travel insurance is essential whenever you leave the country, even for short trips.

What is Super Visa insurance?

›
Super Visa insurance is a mandatory requirement for parents and grandparents of Canadian citizens or permanent residents visiting Canada on a Super Visa. It must cover at least $100,000 in emergency medical costs, be purchased from a Canadian insurer, and be valid for at least one year from the date of entry.

Do I need life insurance if I am young and healthy?

›
Being young and healthy is precisely when life insurance is most affordable. If you have dependants, a mortgage, or someone who relies on your income, coverage is not optional. Locking in a low rate now protects your future self from higher premiums if your health changes.

What is critical illness insurance?

›
Critical illness insurance pays a lump-sum benefit if you are diagnosed with a covered condition such as cancer, heart attack, or stroke. The payout is tax-free and can be used however you choose, covering lost income, mortgage payments, or medical costs not covered by provincial health.

What is disability insurance and who needs it?

›
Disability insurance replaces a portion of your income, typically 60 to 85%, if illness or injury prevents you from working. It is the most overlooked form of protection. Most Canadians are far more likely to experience a disability that sidelines them for months than they are to die prematurely. If you earn an income, you need it.

Savings and Investment Accounts

+

What is a TFSA and how does it work?

›
A Tax-Free Savings Account lets you save and invest money that grows completely tax-free, including dividends, interest, and capital gains. You can withdraw anytime without penalty, and your contribution room is restored the following January 1st. You accumulate room each year you are a Canadian resident aged 18 or older.

What is an RRSP and who should use one?

›
An RRSP reduces your taxable income in the year you contribute. The money grows tax-deferred until withdrawal, ideally in retirement when your income and tax rate are lower. It is most beneficial for people in higher tax brackets. Unused contribution room carries forward indefinitely, and the account must convert to a RRIF by age 71.

What is an FHSA and do I qualify?

›
The First Home Savings Account combines the benefits of a TFSA and RRSP for first-time home buyers. Contributions are tax-deductible, and withdrawals for a qualifying home purchase are tax-free. You qualify if you are a Canadian resident, 18 or older, and have not owned a home in the current or previous four calendar years. The annual limit is $8,000 with a $40,000 lifetime maximum.

Can I use both the FHSA and the Home Buyers Plan for the same home?

›
Yes. You can withdraw from both the FHSA and use the RRSP Home Buyers Plan for the same qualifying home purchase. The HBP allows you to withdraw up to $60,000 from your RRSP tax-free for a first home, repaid over 15 years. Combining both programs can significantly boost your tax-advantaged down payment.

What happens if I over-contribute to my TFSA?

›
Over-contributions attract a 1% per month penalty tax on the excess amount until removed. Always check your available room through CRA MyAccount before contributing, especially if you withdrew and re-contributed in the same calendar year. Withdrawn amounts are only restored on January 1st of the following year.

What is an RESP and how does the government grant work?

›
A Registered Education Savings Plan lets you save for a child's post-secondary education. The federal government adds a Canada Education Savings Grant of 20% on the first $2,500 contributed each year, up to $500 annually and $7,200 lifetime per child. The money grows tax-sheltered until withdrawn by the student.

Can I have both a TFSA and an RRSP?

›
Yes, and for most Canadians using both is a smart strategy. A common approach is to use the TFSA for flexible short-to-medium term savings and the RRSP for long-term retirement investing. If you are in a higher tax bracket, the RRSP's tax deduction is especially valuable.

Credit and Banking

+

How do I start building credit with no Canadian credit history?

›
The fastest legal methods: get a secured credit card, become an authorized user on a trusted family member's account, or apply for a credit-builder loan through a credit union. Pay balances in full every month. Most people can build a usable score within 6 to 12 months with consistent, on-time payments.

What is a good credit score in Canada?

›
Canadian credit scores range from 300 to 900. A score above 660 is generally considered good, above 725 is very good, and above 800 is excellent. Higher scores mean better mortgage rates, lower insurance premiums in some provinces, and stronger approval odds for credit products.

Does applying for credit hurt my score?

›
Hard inquiries from credit applications can temporarily lower your score by a few points. Checking your own credit is a soft inquiry and has no impact at all. Space out applications, and only apply when you genuinely need the credit. Multiple mortgage applications within a short window are typically treated as one inquiry.

What factors affect my credit score the most?

›
The biggest factors are payment history (making payments on time), credit utilization (keeping balances below 30% of your limit), length of credit history, variety of credit types, and number of recent applications. Payment history and utilization together account for the bulk of your score.

