A report from Morningstar says Canada has the highest mutual fund costs of 22 countries it studied. Canadians pay an average price of 2.31 per cent on equity funds, compared to 0.94 per cent for U.S. investors. That means your money manager could ultimately be making more on your long-term investments that you will.

In this discussion with CBC's Amanda Lang and Kevin O'Leary, David Chilton debates the state of Canada's investing landscape. The author of the popular investing book The Wealthy Barber, and the newly released sequel The Wealthy Barber Returns, also offers a range of tips for taking control of your financial affairs and ways to minimize investment fees to maximize your returns.