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Learn › Bonds & Fixed Income

Bonds & Fixed Income

Most portfolios hold bonds, and most investors could not say what their bond fund would do if interest rates jumped. 2022 showed what happens when nobody checks. This free course by explains yields, duration, credit, GICs, bond ETFs and tax in plain language, and ends with a one-page plan for your fixed income, in ten short modules.

Four questions every bond answers Four boxes in a row: yield, what it pays; duration, how far it can fall; credit, who pays you back; and what you keep after inflation and tax. Four questions to ask of every bond, bond fund or GIC. 1 · Yield what does it pay? 2 · Duration how far can it fall? 3 · Credit who pays me back? 4 · What I keep after inflation and tax Modules 1–6 and 9 answer the four questions. Modules 7, 8 and 10 put them to work.
A bond is a loan with a contract attached. Every risk it carries is one of these four, and you can measure each one before you buy.
Start Module 1 →
You’ve completed 0 of 10 modules — 0%.

What you'll be able to do

  • Explain what a bond is, and how it differs from a GIC, a savings account and a stock.
  • Calculate current yield, and explain why yield to maturity is the number to compare.
  • Estimate how much a bond or bond fund will fall when rates rise, using its duration.
  • Read a credit rating and a credit spread, and tell when extra yield is not worth it.
  • Read the yield curve and connect Bank of Canada decisions to your bonds and your mortgage.
  • Work out your real return on any fixed-income holding, after inflation and tax.
  • Build a GIC or bond ladder, and choose between a ladder and a bond ETF.
  • Put bonds in the right account, and write a one-page fixed-income plan.
How this course worksEach module is a 9 to 11 minute read with worked examples, a short practical task using RiskStock’s free tools, and a quiz. Pass the 30-question final exam to unlock a certificate. Everything is saved in your browser; no account is needed.

The syllabus

Ten modules, about 100 minutes of reading plus the practical tasks. Foundation → Core → Advanced → Mastery.

1
What a Bond Really Is Foundation
What you actually own when you buy a bond: a loan with a fixed contract. Face value, coupon and maturity, how a bond differs from a GIC and a stock, and why almost every portfolio holds some.
~9 min read
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2
Prices, Yields and the Seesaw Foundation
Why a bond’s price moves after you buy it, the three different “yields” you’ll see quoted, and which one to actually compare. The seesaw rule that explains most of what bonds do.
~10 min read
○
3
Duration: How Far a Bond Can Fall Core
The single number that tells you how much a bond or bond fund will drop when rates rise. Duration, convexity, and a step-by-step look at what went wrong for bond investors in 2022.
~11 min read
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4
Credit Risk: Who Pays You Back Core
Not every borrower pays. How credit ratings work, what a credit spread is telling you, how much a default really costs, and why the highest yields are usually high for a reason.
~10 min read
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5
The Yield Curve and the Bank of Canada Core
How short and long rates differ, what an inverted curve is telling you, what the Bank of Canada actually controls, and the direct line from bond yields to your mortgage rate.
~10 min read
○
6
Inflation and Real Returns Core
The quiet risk in “safe” money. How inflation eats a fixed coupon, how to calculate your real yield, and what inflation-protected bonds are (and why Canada stopped issuing them).
~9 min read
○
7
GICs, Ladders and Individual Bonds Advanced
How GICs and deposit insurance really work, how to build a ladder that pays out every year, and what to watch for (markups, liquidity) if you buy individual bonds.
~11 min read
○
8
Bond ETFs: Reading the Fact Sheet Advanced
What’s really inside a bond ETF, why it never “matures”, the difference between distribution yield and yield to maturity, and newer options like target-maturity ETFs and cash ETFs.
~11 min read
○
9
How Bonds Are Taxed Advanced
Interest is taxed at the highest rate of any investment income. How that works in Canada, the premium-bond trap, why discount bonds help in taxable accounts, and which account your bonds belong in.
~10 min read
○
10
High-Yield, Preferreds and Your Fixed-Income Plan Mastery
High-yield bonds, rate-reset preferred shares, private credit and other “bond-like” products: how each really behaves when markets fall. Then you write your one-page fixed-income plan.
~11 min read
○
Plan your safe moneyOpen Retirement Planner →

Your notes

Every note you take in a module collects here, including your fixed-income plan from Module 10. They're stored only in this browser, so export them to keep them.

Common questions

Is this bonds course really free?

Yes. All ten modules, the quizzes, the final exam and the certificate are free and need no sign-up. Your progress, quiz scores and notes are saved privately in your own browser.

Do I need any experience to take it?

No. Module 1 starts from what a bond is. If you already hold a bond ETF, the modules on duration, bond ETFs and tax explain things most fact sheets leave out.

Is the course for Canadian or US investors?

Both. Examples use Canadian accounts, GICs and the Bank of Canada first, with the US version named alongside, such as Treasuries, CDs, the Federal Reserve and IRAs.

Will this course tell me which bond fund or GIC to buy?

No. It teaches you how to judge one yourself: what it yields, how far it can fall, who you are lending to and what you keep after inflation and tax. Any tickers or rates mentioned are examples, not recommendations.

Why did my bond fund lose money in 2022?

Interest rates rose very quickly from very low levels, and bond prices move in the opposite direction to rates. Module 3 works through it using the fund’s duration.

Who wrote this course?

It was written by Elizabeta Dimoska, founder and writer of RiskStock. RiskStock is educational and is not a registered dealer or adviser.

Keep learning

Related guides by Elizabeta Dimoska: How bonds work · How to build a bond ladder · How bond yields set Canadian mortgage rates · Interest rates and your portfolio · Bonds & fixed income in one page

Educational purposes only — not investment advice. Any bonds, funds, tickers, rates and figures in this course are illustrative examples, not recommendations to buy or sell any security. Interest rates, GIC rates, deposit-insurance limits and tax rules change; confirm current details with the issuer, CDIC and the CRA or your tax authority. Worked examples are not forecasts. RiskStock is not a registered dealer or adviser. Course written by Elizabeta Dimoska. Always do your own research and consult a licensed advisor.