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How much credit card debt does the average Canadian have? + MORE Sep 26th
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 »
Capital gains when selling property to family + MORE Mar 20th
Do I have to pay income tax if I inherited a property jointly with my sister and she bought me out for less than half the appraised value of the property?
—Johanna
Capital gains and transferring property between family
Asset sales between family members can be tricky to facilitate at a family leve.... More »
Why You and Your Partner Should Open a Spousal RRSP + MORE Feb 8th
The Canadian government offers plenty of incentives for long-term savers, including couples saving for retirement. Sure, both of you can still open your own individual Registered Retirement Savings Plans (RRSP). But if you are looking for a way to manage your tax bill as a couple, as well as build .... More »
Cash Store runs out of money + MORE Apr 28th
Edmonton-based Cash Store has been granted court protection from creditors. The payday lender is barred from making new loans in Ontario..... More »
China’s Li pledges more reform, says debt under control + MORE Mar 16th
BEIJING, China – Chinese Premier Li Keqiang pledged Wednesday to press ahead with an overhaul of the state-dominated economy and financial markets despite slowing growth, saying the country’s rising debt levels are under control.
Li’s comments at a news conference were the latest i.... More »
Good Ontario Drivers Are In For A 15% Car Insurance Discount
– ratesupermarket.ca
It pays to be responsible on the road – and now, good drivers in Ontario may be in for hundreds of dollars in savings on their car insurance premiums. The Cost and Rate Reduction Strategy has been put into play by the Ontario government, and will roll out an average of 15 per cent in discounts over the next two years.
That’s not to say every driver will see an immediate 15 per cent discount on their car insurance bill come January; some drivers will be entitled to more of a discount than others, and the decrease will be implemented in stages. It’s expected that the FSCO will lower premiums by three to five per cent in January, and up to eight per cent by August 2014, with the remaining seven per cent by the following year. The discounts are expected to lower the average household premium by $225 – up to 30 per cent for some drivers.
Why Are Car Insurance Discounts Coming?
You can thank the politicians for this one; the Liberal government has mandated the discount at the prodding of the NDP party, who has long advocated for lower premiums…
Alfredo and Theresa need to rein in their spending to save for a comfortable retirement.
Alfredo and Theresa need to rein in their spending to save for a comfortable retirement.How To Better Qualify For A Mortgage
– ratesupermarket.ca
Recently my partner and I spoke with a local mortgage agent to see if we qualify for a mortgage. Since we’re both newly self-employed and carry some debt, we knew it was iffy, but we wanted to know where we stood. Most importantly, we wanted to know what we could do to make ourselves more desirable candidates in the coming year. Here’s what we learned.
The Deets On Our Debt Load
My partner and I sat down with Rob Campbell of Verico, the Mortgage Wellness Group, Inc., and he walked us through the process. First things first, he asked about our debt load. Together, we have a car loan and a student loan. The car loan, we learned, is considered “bad debt,” while the student loan is considered “good debt” (if there can be such a thing). I guess the thinking is that “bad debt” sets you back financially, while “good debt” helps to move you forward.
Asking Hard Questions About Our Income
Next, Rob had a look at our income and our savings. Both my partner and I are self-employed, so when it comes to regular income, our case is a bit trickier…
