Not sure how to make a savings plan? Read on…
Latest News
Are you really ready to retire? Why many Canadians are struggling with retirement planning + MORE Mar 25th
Despite best intentions, many Canadians are not financially prepared for retirement. This reality is driven by a combination of factors: rising costs of living, growing debt levels, insufficient personal savings, and a lack of proper planning. Unexpected life events such as health challenges, job lo.... More »
Advice for cash-strapped renters and landlords during COVID-19 + MORE May 16th
When the COVID-19 pandemic swept across North America in early 2020, it created a wave of income loss that impacted people from all walks of life. While some individuals have been hit harder than others, it’s difficult to find a group or industry that hasn’t been affected. A small segment of the.... More »
The best TFSAs in Canada for 2024 + MORE Jun 11th
Save
The best TFSAs in Canada for 2024
We’ve rounded up the best TFSA rates on savings accounts and GICs, as well as the best TFSA investment accounts.
Compare now
Tap the button for more details.
.... More »
What to do if you haven’t filed an income tax return + MORE Jan 11th
Millions of Canadians file their tax returns late—and if you’re one of them, you may figure that with so many others in the same boat, surely the transgression can’t be too terrible.… Right? Well, no.
Assuming you have a refund coming, it’s not a great financial plan to let Canada Revenue .... More »
How much total ‘credit’ should a couple have? Aug 3rd
Q: I’m wondering how much total ‘credit’ I should have? My husband and I have a few credit cards and two Line of Credit (LOCs) between us totalling about $50,000. We don’t have a habit of maxing it out and we pay it off fairly regularly. I’m being offered another LOC f.... More »
Are we 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…
Home Capital draws $250 million more from emergency line of credit
– canadianbusiness.com
Home Capital Group says it has drawn down a further $250 million this week from its emergency line of credit to repay deposit notes due Wednesday.
That leaves the Toronto-based mortgage company (TSX:HCG) with $350 million left from a $2 billion line of credit provided by the Healthcare of Ontario Pension Plan late last month.
The pension plan provided the loan after Home Capital’s customers began to drain their high-interest savings accounts.
The flood of deposit withdrawals followed allegations filed against Home Capital in April.
Home Capital has denied accusations that it misled investors in statements and comments issued by senior executives, including two former CEOs and a third man who was the lender’s chief financial officer at the time.
The post Home Capital draws $250 million more from emergency line of credit appeared first on Canadian Business – Your Source For Business News.
That leaves the Toronto-based mortgage company (TSX:HCG) with $350 million left from a $2 billion line of credit provided by the Healthcare of Ontario Pension Plan late last month.
The pension plan provided the loan after Home Capital’s customers began to drain their high-interest savings accounts.
The flood of deposit withdrawals followed allegations filed against Home Capital in April.
Home Capital has denied accusations that it misled investors in statements and comments issued by senior executives, including two former CEOs and a third man who was the lender’s chief financial officer at the time.
The post Home Capital draws $250 million more from emergency line of credit appeared first on Canadian Business – Your Source For Business News.
TORONTO — Home Capital Group says it has drawn down a further $250 million this week from its emergency line of credit to repay deposit notes due Wednesday.
That leaves the Toronto-based mortgage company (TSX:HCG) with $350 million left from a $2 billion line of credit provided by the Healthcare of Ontario Pension Plan late last month.
The pension plan provided the loan after Home Capital’s customers began to drain their high-interest savings accounts.
The flood of deposit withdrawals followed allegations filed against Home Capital in April.
Home Capital has denied accusations that it misled investors in statements and comments issued by senior executives, including two former CEOs and a third man who was the lender’s chief financial officer at the time.
The Home Stretch
Our weekly newsletter delivers the news and analysis you need on Canada’s housing market. Sign up below and don’t miss an issue
(function () { var e = document.createElement(‘script’); e.type = ‘text/javascript’; e…
