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What is tenant insurance? Jul 30th
Tenant insurance, also known as renters or content insurance, is one of the costs of adulting that seems to have no payback. But the reality is that you can’t afford not to have tenant insurance. The cost of a policy (which can range from $15 to $50 a month) is a small price to pay when you consid.... More »
The problem with involving the PBO in elections Apr 12th
Parliamentary Budget Officer Jean-Denis Frechette waits to appear before the Commons infrastructure committee, Tuesday, February 21, 2017 in Ottawa. (Adrian Wyld/CP)
Yesterday, the Government of Canada tabled legislation to implement Budget 2017. These Budget Implementation Acts (often 2 are neede.... More »
Federal deficit through first eight months of fiscal year totals $9.1 billion + MORE Jan 26th
OTTAWA _ The federal government’s deficit for the first eight months of the current fiscal year was smaller than a year earlier as revenue growth outpaced increases in spending.
According to the latest fiscal monitor, Ottawa rang up a deficit of $9.1 billion for the period from April to Novemb.... More »
4 Low Risk Alternatives to Chequing Accounts Jan 27th
Investments like stocks, mutual funds, or cryptocurrencies carry some level of risk which you might shy away from for a variety of reasons. Whether you’re saving for college, getting ready to buy a house, or nearing retirement, if you’re looking for safer investment options, here are some o.... More »
What is Wedding Insurance and Do I Need It? Jun 24th
If you’re shopping for wedding insurance, chances are the big day is quickly approaching. So, congrats! Planning your wedding can be a very busy time and there’s a lot of stress. You want your day to be perfect and you don’t want to worry about what could go wrong.
What if the gown is dama.... More »
Auto Loans Debt: A Risk to Canada?
– ratesupermarket.ca
When it comes to shopping for a car, most people don’t buy on price – they buy the payment.
But a new study says most drivers can’t really afford to buy a set of wheels – even the gently used vehicles most financial guides recommend – to begin with.
American comparison site iSeeCars.com analyzed 25 million used cars sold in the 50 largest metropolitan areas in the U.S. and concluded most of those purchases would leave the average household over-extended.
Things are likely worse on this side of the border since comparisons between Canada and U.S. prices regularly show that Canadians pay significantly more than Americans for their vehicles.
Too Much Car, Too Little Income
As a baseline, the study used the ‘20/4/10’ rubric, which calls for used car buyers to put down 20 per cent, take out a loan for no longer than four years and spend no more 10 per cent (15 per cent if you add in maintenance and car insurance) of their monthly income on a car payment.
Using that formula, it’s clear that many car buyers are juggling payments that are higher than they can really handle, and for a term far longer than ideal, to get behind the wheel…
