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Latest News
3 financial goals to kick-start the new year + MORE Jan 21st
Over the holidays, many Canadians made new year’s resolutions related to their career, health and family. If you haven’t added any financial goals to your list, now is the perfect time. Let’s look at three things you can do that could significantly impact your financial well-being this year—.... More »
Should I Get a Variable or Fixed Mortgage? RBC Cuts Rates and the Answer is No Longer Clear Feb 1st
Last week, Canada’s biggest bank, RBC, cut its five-year fixed rate by 15 basis points. This gave customers the option to lock in their mortgage rate at 3.74 per cent, for a five-year term. And surely enough, TD Bank and BMO Bank of Montreal followed suit and cut their five-year fixed rates to th.... More »
The savings habit: Census shows 2/3 of Canadians have it + MORE Sep 14th
Almost two-thirds of Canadian households are saving for retirement, census data show, despite a national household savings rate that fell to 4.6 per cent in the second quarter of this year..... More »
The First Home Savings Account has some surprising benefits — even if you don’t end up with that home + MORE Apr 17th
The FHSA can be a good way for renters to save for a down payment even if they’re not sure about buying a home..... More »
How I saved $5,000 a year Aug 10th
Amrita, Singh, 42, Toronto
Sometimes a brief moment in your life can change you forever. That moment happened for me in 1998. I’d been trying to make a living as a freelance video producer and had accumulated $8,000 in debt. I felt horrible and, struggling for a way out, found myself at the bank n.... More »
ORPP, CPP expansion would see drop personal savings
– moneysense.ca
Higher forced contributions to the Canada Pension Plan may lead to a decrease in personal savings, according to a study by the Fraser Institute.
A CPP expansion or starting a mandatory Ontario Retirement Pension Plan could help Canadians set aside more for retirement, but a proportionate decrease in personal savings could mean little change in overall funds.
How Wynne’s ORPP will change savings habits »
A CPP expansion or starting a mandatory Ontario Retirement Pension Plan could help Canadians set aside more for retirement, but a proportionate decrease in personal savings could mean little change in overall funds.
How Wynne’s ORPP will change savings habits »
The study looked at past CPP changes between 1996 and 2004 when the contribution rate rose from 5.6% to 9.9% of earnings. For every percent of increase in contribution, the personal savings rate of the average Canadian household fell by 0.895 percentage points.
“The research suggests that for every one dollar increase in CPP contributions, Canadian households, on average, reduced their private savings by one dollar,” said Charles Lammam, director of fiscal studies at the Fraser Institute in a press release.
Half of Ontarians may not have to save for retirement »
Less voluntary saving also means less control over where your money goes, according to the report…
Compulsory savings in public pension plans like the Canada Pension Plan can reduce private savings, limiting the financial flexibility of Canadians, says a new study from the Fraser Institute.
Popular SBA 7(a) loan program nearing its ceiling; loans could go on hold at end of July
– canadianbusiness.com
NEW YORK, N.Y. – The Small Business Administration’s most popular lending program could go on hold later this month if the agency reaches the statutory limit on the amount of loans it can back.
Because of high lending levels, the SBA’s 7(a) loan program will reach its $18.75 billion limit in guarantee money by the end of July or early August, two months before the government’s fiscal year ends Sept. 30. Congress would have to approve any increase in the lending authority. However, lawmakers will be going on recess in August; unless they raise the limit before they leave town, the SBA won’t be able to guarantee new loans.
SBA Administrator Maria Contreras-Sweet last month asked Congress to raise the limit to $22.5 billion. In letters to several lawmakers, Contreras-Sweet warned that without an increase, 7(a) loans would be suspended until the beginning of the new fiscal year on Oct. 1. Through the first three quarters of the fiscal year, the SBA had used up 75 per cent of its guarantee money, and the fourth quarter is the 7(a) program’s busiest time of the year, Contreras-Sweet said…
Because of high lending levels, the SBA’s 7(a) loan program will reach its $18.75 billion limit in guarantee money by the end of July or early August, two months before the government’s fiscal year ends Sept. 30. Congress would have to approve any increase in the lending authority. However, lawmakers will be going on recess in August; unless they raise the limit before they leave town, the SBA won’t be able to guarantee new loans.
SBA Administrator Maria Contreras-Sweet last month asked Congress to raise the limit to $22.5 billion. In letters to several lawmakers, Contreras-Sweet warned that without an increase, 7(a) loans would be suspended until the beginning of the new fiscal year on Oct. 1. Through the first three quarters of the fiscal year, the SBA had used up 75 per cent of its guarantee money, and the fourth quarter is the 7(a) program’s busiest time of the year, Contreras-Sweet said…
Greek banks reopen with cash withdrawal limits
– moneysense.ca
ATHENS, Greece – Greek banks are reopening Monday after a forced 3-week closure but restrictions on cash withdrawals will remain.
In a decree Saturday, the Greek government kept the daily cash withdrawal limit at 60 euros ($65) but added a weekly limit. For example, a depositor who doesn’t withdraw cash on Monday can withdraw 120 euros ($130) on Tuesday, and so on, up to 420 euros ($455) a week.
Bank customers will still not be able to cash checks, only deposit them into their accounts, and will not be able to get cash abroad with their credit or cash cards, only make purchases. There are also restrictions on opening new accounts or activating dormant ones.
Travelling to Greece? Bring cash and cards »
In a decree Saturday, the Greek government kept the daily cash withdrawal limit at 60 euros ($65) but added a weekly limit. For example, a depositor who doesn’t withdraw cash on Monday can withdraw 120 euros ($130) on Tuesday, and so on, up to 420 euros ($455) a week.
Bank customers will still not be able to cash checks, only deposit them into their accounts, and will not be able to get cash abroad with their credit or cash cards, only make purchases. There are also restrictions on opening new accounts or activating dormant ones.
Travelling to Greece? Bring cash and cards »
The decree also pushes back by a month, to August 26, the deadline for filing income tax returns.
The degree came on the same day as Greece’s coalition government swore in its new, reshuffled cabinet. Five prominent dissidents from the radical left Syriza party, the senior coalition party, were replaced…
