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Latest News
Canadian second-hand economy spending up $1B + MORE Mar 15th
Around 82% of Canadians took part in the second-hand economy last year spending $29 billion in second-hand transactions; this according to the Kijiji Second-Hand Economy (SHE) Index – 2017 Report.
That’s an increase of $1 billion from the previous year!
Are you surprised to see such big numbers.... More »
A low-fee portfolio for DIY investors Jul 13th
(Photo by Micah Bond)
The portfolio problem
Gino Marcone, 49, is a regional sales manager who has spent the last three years working with an advisor at his local Guelph, Ont. bank to build his retirement nest egg. He recently learned he’s paying 2% annually in management expense ratios (MER.... More »
Best FHSAs in Canada: Where to get the new first home savings account + MORE May 8th
First home savings account (FHSA) highlights
The FHSA is a type of registered account that allows you to contribute up to $8,000 annually, up to a lifetime limit of $40,000, to save for the purchase of your first home.FHSAs became available on April 1, 2023. However, availability is currently limite.... More »
Payments for the Canada Workers Benefit arriving sooner—find out why + MORE Jul 31st
If you receive the Canada Workers Benefit (CWB), you’ll notice a change to this federal tax credit as of this week, namely that you’ll get the money sooner. In the past, CWB recipients claimed the benefit for a certain year when filing their income tax return—for example, claiming the CWB for .... More »
Ottawa posts $941-million deficit for October + MORE Dec 23rd
OTTAWA – The Canadian government ran a $941-million deficit for October compared with a $3.21-billion deficit in the same month last year.
Ottawa’s fiscal monitor says the improvement came as revenue increased 11.1 per cent, boosted by higher personal income tax and Goods and Services Ta.... More »
Scotiabank, BMO Profits Soar, Defying Warnings Of A Slowdown
– walletpop.ca
TORONTO — Despite a slew of warnings that oil patch woes and the sluggish economy could weigh on Canadian banks’ earnings results, Scotiabank and the Bank of Montreal both saw their fourth-profits grow from a year ago.
Scotiabank (TSX:BNS) reported Tuesday that it grew its fourth-quarter net income by 28 per cent to $1.843 billion, bringing the total for the 2015 financial year to nearly $7.3 billion.
On a per-share basis, Scotiabank’s profit for the three months ended Oct. 31 amounted to $1.45, up from $1.10 per share a year earlier and ahead of the consensus analyst estimate compiled by Thomson Reuters.
Revenue for the quarter rose to $6.125 billion, compared with $5.747 billion during the same period last year. For the year, revenue totalled $24.049 billion.
However, Edward Jones analyst Jim Shanahan said he remains concerned about the outlook for the bank’s growth and profitability, and noted that impaired loans to the oil and gas sector — while manageable — continued to grow…
Scotiabank (TSX:BNS) reported Tuesday that it grew its fourth-quarter net income by 28 per cent to $1.843 billion, bringing the total for the 2015 financial year to nearly $7.3 billion.
On a per-share basis, Scotiabank’s profit for the three months ended Oct. 31 amounted to $1.45, up from $1.10 per share a year earlier and ahead of the consensus analyst estimate compiled by Thomson Reuters.
Revenue for the quarter rose to $6.125 billion, compared with $5.747 billion during the same period last year. For the year, revenue totalled $24.049 billion.
However, Edward Jones analyst Jim Shanahan said he remains concerned about the outlook for the bank’s growth and profitability, and noted that impaired loans to the oil and gas sector — while manageable — continued to grow…
Getting your name off a co-signed loan
– moneysense.ca
Q: We co-signed on a line of credit for our children so they could complete their post-secondary education. Now we’d like to know if there’s a way to remove our names from the loan, even if it’s not paid off?
—Allison Walsh, New Dundee, Ont.
