Personal Savings getting you down? There are always smart ways to increase your savings.
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Amar earned $117,799 last year. But he is a freelance photographer with an unpredictable income. How can he sock away more savings? + MORE Oct 17th
Amar is 31 years old and lives in an affordable shared apartment. How can he increase his savings when his monthly income is never the same?.... More »
5 reasons to buy life insurance—right now + MORE Aug 21st
If you’re working to improve your financial situation, a few strategies may come to mind: paying down debt, building an emergency fund, investing inside a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP), or putting your money in other savings vehicles. These are all .... More »
Canada has new rules for high-interest loans—here they are + MORE Jan 7th
As of January 1, 2025, Canada’s criminal interest rate officially reduced to 35% annual percentage rate (APR), and payday loan costs are now capped at $14 per $100 borrowed. On the surface, these changes are meant to make borrowing more affordable. However, they could have unintended consequences..... More »
The best RRSP investments 2022 + MORE Jun 26th
A registered retirement savings plan (RRSP) is an investment that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribution. .... More »
Is this frugal Toronto artist’s $70,000 in savings enough for her to buy a property in the U.S.? + MORE Jul 3rd
If Joy were to buy a house in the U.S., writes financial expert Jason Heath, it’s probably best she get a pre-approved a mortgage before house hunting..... More »
Rolling in the Debt: Canada sees a rise in Household Debt
– ratesupermarket.ca
While the value of Canadian homes has decreased for the first time many years, the same cannot be said for Canadian debt levels. This past week, Statistics Canada released its National balance sheet and financial flow accounts looking at the last quarter of 2018, and it shows that the amount Canadians owed relative to their income increased towards the end of the year. The average debt-to-disposable income percentage went to 178.5 per cent (up from 178.3 per cent in the previous quarter). That means for every dollar of disposable income a Canadian household has, they owe $1.79 in credit market debt. The report also dove into the latest housing figures and interest rate trends.
Demand for mortgage loans rising
In the last quarter, Canadian households borrowed $21.1 billion. While the demand for consumer credit and non-mortgage loans did go down, demand for mortgage loans rose $2.3 billion to a total $12.3 billion.
In terms of overall credit market debt, including consumer credit and mortgage and non-mortgage loans, Canadians owe a total of $2…
Four in 10 Canadians Say They are Victims of Identity Theft
– ratesupermarket.ca
Identity theft is an intricate crime, but its cause is very simple: Ignorance, Lack of Awareness and easy availability of vulnerable information.According to a recent study conducted by Equifax Canada, attempts of credit card fraud have increased by 42 percent over the last two years. Suspected true name fraud (when an identity thief poses as a real person in completing a credit application) has also increased by 84 percent over the last five years. In 2018, millennials were targeted in 48 percent of all fraudulent credit card applications.
The damage caused by Identity theft is widespread, and according to survey results, nearly four out of 10 Canadians are victims of it in one form or another. In order to take preventive measures, it is important to understand the various types of identity theft. They include:
Financial Identity Theft: Is when personal information from lost credit cards or financial statements is stolen to commit crimes such as opening fake chequing accounts, applying for loans, mortgages and other financial frauds…
