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Home Capital Was Hours Away From Collapse: Report
– walletpop.ca
Home Capital has seen 94 per cent of the deposits in its savings accounts disappear in recent weeks, as depositors fled the bank following allegations from the Ontario Securities Commission that management misled investors about mortgage fraud within its broker network.
The situation is bringing unwanted negative attention to Canada’s financial system from abroad. Bets against the loonie and against Canadian banks are at elevated levels. Ratings agency Moody’s this week downgraded Canada’s Big Six banks, warning that consumer debt levels are too high.
The Home Capital Group Inc. headquarters office is shown in Toronto on May 4, 2017. (Photo: Cole Burston/Bloomberg via Getty Images)
Here are the latest developments in the Home Capital saga:
Morneau won’t rule out federal bailout
Finance Minister Bill Morneau did not rule out a taxpayer-funded bailout of Home Capital in an interview this week, but said he is looking for the private sector to find a solution…
Are Dereck and Heather on track to retire at age 50?
– moneysense.ca
Retiring at age 50 can be a tall order as you are financing a retirement lifestyle that could be 40+ years long. Heather and Dereck hope to accomplish this in just 9 years. Is their savings plan enough?The current situation
Heather and Dereck Irwin are both 41 and live in Woodstock, Ont. Heather is a project coordinator working with kids with special needs earnings $50,000 annually, while Dereck is an electrician earning $120,000 a year. Not only does this couple have stressful jobs, Dereck’s job requires a lot of shift work, which makes spending time together difficult. The Irwins, who don’t have any kids, are true do-it-yourselfers. “We cook everything ourselves, I fix our vehicles myself and we do all the renovations and maintenance on our home,” says Dereck. “We just like it that way.”
Right now, the couple has a home valued at $350,000 with a $225,000 mortgage on it. They also have RRSPs and TFSAs that total $468,000 plus they will receive pension benefits. Their goal is to retire at age 50 with $60,000 gross per year in income from their portfolio, taking into account 2% inflation annually…