A: Co-signing a line of credit or loan is a big responsibility. You are 100% responsible for repaying the debt and it can affect your own ability to borrow. Of course, there can be good reasons to co-sign, especially when it’s for your kids. But removing your name isn’t easy and you’ll need to talk to your bank about your specific case. Generally speaking, however, in order to remove your name from the loan your child would need to qualify for a new line of credit or loan based on his or her own income and credit history. Provided they are approved, you can transfer the balance over and close the existing account. If they don’t qualify, a new co-signer would have to be found. You didn’t mention why you wanted to remove your name. But if there happen to be withdrawals from the line of credit that you aren’t comfortable with, you may be able to suspend the loan, allowing deposits to be made but no withdrawals…
—Allison Walsh, New Dundee, Ont.
A: Co-signing a line of credit or loan is a big responsibility. You are 100% responsible for repaying the debt and it can affect your own ability to borrow. Of course, there can be good reasons to co-sign, especially when it’s for your kids. But removing your name isn’t easy and you’ll need to talk to your bank about your specific case. Generally speaking, however, in order to remove your name from the loan your child would need to qualify for a new line of credit or loan based on his or her own income and credit history. Provided they are approved, you can transfer the balance over and close the existing account. If they don’t qualify, a new co-signer would have to be found. You didn’t mention why you wanted to remove your name. But if there happen to be withdrawals from the line of credit that you aren’t comfortable with, you may be able to suspend the loan, allowing deposits to be made but no withdrawals…
Canadian Mortgage Debt Improving: CMHC Q3 Report
– ratesupermarket.ca
Canada Mortgage and Housing Corporation (CMHC) has released their 3rd quarter results, and they indicate Canadian home buyers are doing a better job of managing their mortgage debt. The Crown corporation, which offers mortgage loan insurance and securitization guarantee programs, finds the new average buyer credit score and debt service ratio are on an uptick.
Improving Credit Scores for Canadian Home Buyers
CMHC found the average credit score for transactional homeowner loans in the third quarter was 747. This is an excellent score and shows that homeowners are doing a good job of managing their debts. Maintaining a good credit score is important if you plan to borrow money for a major purchase like a home, and generally the better the score, the better your mortgage rate. According to Equifax and TransUnion, Canada’s two credit monitoring agencies, a score of 600 to 749 is considered good, while a credit score of 750 and above is great.
Buyers Better Able to Handle Mortgage Debt
CMHC also found the average gross debt service (GDS) ratio for transactional homeowner loans in the third quarter was 25…
8 ways to win on Cyber Monday
– moneysense.ca
While the entire weekend will be full of Black Friday buzz, many of us prefer to shop from the comfort of our own homes and will be gearing up for fresh deals and promotions on Cyber Monday.
For those of us who will be logging in and even skipping work to take advantage of online deals, the click of a mouse button certainly seems safer than battling the Black Friday hordes, but there are a few things to be aware of when shopping online during a big retail event.
Here are eight things to watch out for when logging in and checking out on Cyber Monday.
1. Avoid or reduce shipping fees
While the online deal may seem like a dream come true, the cost of shipping could negate any savings you have racked up. The shipping fees on your package will depend on the weight, size and the number of items you’ve ordered, along with how far away the product has to be delivered. Some international online retailers charge a flat rate to Canada so make sure to read the “Shipping” section of the website you’re buying from to ensure you know what you’re paying…
For those of us who will be logging in and even skipping work to take advantage of online deals, the click of a mouse button certainly seems safer than battling the Black Friday hordes, but there are a few things to be aware of when shopping online during a big retail event.
Here are eight things to watch out for when logging in and checking out on Cyber Monday.
1. Avoid or reduce shipping fees
While the online deal may seem like a dream come true, the cost of shipping could negate any savings you have racked up. The shipping fees on your package will depend on the weight, size and the number of items you’ve ordered, along with how far away the product has to be delivered. Some international online retailers charge a flat rate to Canada so make sure to read the “Shipping” section of the website you’re buying from to ensure you know what you’re paying…
