All about Canadian Savings. Learn the ins and outs and get the latest news.
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How much cash should you keep in your portfolio? + MORE Jun 24th
Cash is rarely going to remain steady within your accounts, but you may want to have a target for it, just the same as you would for stocks and bonds. How much depends on several factors and can be a percentage or a dollar amount.
Accumulating
If you are in the accumulation phase, new deposits.... More »
The best high-interest savings accounts in Canada for 2024 + MORE Jan 2nd
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
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Canada’s best credit cards 2020 Nov 28th
Finding the right credit card could save you hundreds, if not thousands, of dollars a year. Whether you’re looking for lower fees, more rewards or simply valuable perks like travel medical insurance or rental car savings, every dollar counts. If you use your credit card wisely, pay off your balanc.... More »
Mogo wants to be your mobile mortgage specialist + MORE Jan 25th
Mobile app meets mortgage specialist. That’s what Mogo Finance Technology Inc. is promising with its most recent announcement.
As of mid-January 2017, the Vancouver-based fintech company registered as a mortgage broker in three provinces: Ontario, B.C. and Alberta, with plans to expand across .... More »
10 retirement questions, answered Nov 9th
(EpicStockMedia/Shutterstock)
1. Am I saving enough for retirement?
Ah, the million-dollar question. Lets look at a specific example, shall we? Say you have a $50,000 per year salary and $160,000 in your RRSP at around age 60 and plan to contribute another $10,000 a year for 10 years. Is this enough.... More »
ORPP, CPP expansion would see drop personal savings
– moneysense.ca
Higher forced contributions to the Canada Pension Plan may lead to a decrease in personal savings, according to a study by the Fraser Institute.
A CPP expansion or starting a mandatory Ontario Retirement Pension Plan could help Canadians set aside more for retirement, but a proportionate decrease in personal savings could mean little change in overall funds.
How Wynne’s ORPP will change savings habits »
A CPP expansion or starting a mandatory Ontario Retirement Pension Plan could help Canadians set aside more for retirement, but a proportionate decrease in personal savings could mean little change in overall funds.
How Wynne’s ORPP will change savings habits »
The study looked at past CPP changes between 1996 and 2004 when the contribution rate rose from 5.6% to 9.9% of earnings. For every percent of increase in contribution, the personal savings rate of the average Canadian household fell by 0.895 percentage points.
“The research suggests that for every one dollar increase in CPP contributions, Canadian households, on average, reduced their private savings by one dollar,” said Charles Lammam, director of fiscal studies at the Fraser Institute in a press release.
Half of Ontarians may not have to save for retirement »
Less voluntary saving also means less control over where your money goes, according to the report…
Compulsory savings in public pension plans like the Canada Pension Plan can reduce private savings, limiting the financial flexibility of Canadians, says a new study from the Fraser Institute.
Popular SBA 7(a) loan program nearing its ceiling; loans could go on hold at end of July
– canadianbusiness.com
NEW YORK, N.Y. – The Small Business Administration’s most popular lending program could go on hold later this month if the agency reaches the statutory limit on the amount of loans it can back.
Because of high lending levels, the SBA’s 7(a) loan program will reach its $18.75 billion limit in guarantee money by the end of July or early August, two months before the government’s fiscal year ends Sept. 30. Congress would have to approve any increase in the lending authority. However, lawmakers will be going on recess in August; unless they raise the limit before they leave town, the SBA won’t be able to guarantee new loans.
SBA Administrator Maria Contreras-Sweet last month asked Congress to raise the limit to $22.5 billion. In letters to several lawmakers, Contreras-Sweet warned that without an increase, 7(a) loans would be suspended until the beginning of the new fiscal year on Oct. 1. Through the first three quarters of the fiscal year, the SBA had used up 75 per cent of its guarantee money, and the fourth quarter is the 7(a) program’s busiest time of the year, Contreras-Sweet said…
Because of high lending levels, the SBA’s 7(a) loan program will reach its $18.75 billion limit in guarantee money by the end of July or early August, two months before the government’s fiscal year ends Sept. 30. Congress would have to approve any increase in the lending authority. However, lawmakers will be going on recess in August; unless they raise the limit before they leave town, the SBA won’t be able to guarantee new loans.
SBA Administrator Maria Contreras-Sweet last month asked Congress to raise the limit to $22.5 billion. In letters to several lawmakers, Contreras-Sweet warned that without an increase, 7(a) loans would be suspended until the beginning of the new fiscal year on Oct. 1. Through the first three quarters of the fiscal year, the SBA had used up 75 per cent of its guarantee money, and the fourth quarter is the 7(a) program’s busiest time of the year, Contreras-Sweet said…
Greek banks reopen with cash withdrawal limits
– moneysense.ca
ATHENS, Greece – Greek banks are reopening Monday after a forced 3-week closure but restrictions on cash withdrawals will remain.
In a decree Saturday, the Greek government kept the daily cash withdrawal limit at 60 euros ($65) but added a weekly limit. For example, a depositor who doesn’t withdraw cash on Monday can withdraw 120 euros ($130) on Tuesday, and so on, up to 420 euros ($455) a week.
Bank customers will still not be able to cash checks, only deposit them into their accounts, and will not be able to get cash abroad with their credit or cash cards, only make purchases. There are also restrictions on opening new accounts or activating dormant ones.
Travelling to Greece? Bring cash and cards »
In a decree Saturday, the Greek government kept the daily cash withdrawal limit at 60 euros ($65) but added a weekly limit. For example, a depositor who doesn’t withdraw cash on Monday can withdraw 120 euros ($130) on Tuesday, and so on, up to 420 euros ($455) a week.
Bank customers will still not be able to cash checks, only deposit them into their accounts, and will not be able to get cash abroad with their credit or cash cards, only make purchases. There are also restrictions on opening new accounts or activating dormant ones.
Travelling to Greece? Bring cash and cards »
The decree also pushes back by a month, to August 26, the deadline for filing income tax returns.
The degree came on the same day as Greece’s coalition government swore in its new, reshuffled cabinet. Five prominent dissidents from the radical left Syriza party, the senior coalition party, were replaced…
