The ballooning debt has been mainly driven by rising mortgage balances as demand pushed home prices to record levels across the country.
Does this mean the average Canadian is up to their eyeballs in debt? Not necessarily.
Best balance transfer credit cards in Canada
What is the average debt for Canadians?
Let’s start by looking at the average consumer balance held across different credit products. This information comes from TransUnion’s Q1 2023 Credit Industry Insights report…
CIBC sees “no areas of concern” as 100,000 mortgage clients renewed at higher rates so far this year
I have a $180,000 DC pension plan from my old employer, and I have to decide whether to transfer it to a LIRA within Manulife as a personal plan (where the group plan is right now), or to transfer to another LIRA (ETF direct investing with my bank).
I am 52 and am considering retiring at 55. I have about $120,000 in RRSP. I also have an LAPP of approximately $600 a month, if I start collecting it at age 65.
My husband is 53 and will be retiring in two years with an RRSP of about $37,000 and a DBPP of approximately $33,000 a year, if he retires at 65. It is between 0.3%-0.4% less if he retires at 55.
I can start collecting CPP at 60 ($600), 65 ($940), and 70 ($1,335); while my husband can start at 60 ($669), 65 ($1,045), and 70 ($1,484).
We currently have a mortgage of $280,000 and will have about $230,000 by the time he retires, approximately nine more years to pay or longer at higher interest rate. Our kids will be finished in university in two years…