Which banks are best for newcomers to Canada?

›
Most major Canadian banks including RBC, TD, Scotiabank, BMO, and CIBC offer newcomer banking packages with waived fees for an initial period. Credit unions can also be excellent options with more flexible lending for people with limited credit history. Compare account fees, branch accessibility, and services in your home language before deciding.

What is credit utilization and why does it matter?

›
Credit utilization is the percentage of your available credit that you are currently using. Keeping it below 30% is recommended. If your limit is $5,000, try not to carry a balance above $1,500. High utilization signals financial stress to lenders and can significantly lower your credit score even if you always pay on time.

How do I dispute an error on my Canadian credit report?

›
Request your free credit report from Equifax and TransUnion through their official websites. If you spot an error, submit a dispute directly to the bureau with supporting documentation. They must investigate and respond within 30 days. Errors are more common than people realize and can significantly affect your score.

Debt Management

+

What is the best way to pay off multiple debts?

›
Two common strategies work well: the avalanche method targets the highest-interest debt first, saving the most money overall. The snowball method pays the smallest debt first for psychological momentum. The best method is the one you will actually stick with. An advisor can help you build a plan around your specific balances and interest rates.

Should I pay off debt or invest first?

›
It depends on the interest rate. High-interest debt above 7% is generally better to eliminate before investing, as the guaranteed return of eliminating that cost usually beats market returns. For lower-rate debt like a mortgage, investing simultaneously may make sense. Build an emergency fund first, regardless.

What is a debt consolidation loan?

›
A debt consolidation loan combines multiple debts into one single loan, usually at a lower interest rate. It simplifies payments and can reduce total interest paid over time. It does not eliminate debt, it reorganizes it. Pairing consolidation with a budget change is important, otherwise the underlying habits that created the debt will continue.

How much of an emergency fund do I actually need?

›
Most advisors recommend 3 to 6 months of essential living expenses in a liquid, accessible account. If your income is irregular, commission-based, or your job is in a volatile field, 6 months is the safer target. Keep this money in a high-interest savings account, not invested in the market where short-term losses could be an issue.

Is a balance transfer credit card a good idea?

›
It can be, if used carefully. Many cards offer 0% interest on transferred balances for an introductory period. The risk is that the rate jumps significantly after the period ends and many people accumulate new debt on top of the transferred amount. It works best when you have a clear payoff plan before the promotional period expires.

What happens if I cannot pay my debts in Canada?

›
If you are unable to keep up with debt payments, you have options including credit counselling, a consumer proposal, or bankruptcy. A consumer proposal allows you to negotiate a reduced payment with creditors through a Licensed Insolvency Trustee without losing your assets. Bankruptcy is a last resort but provides legal protection and a fresh start under defined conditions.

What is the 50/30/20 budgeting rule?

›
The 50/30/20 rule suggests spending 50% of your after-tax income on needs (housing, groceries, utilities), 30% on wants (dining, entertainment, travel), and directing 20% toward savings, investments, or debt repayment. It is a starting framework, not a rigid rule. Adjust the percentages to your income level and financial goals.

Taxes and Government Benefits

+

When is the Canadian tax filing deadline?

›
For most Canadians, the personal income tax return is due on April 30. If you or your spouse are self-employed, you have until June 15 to file, but any balance owing is still due April 30. File on time to avoid late-filing penalties and interest charges.

What is the GST/HST credit?

›
The GST/HST credit is a tax-free quarterly payment to help low and moderate income individuals and families offset the goods and services tax they pay. You do not need to apply separately. It is calculated automatically when you file your tax return.

What is the Canada Child Benefit?

›
The Canada Child Benefit (CCB) is a monthly, tax-free payment to eligible families with children under 18. The amount depends on your family net income and the age of your children, and is recalculated each July based on the prior year's tax return. It is one of the most significant government supports available to families, so filing your taxes annually is essential.

What is the difference between a tax deduction and a tax credit?

›
A deduction, like an RRSP contribution, reduces your taxable income before tax is calculated. A credit, like the basic personal amount, reduces the actual tax you owe after income is calculated. Both are valuable. RRSP deductions are more beneficial for people in higher tax brackets because they save more per dollar deducted.

What is the Canada Pension Plan and when can I collect it?

