How to go about securing the best savings strategy in Canada.
Latest News
10 simple ways to save money Aug 21st
As the cost of living increases for Canadians, having a savings strategy has never been more important to ensure you can live comfortably in the future. But many are unsure where to start. Not having a thought-through plan or having one that is too rigid and demanding can easily push you off track. .... More »
Could This Be The End of Credit Card Interchange Fees? + MORE Nov 4th
Did you know – each time a credit card is used to make a purchase in-store, a fee is charged to the merchant? Ranging from 1.5 per cent to 4 per cent, these charges – known as interchange fees – have long been a point of contention among retailers. The issue has plagued the Conser.... More »
Best in show: How to find and invest in market leaders + MORE Apr 10th
Canadians approach retirement planning in many different ways, but there’s one thing we can all benefit from: a strategy to save enough to retire comfortably and even generate income after we stop working.
But many of us don’t feel financially ready to stop working. According to a 2022 survey.... More »
How to Get More on Your Income Tax Return with the New Climate Action Incentive + MORE Apr 12th
The federal government’s Carbon Tax officially came into effect on April 1, increasing the costs of gasoline and fossil fuel consumption.
The tax was introduced in an attempt to encourage Canadians to use more environmentally-friendly and energy-efficient processes, though subsequently, a tax cre.... More »
Calculating expected returns on the sale of real estate + MORE Feb 27th
How do I calculate the capital gain on real estate sold in Ontario? I’m trying to figure out how much I should list my main resident property for—after deducting all expenses (interest, fees, taxes)—to arrive at a reasonable profit margin. Is there a tool or app that can do that? I searched th.... More »
It’s a MoneyWise Makeover!
– ratesupermarket.ca
Dear Money Wise Readers,
We’ve had a makeover! We at RateSupermarket.ca are so proud to unveil the new MoneyWise – a one-stop information centre for all things personal finance! Whether you’re looking for credit card basics, mortgage tips, or everyday budget know-how, you’ll find it here – plus the latest finance headlines, of course.
Be sure to check it out – and let us know what you think! Shoot me an email, Facebook us, or Tweet – we can’t wait to hear how you like our new look.
Why Canadians Aren’t Worried About Their Mortgages
Despite repeated warnings from the Bank of Canada, Canadians seem to be in no particular hurry when it comes to clearing away their mortgages, according to recent research from CIBC. This is despite the fact that paying your mortgage down faster can result in thousands of dollars in savings. So what’s the holdup? Turns out, high-interest debt is getting in the way.
Read Gordon’s Blog | Why Canadians Aren’t Worried About Their Mortgages
Can’t Afford a Summer Vacation? 4 Ways to Make it Happen
According to a survey conducted for the couponing site RetailMeNot…
We’ve had a makeover! We at RateSupermarket.ca are so proud to unveil the new MoneyWise – a one-stop information centre for all things personal finance! Whether you’re looking for credit card basics, mortgage tips, or everyday budget know-how, you’ll find it here – plus the latest finance headlines, of course.
Be sure to check it out – and let us know what you think! Shoot me an email, Facebook us, or Tweet – we can’t wait to hear how you like our new look.
Why Canadians Aren’t Worried About Their Mortgages
Despite repeated warnings from the Bank of Canada, Canadians seem to be in no particular hurry when it comes to clearing away their mortgages, according to recent research from CIBC. This is despite the fact that paying your mortgage down faster can result in thousands of dollars in savings. So what’s the holdup? Turns out, high-interest debt is getting in the way.
Read Gordon’s Blog | Why Canadians Aren’t Worried About Their Mortgages
Can’t Afford a Summer Vacation? 4 Ways to Make it Happen
According to a survey conducted for the couponing site RetailMeNot…
Reverse mortgages and other income options
– moneysense.ca
While I personally never expect I’ll need to use a reverse mortgage, the topic keeps coming up. Most recently CBC Lang & O’Leary Exchange host Amanda Lang interviewed MoneySense’s own Bruce Sellery on income generation option. A couple weeks before that, it came up over dinner with a friend.
A reverse mortgage is a loan secured against your house, typically representing up to 50% of its value. As people live longer and house prices rise, it’s becoming an increasingly popular option for seniors who want to stay in their homes while still tapping its equity.
My friend is almost 70, twice divorced, has no heirs and has virtually no savings or employer pensions, except for the government pensions CPP and OAS. These he has already begun to draw from, even though he also continues to work at least part-time. (He’s in sales, so commissions can be sporadic.)
But what he does have, in addition to an average car that’s no longer new, is significant equity in a Toronto townhouse…
A reverse mortgage is a loan secured against your house, typically representing up to 50% of its value. As people live longer and house prices rise, it’s becoming an increasingly popular option for seniors who want to stay in their homes while still tapping its equity.
My friend is almost 70, twice divorced, has no heirs and has virtually no savings or employer pensions, except for the government pensions CPP and OAS. These he has already begun to draw from, even though he also continues to work at least part-time. (He’s in sales, so commissions can be sporadic.)
But what he does have, in addition to an average car that’s no longer new, is significant equity in a Toronto townhouse…
American International Group to pay $960M to settle shareholder lawsuits; 2Q profit up 13 pct
– canadianbusiness.com
NEW YORK, N.Y. – American International Group Inc. said Monday it has agreed to pay $960 million to settle shareholder claims that the company misled investors.
The settlement stems from several class-action lawsuits claiming that AIG executives gave false and misleading information about the insurer’s health, including its exposure to the risky home loans that triggered the mortgage crisis.
Last month, AIG and the plaintiffs accepted a mediator’s proposal to settle the consolidated lawsuits for $960 million in cash, the company said in a filing with the Securities and Exchange Commission.
The deal must still be approved by the court.
The settlement is the latest step by AIG to move beyond its troubled years following the financial crisis in 2008.
The New York company got one of the biggest bailouts of the financial crisis but subsequently repaid the money and underwent a massive restructuring, shrinking its size by more than half to focus on its core insurance business…
The settlement stems from several class-action lawsuits claiming that AIG executives gave false and misleading information about the insurer’s health, including its exposure to the risky home loans that triggered the mortgage crisis.
Last month, AIG and the plaintiffs accepted a mediator’s proposal to settle the consolidated lawsuits for $960 million in cash, the company said in a filing with the Securities and Exchange Commission.
The deal must still be approved by the court.
The settlement is the latest step by AIG to move beyond its troubled years following the financial crisis in 2008.
The New York company got one of the biggest bailouts of the financial crisis but subsequently repaid the money and underwent a massive restructuring, shrinking its size by more than half to focus on its core insurance business…
The U.S. government is investigating General Motors Co’s auto financing arm over subprime auto loans it made and securitized since 2007, the company disclosed on Monday.
