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Latest News
Creating a will is the “adulting” milestone you need to hit this year + MORE Jul 19th
When it comes to self-improvement, most of us have a hard time with follow-through—and whether you stuck to your Keto diet or not, there are likely items on your financial to-do list that just never get crossed off. One of the easy actions to delay is creating a will. After all, no one wants to th.... More »
What types of tax-free savings accounts (TFSAs) exist? + MORE Nov 20th
A tax-free savings account (TFSA) is a fantastic way to earn money on your savings, without having to pay tax on those earnings. Registered by the federal government, TFSAs are available to Canadians aged 18 and older. Unlike a registered retirement savings plan (RRSP), you cannot deduct contributio.... More »
Need your money in five years or less? Park it in a savings account with tax benefits + MORE Oct 11th
TFSAs containing high-interest savings accounts only pay about 2%, but putting short-term money at risk in the stock market is foolish.... More »
Canada’s best credit cards for people with bad credit 2022 + MORE Apr 24th
Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. However, if you want to improve your credit score, you’ll have to prove you can handle credit responsibly—and one way to do that is (you guessed it) to have a credit card. When used respon.... More »
The Best No-Fee Rewards Credit Cards For 2019 + MORE May 17th
Credit card rewards come in many forms. From points to statement credits to cold-hard cash, a good rewards card maximizes on your everyday purchases and ultimately helps you save.
Reward credit cards generally offer different amounts of rebates for particular spending categories (gas, grocery, phar.... More »
Welcome to your post-process years, Justin Trudeau
– macleans.ca
Canada’s Prime Minister Justin Trudeau arrives to deliver a statement before the start of a Liberal caucus meeting on Parliament Hill in Ottawa, June 1, 2016. (Chris Wattie/Reuters)Colleague John Geddes had an insight about yesterday’s economic statement from Finance Minister Bill Morneau that deserves more attention and some amplification:
Last fall’s version of the annual update [Geddes writes] was all about long-term plans for ensuring Canada’s prosperity decades from now in a fiercely competitive world; this year’s is all about converting today’s unexpectedly strong growth into quick dividends for Canadian families.
There are obvious reasons why this year’s update would feature more short-term thinking. The big one is that Morneau’s hair is on fire and he seems unsure what to do about it. But I strongly suspect we’re also seeing the results of some belated and generalized lesson-learning among the Trudeau Liberals.
Morneau’s fall update and its two signature initiatives—indexing the Canada Child Benefit and boosting the Working Income Tax Benefit—are the work of a chastened government that has worked hard for two years to reinvent many wheels, and is (and here, I’m guessing) not sure all of it was worth the effort…
40% of Canadians say they’ll be in trouble if rates rise
– moneysense.ca
TORONTO — Four in 10 Canadians say that if interest rates rise any further they fear they will be in financial trouble, a new poll suggests.
The survey conducted for insolvency firm MNP Ltd. also found one in three Canadians say they are already feeling the effects of increasing interest rates.
“It’s clear that people are nowhere near prepared for a higher rate environment,” MNP president Grant Bazian said in a statement Monday.
READ: Why the Bank of Canada hiked interest rates
“The good news is that there seems to be at least the acknowledgment now that rates are going to climb which might make people reassess their spending habits — especially using credit.”
The results of the survey, conducted online by Ipsos for MNP between Sept. 18 and Sept. 21, comes after the Bank of Canada raised its key interest rate target twice this year. The moves by the central bank in turn prompted the big banks to raise their prime lending rate, pushing up the cost of variable-rate mortgages and other loans such as home equity lines of credit that are tied to the benchmark rate…
The survey conducted for insolvency firm MNP Ltd. also found one in three Canadians say they are already feeling the effects of increasing interest rates.
“It’s clear that people are nowhere near prepared for a higher rate environment,” MNP president Grant Bazian said in a statement Monday.
READ: Why the Bank of Canada hiked interest rates
“The good news is that there seems to be at least the acknowledgment now that rates are going to climb which might make people reassess their spending habits — especially using credit.”
The results of the survey, conducted online by Ipsos for MNP between Sept. 18 and Sept. 21, comes after the Bank of Canada raised its key interest rate target twice this year. The moves by the central bank in turn prompted the big banks to raise their prime lending rate, pushing up the cost of variable-rate mortgages and other loans such as home equity lines of credit that are tied to the benchmark rate…
