Is Closing A Credit Card Bad For Your Credit Score? + MORE Apr 29th

Digital entertainment creators consider the altered definitions of who can apply for the exemption will help Ontario ‘remain the most competitive jurisdiction in the country’

Toronto StarFinance department mishandling 'boutique tax cuts,' says auditor generalCanadianManufacturing.comOTTAWA—The auditor general says the Finance Department is failing to properly manage a signature play of the Harper government—the targeted tax credit—which the federal watchdog describes as program spending by another name. Popular, and …Auditor takes aim at First Nations health, prisoners and tax-credit oversightThe Vancouver ObserverAuditor general blasts health care services on First NationsGlobalnews.caall 191 news articles »

June 2015
Volume 17, Number 3

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Below is just some of what you’ll find inside this latest issue.

Where to invest $1,000 now

Canada’s best discount brokerages

Find the perfect adviser

Editor’s Letter
Some grifters are hard to spot
By: Duncan Hood
Intelligence
Why teachers are the best investors, five things your headhunter isn’t telling you, how to divide a condo & more
Ask MoneySense
The ins-and-outs of TFSA withdrawals, and how an unused line of credit affects your credit rating
By: Bruce Sellery
Am I On Track
By: Julie Cazzin
Instant Expert
How to get a great deal on a used car
Portfolio Makeover
The two-fund nest egg solution
By: Julie Cazzin
Index Investor
Can ‘home country bias’ be justified? Turns out
in some cases, it can
By: Dan Bortolotti
Financial Independence
How to profit from the new budget right away
By: Jonathan Chevreau
Jacks On Tax
Claim your investment expenses and save big
By: Evelyn Jacks
Family Profile
Joel Wilson had a prosperous career, until disaster struck…

Toronto StarFinance department mishandling 'boutique tax cuts,' says auditor generalCanadianManufacturing.comOTTAWA—The auditor general says the Finance Department is failing to properly manage a signature play of the Harper government—the targeted tax credit—which the federal watchdog describes as program spending by another name. Popular, and …Auditor takes aim at First Nations health, prisoners and tax-credit oversightThe Vancouver ObserverAuditor general blasts health care services on First NationsGlobalnews.caall 191 news articles »

There’s nothing quite as satisfying as paying off the last few dollars of a lingering credit card balance. But if your first inclination is to cut that debt-free card into a million pieces, think twice – cancelling a credit card isn’t as straightforward as it seems.
Closing off your credit card isn’t an isolated act; it can have repercussions on your credit score says Patricia White, executive director of Credit Counselling Canada.
“It can have a serious impact – I can’t really stress that enough,” she says. “I think it’s a key piece people don’t understand about credit scores and credit reports, there’s still lots of misinformation and misunderstanding out there.”
She points out there are plenty of reasons for cancelling a credit card – maybe you’ve got a couple on the go and want to lighten your plastic load or perhaps you found one with a lower interest rate that’s more in tune with your needs as a consumer.
Here are a few of the consequences that can come with cancelling your credit card…