There are plenty of bank savings account options in Canada! Stay on top of the best plans right here.
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What is an ETF? + MORE Jul 11th
If you want to think about it in really simple terms, an ETF is like a meal kit. How’s that? Well, if you’re someone who enjoys good food, but doesn’t necessarily consider yourself a good cook, you might pick up a meal kit, because it contains all of the pre-selected elements you need to prepa.... More »
House rich: How to access the equity in your home + MORE Nov 21st
With the national average home price up a record 18.5% in August 2020 compared to the same time last year, more Canadians than ever have a significant portion of their wealth tied up in their homes.
Who are these “house rich” homeowners? They range widely—from retirees on a fixed income, to ba.... More »
How much credit card debt does the average Canadian have? Oct 9th
As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these .... More »
The Financial Umbilical Cord: 48% of Canadian Parents Still Supporting Children in 30s + MORE Mar 15th
A recent poll from RBC shed light on an interesting dilemma that many Canadians are facing: trying to save for retirement while financially supporting adult children.
The poll found almost all parents (96%) with children between the ages of 18 to 35 said they have financially supported their adult .... More »
Inflation: How It Affects Your Finances + MORE Jun 13th
Much of Canada’s economy has ground to a halt amid the COVID-19 pandemic. One of the effects of this has been a drop in prices for many items. Most notably, gas.
As a result of consumer prices dropping, Canada’s inflation rate went negative to -0.2% in April, according to Statistics Canada, whi.... More »
There are steps you can take to make sure you don’t outlive your retirement savings, writes Ellen Roseman.
There are steps you can take to make sure you don’t outlive your retirement savings, writes Ellen Roseman.What is the Difference Between Fixed and Variable Rate Loans?
– ratesupermarket.ca
It’s no secret that acquiring debt can cause grief and anxiety. But whether it’s for an unplanned financial emergency, an upcoming renovation or a needed major purchase, there are some situations when taking out a personal loan makes sense.
A personal loan can be easier to apply for in comparison to other types of financing such as credit cards, or a personal line of credit from your bank. There are also no restrictions in how you spend a personal loan.
However, borrowing money from a lender or bank means you’re legally committed to paying the money back within a certain time frame. So when applying, simply guessing if your budget can afford the timely payments is a bad idea.
First, you need to understand how interest rates will affect your payments, and you basically have two ways to go — fixed rates or variable rates.
Fixed-rate loan – the “set it and forget it” choice
With a fixed-rate loan, the loan rate and payment you make each month will stay constant for the term of your loan, no matter how much the market fluctuates…
