Understanding Health Care Spending Accounts (HCSAs) Mar 25th
Money and the price of indecision Jul 23rd
The best credit card travel perks in Canada Aug 4th
Compare auto insurance in Calgary Mar 13th
The biggest car insurance myths, according to experts Oct 31st
Your ID was stolen, here’s what to expect
– moneysense.ca
Your identity was stolen—what does that mean, and how might it impact you in the future? It’s a frustrating situation to be in, and you may have concerns about protecting your credit rating and preventing scammers from using your identity to commit fraud.
Unfortunately, identity theft is on the rise in Canada. In 2023, over 11,000 cases of ID fraud were reported to the Canadian Anti-Fraud Centre (CAFC). Fraud crimes are vastly underreported, so the total is likely much higher.
Identity theft is no longer just someone combing through your paper mail for personal information. That still happens, but what’s more likely now is that your information is being stolen online through hacking or a phishing scam, where you are unknowingly giving a scammer personal information. Here’s what you need to know—plus how to prevent further ID theft.
What is identity theft?
Identity theft is when criminals steal your personal or financial information, like your social insurance number (SIN), credit card number or bank account information, and use it to open new credit cards, apply for government benefits, make purchases, or access your bank accounts and steal funds…
Canada has new rules for high-interest loans—here they are
– moneysense.ca
As of January 1, 2025, Canada’s criminal interest rate officially reduced to 35% annual percentage rate (APR), and payday loan costs are now capped at $14 per $100 borrowed. On the surface, these changes are meant to make borrowing more affordable. However, they could have unintended consequences. While the lower costs to borrow might reduce the financial strain for some, there’s a risk these changes could potentially leave vulnerable Canadians with fewer loan options and may push those in need toward even riskier, unregulated credit options.
Here’s what the new rules mean for borrowers and lenders, and a look at better solutions to take control of your financial situation.
What is APR?
Short for annual percentage rate, an APR is the amount you pay per year to borrow money. An APR includes the total interest, plus any additional fees, closing costs and required insurance. So, it more accurately reflects the cost of borrowing than interest alone.
Read the full definition of APR in the MoneySense Glossary of finance and investing terms…
