The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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The MoneySense Find a Qualified Advisor Tool + MORE Mar 21st
Welcome to the MoneySense Find a Qualified Advisor tool. We’ve partnered with the Financial Planning Association of Canada (FPAC) to create a directory of credentialled advisors providing financial planning and investing services across Canada. All of the advisors in our Find a Qualified Advisor t.... More »
What is the price of gold in Canada? And more about gold investing Apr 10th
Amidst the gyrations of mega-cap technology stocks and cryptocurrencies over the past year, a stodgy old standby has notched a number of new highs. Gold almost hit USD$3,200 per ounce in early April. It is up 27% over the last 12 months in U.S. dollars and more in Canadian dollars.
That, together.... More »
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Making sense of the markets this week: September 10, 2023 + MORE Sep 8th
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Borrowers relieved as interest rates stays at 5%
The Bank of Canada (BoC) announced on Wednesday that it would hold interest rates .... More »
Making sense of the markets this week: August 25, 2024 + MORE Aug 23rd
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
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How much credit card debt does the average Canadian have?
– moneysense.ca
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 forces are adding pressure to those with variable-rate loans and mortgages. Unsurprisingly, many Canadians are using their credit cards to charge their expenses.
How much debt does the average Canadian carry?
The average credit card balance for Canadians in the first quarter of 2023 was $3,909, according to Transunion. And that is up from average monthly credit card spend of almost $2,447 in the third quarter of 2022, which is above the 17.3% from same time in 2021 and up 21.8% in 2019, according to Equifax. And from another report from the Canadian credit bureau, Canadian consumer debt has risen to $2.32 trillion, with an average debt load of approximately $21,183—excluding mortgages…
