The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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What are call options? Why should retirees care about them? + MORE Feb 10th
Amid the tumult of sharply rising interest rates, stubbornly high inflation and geopolitical risks, stocks have continued to slide. The market rout that began in early 2022 has hit retirees and those saving for retirement particularly hard.
Even bonds, usually thought of as a safe haven for .... More »
Are Canadian pension buybacks worth it? Jul 20th
Ask MoneySense
I am currently transferring my pension from a provincial to a federal government pension plan. I’m trying to determine if it is worth purchasing the balance of service and, if so, should I use my RRSP or TFSA funds. Here’s some relevant info:
Service Credited: 7 years, 140 days.... More »
Should you sell your home to your kids? Oct 13th
Q. A scenario we are thinking of is “selling” our principal residence to our three adult children. We would use the proceeds to build a vacation home that they will eventually inherit. When they buy our home, it will not be a principal residence for any of the children, as they all have homes. I.... More »
2023 tax credits, due dates and when you can file: Your 2023 income tax return guide Dec 29th
You’ll want to bookmark the MoneySense guide for 2023 personal income taxes. We will be updating it frequently, as information becomes available and deadlines approach. Plus, we get answers from the experts you won’t find anywhere else, thanks to our Ask MoneySense and Ask A Planner columns.&nbs.... More »
Most homeowners would have mortgage trouble if payments rose by more than 10%: poll
– canadianbusiness.com
Nearly three quarters of Canadian homeowners say they would have difficulty paying their mortgage if their payments were to increase by more than 10 per cent, says a new survey by Manulife Bank.
Thirty-eight per cent of those polled say their mortgage bills could rise between one to five per cent before they would have financial difficulty; 20 per cent say they could sustain an increase in payments between six to 10 per cent before having trouble; and 14 per cent say any hike would be a problem.
Twenty-two per cent said they could handle a payment increase of between 11 to 30 per cent, while the remaining seven per cent didn’t know or were unsure.
“What these people don’t realize is that we’re at record low interest rates today,” said Rick Lunny, president and CEO of Manulife Bank (TSX:MFC), adding that a 10 per cent increase in mortgage payments could be the result of as little as a one per cent interest hike.
“When you put it into that context, they’re not really prepared for what is inevitable…
Thirty-eight per cent of those polled say their mortgage bills could rise between one to five per cent before they would have financial difficulty; 20 per cent say they could sustain an increase in payments between six to 10 per cent before having trouble; and 14 per cent say any hike would be a problem.
Twenty-two per cent said they could handle a payment increase of between 11 to 30 per cent, while the remaining seven per cent didn’t know or were unsure.
“What these people don’t realize is that we’re at record low interest rates today,” said Rick Lunny, president and CEO of Manulife Bank (TSX:MFC), adding that a 10 per cent increase in mortgage payments could be the result of as little as a one per cent interest hike.
“When you put it into that context, they’re not really prepared for what is inevitable…
Growth council’s new tasks: unlock business spending, broaden job skills help
– canadianbusiness.com
The Trudeau government’s influential team of economic advisers is pursuing solutions to an issue that has preoccupied policy-makers for years _ how to open the spigot on business investment.
The chair of Finance Minister Bill Morneau’s growth council tells The Canadian Press that the group’s next report, due this fall, will outline ways to encourage more business investment with the aim of reversing several years of decline.
Dominic Barton says the council is also working to build upon past recommendations on how to ensure Canadians acquire the skills needed for the rapidly transforming needs of the country’s workforce.
Barton, the global managing partner of consulting giant McKinsey & Co., says this time the advisers will focus on a plan to help higher-skilled workers who, like lower-skilled workers, face the possibility of losing their jobs in the future because of factors such as automation.
Since its creation last year, the council’s advice has played a key role in the development of government policy…
The chair of Finance Minister Bill Morneau’s growth council tells The Canadian Press that the group’s next report, due this fall, will outline ways to encourage more business investment with the aim of reversing several years of decline.
Dominic Barton says the council is also working to build upon past recommendations on how to ensure Canadians acquire the skills needed for the rapidly transforming needs of the country’s workforce.
Barton, the global managing partner of consulting giant McKinsey & Co., says this time the advisers will focus on a plan to help higher-skilled workers who, like lower-skilled workers, face the possibility of losing their jobs in the future because of factors such as automation.
Since its creation last year, the council’s advice has played a key role in the development of government policy…
Are we pushing millennials into a financial abyss of home ownership?
– theglobeandmail.com
Helping your kids buy a house is a fact of life for many parents, but you could be putting them into a situation they can’t handle
Canada’s main stock index chalked up a moderate gain today as financial stocks got a boost ahead of Canadian bank earnings this week.
BlackBerry boost helps push Toronto stock index moderately higher
– canadianbusiness.com
Canada’s main stock index made moderate gains in morning trading today with help from banks, utilities and BlackBerry.
The Toronto Stock Exchange’s S&P/TSX composite index was up 41.19 points to 15,499.65 after 90 minutes of trading.
One of the biggest individual gainers was BlackBerry, up almost nine per cent and at its highest level in about four years.
In New York, the Dow Jones industrial average advanced 34.48 points to 20,929.31, the S&P 500 index added 3.04 points to 2,397.06 and the Nasdaq composite index was down 1.43 points to 6,132.19.
The Canadian dollar was trading at 74.20 cents US, up from Friday’s average price of 73.83 cents US.
The July crude contract was up five cents at US$51.18 per barrel and the June natural gas contract was down four cents at US$3.29 per mmBTU.
The June gold contract was up 70 cents to US$1,260.70 an ounce and the July copper contract was down one cent at US$2.59 a pound.
The post BlackBerry boost helps push Toronto stock index moderately higher appeared first on Canadian Business – Your Source For Business News.
The Toronto Stock Exchange’s S&P/TSX composite index was up 41.19 points to 15,499.65 after 90 minutes of trading.
One of the biggest individual gainers was BlackBerry, up almost nine per cent and at its highest level in about four years.
In New York, the Dow Jones industrial average advanced 34.48 points to 20,929.31, the S&P 500 index added 3.04 points to 2,397.06 and the Nasdaq composite index was down 1.43 points to 6,132.19.
The Canadian dollar was trading at 74.20 cents US, up from Friday’s average price of 73.83 cents US.
The July crude contract was up five cents at US$51.18 per barrel and the June natural gas contract was down four cents at US$3.29 per mmBTU.
The June gold contract was up 70 cents to US$1,260.70 an ounce and the July copper contract was down one cent at US$2.59 a pound.
The post BlackBerry boost helps push Toronto stock index moderately higher appeared first on Canadian Business – Your Source For Business News.