›
CPP is funded by contributions from your employment income, matched by your employer. You can start collecting as early as age 60 at a reduced rate, or defer up to age 70 for a higher monthly amount. The standard age is 65. The amount depends on how much and how long you contributed throughout your working life.

What government benefits should I know about as a Canadian?

›
Key programs include: Old Age Security (OAS) at 65, CPP retirement pension, Employment Insurance (EI) for job loss or parental leave, the Guaranteed Income Supplement (GIS) for low-income seniors, and the Canada Child Benefit for families. Most are accessed by filing your annual tax return. A financial advisor can help you understand which ones apply to you and how to optimize them.

What is capital gains tax in Canada?

›
Capital gains tax applies when you sell an investment or property for more than you paid. In Canada, only a portion of your capital gain is added to your income for tax purposes. The exact inclusion rate can change and has been subject to recent federal proposals, so it is worth speaking with an advisor to understand how this affects your investment strategy.

Retirement Planning

+

I am starting to think about retirement at 45. Is it too late?

›
Not at all. At 45, you likely still have 20 or more working years ahead. This is an excellent time to get serious. Key priorities: maximize RRSP contributions, review life and disability coverage, pay down high-interest debt, and start projecting what income you will need in retirement. Small changes now compound significantly over 20 years.

How much do I need to retire comfortably in Canada?

›
A common guideline is 70 to 80% of your pre-retirement income annually in retirement. But the right number depends on your lifestyle, health, housing situation, and when you plan to retire. A proper retirement projection considers CPP, OAS, personal savings, and expected expenses. One conversation with an advisor can give you a clearer, personalized target.

What is Old Age Security and when do I get it?

›
OAS is a monthly government pension available to Canadians at age 65, based on years of residency in Canada rather than employment history. You can defer it up to age 70 for a higher monthly amount. Low-income seniors may also qualify for the Guaranteed Income Supplement on top of OAS.

What is a RRIF and when do I need to convert my RRSP?

›
A Registered Retirement Income Fund (RRIF) is what your RRSP converts into at age 71. You must withdraw a minimum amount each year based on your account balance and age. Withdrawals are fully taxable. Smart timing of RRIF withdrawals can reduce your lifetime tax bill significantly, which is why planning the conversion with an advisor matters.

Should I take CPP at 60 or wait until 65 or 70?

›
Taking CPP at 60 reduces your monthly benefit by 7.2% per year before 65. Deferring beyond 65 increases it by 8.4% per year up to 70. If you are in good health and have other income sources, deferring often results in a higher total payout over your lifetime. The break-even point for early versus standard collection is typically around age 73 to 75.

I am self-employed. How do I plan for retirement without a company pension?

›
Self-employed Canadians must fund their own retirement. Maximize your RRSP contributions (you earn room as a self-employed person the same as employees). A TFSA adds tax-free investment room. Consider incorporating your business if it is profitable, which opens additional tax-planning strategies. Disability insurance is especially critical when there is no employer coverage behind you.

What is an estate plan and do I need one?

›
An estate plan ensures your assets go to the right people, in the right way, with as little tax impact as possible. It includes a will, beneficiary designations on registered accounts and insurance, and possibly a power of attorney. Without it, provincial law decides what happens to your assets, and the process can be slow, costly, and not what you intended. Anyone with assets or dependants should have one.
Live Sessions

Join Our Next Workshop

Interactive sessions held online and in person. Learn directly from a licensed advisor and ask your questions live.

What We Cover

01

Building Savings and WealthPractical strategies for growing your money using TFSAs, RRSPs, FHSAs, and investment accounts. We break down how each tool works and how to use them together.

02

Increasing Cash Flow and Debt ManagementHow to free up money in your budget, eliminate debt faster, and stop paying more interest than you need to. We cover budgeting frameworks and debt repayment strategies.

03

Preparing for Proper ProtectionUnderstanding life, disability, critical illness, and health insurance. What you need, what you can skip, and how to avoid being underinsured when it matters most.

04

Understanding Asset Accumulation StrategiesHow to build lasting wealth through registered accounts, compound growth, and tax-efficient investing, regardless of your current income level.

05

Fulfilling Long-Term GoalsMapping your financial future from where you are today to where you want to be, whether that is homeownership, education funding, or early retirement.

06

Preserving Your Wealth and EstateWills, beneficiary designations, estate taxes, and how to pass your assets to the right people in the most efficient way possible.

Available Time Slots (EST, Weekdays)

Register Your Spot

0/6

Book a Free Call
Or download a free guide to keep learning.