Not sure how to make a savings plan? Read on…
Latest News
Best in show: How to find and invest in market leaders + MORE Apr 10th
Canadians approach retirement planning in many different ways, but there’s one thing we can all benefit from: a strategy to save enough to retire comfortably and even generate income after we stop working.
But many of us don’t feel financially ready to stop working. According to a 2022 survey.... More »
How segregated funds can help protect your nest egg in a volatile market + MORE Sep 20th
For older Canadians afraid of having their savings wiped out in a market downturn, segregated funds could be an effective option, writes Gordon Pape..... More »
In Your Corner: My house is my retirement plan. Am I doomed? + MORE Aug 29th
Owning a home is a great investment but we all should have other investments socked away for retirement — ideally inside a Registered Retirement Savings Plan (RRSP), says this week’s expert..... More »
Single mom Adelaide has $22,000 in line-of-credit debt — here’s how she learned to dig her way out + MORE May 29th
If she cannot chip away at her line of credit, says financial expert Jason Heath, it is going to hold Adelaide back from financial freedom in the future..... More »
The best TFSAs in Canada for 2024 + MORE Jan 9th
Tax-free savings accounts (TFSAs) are more than a simple tax-sheltered savings account. TFSAs allow Canadians to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds within a structure backed by the government. Any interest made during you.... More »
Bust Seasonal Overspending
– ratesupermarket.ca
It’s easy to be in a “don’t worry, be happy” frame of mind in the summer. But if you’re shirking your debt repayment plan for pricey fun in the sun, your finances will be in a gloomy state come fall.
Yet this this spend-free attitude is taken by many young Canadians, according to a recent CIBC poll. Check out the full report below, along with the rest of the week’s top headlines.
July Mortgage Rates: A Midsummer Buyer’s Dream
Scorching real estate demand (and subsequent prices) are putting the heat on prospective homebuyers – but the silver lining lies in the continuation of record low mortgage rates throughout the summer. Our expert Mortgage Rate Outlook Panel has shared their take on upcoming mortgage trends. Click below for their full analysis.
Read Penelope’s Blog | A Midsummer Buyer’s Dream
4 Ways to Stop Your Summer Overspending
A Tangerine survey on summer spending finds the majority of Canadians are actually quite responsible with their warm-weather cash… with the exception of Millennials who prioritize summer fun over debt repayment and savings…
Yet this this spend-free attitude is taken by many young Canadians, according to a recent CIBC poll. Check out the full report below, along with the rest of the week’s top headlines.
July Mortgage Rates: A Midsummer Buyer’s Dream
Scorching real estate demand (and subsequent prices) are putting the heat on prospective homebuyers – but the silver lining lies in the continuation of record low mortgage rates throughout the summer. Our expert Mortgage Rate Outlook Panel has shared their take on upcoming mortgage trends. Click below for their full analysis.
Read Penelope’s Blog | A Midsummer Buyer’s Dream
4 Ways to Stop Your Summer Overspending
A Tangerine survey on summer spending finds the majority of Canadians are actually quite responsible with their warm-weather cash… with the exception of Millennials who prioritize summer fun over debt repayment and savings…
4 Ways to Stop Your Summer Overspending
– ratesupermarket.ca
The passing of the summer solstice means longer days and warmer weather, and sun-starved millennials are spending more than ever to amp up their summer fun. However, they’re the only age group to do so, according to a recent survey from Tangerine.
According to the study, Canadians as a whole are typically less spendy in the summer months; 70 per cent reported no plans to spend more than usual, with 81 per cent expecting to spend $2,000 or less. Another 70 per cent stressed the importance of watching their budget.
This is in stark contrast to the under-30 crowd, who generally said they prioritize funds for fun over debt repayment or savings. Forty two per cent said they plan to spend more, compared to fewer than two in 10 (19 per cent) of those over 35 years old.
Summer Money Suckers
So, where are millennials planning to spend their hard-earned money (rather than saving it, that is)?
According to the study, Canadians as a whole are typically less spendy in the summer months; 70 per cent reported no plans to spend more than usual, with 81 per cent expecting to spend $2,000 or less. Another 70 per cent stressed the importance of watching their budget.
This is in stark contrast to the under-30 crowd, who generally said they prioritize funds for fun over debt repayment or savings. Forty two per cent said they plan to spend more, compared to fewer than two in 10 (19 per cent) of those over 35 years old.
Summer Money Suckers
So, where are millennials planning to spend their hard-earned money (rather than saving it, that is)?
- 62 per cent plan to spend more on food, drinks and entertainment.
-32 per cent said they would book a vacation they can’t yet pay for…
B.C. regulators allege fraud in Alberta real estate case; investors lost $21.7M
– canadianbusiness.com
VANCOUVER – Securities regulators in British Columbia have found that two B.C.-based operators of companies involved in Alberta real estate developments committed fraud in raising some $21.7 million from investors.
A panel of the British Columbia Securities Commission says Michael Patrick Lathigee and Earle Douglas Pasquill, Vancouver residents at the time, failed to apprise the 698 investors that FIC was “close to insolvency” when they raised the money between February and November 2008.
Lathigee and Pasquill jointly directed and controlled a group of companies called the Freedom Investment Club, which included FIC Real Estate Projects Ltd., FIC Foreclosure Fund Ltd. and WBIC Canada Ltd.
By early 2008, the FIC Group had taken on significant debt in relation to several Alberta real estate properties it had acquired and was attempting to develop, with all of the loans including guarantees from other FIC companies, the securities commission said Monday.
Also at this time, Lathigee and Pasquill were aware that FIC as a whole was, in their own words, “in a very bad situation” and “close to insolvency,” but chose to keep this information confidential and instead focused on raising money in an effort to “save” FIC, it said…
A panel of the British Columbia Securities Commission says Michael Patrick Lathigee and Earle Douglas Pasquill, Vancouver residents at the time, failed to apprise the 698 investors that FIC was “close to insolvency” when they raised the money between February and November 2008.
Lathigee and Pasquill jointly directed and controlled a group of companies called the Freedom Investment Club, which included FIC Real Estate Projects Ltd., FIC Foreclosure Fund Ltd. and WBIC Canada Ltd.
By early 2008, the FIC Group had taken on significant debt in relation to several Alberta real estate properties it had acquired and was attempting to develop, with all of the loans including guarantees from other FIC companies, the securities commission said Monday.
Also at this time, Lathigee and Pasquill were aware that FIC as a whole was, in their own words, “in a very bad situation” and “close to insolvency,” but chose to keep this information confidential and instead focused on raising money in an effort to “save” FIC, it said…
How Automating Your Savings Will Make You Richer
– ratesupermarket.ca
Do you pay yourself first? Count yourself among the lucky few. While the majority of Canadians have a savings goal, few are heeding to the advice given by most financial experts: make those savings automatic.
Financial pundits like the Wealthy Barber often preach the power of making savings a priority over spending by putting money aside from every paycheque – yet only 14 per cent of us are using automatic withdrawals, according to a CIBC poll.
Set It and Forget It
Why can’t Canadians get their automated savings act together? Perhaps many are thwarted by the psychological barrier of affording to set aside on each paycheque.
“Our CIBC poll shows that Canadians want to save but they don’t always have a plan on how to achieve their specific savings goals,” says Veni Iozzo, senior vice-president of Deposits & Client Solutions at CIBC. “Knowing what you’re saving for and how much you need is a good first step, but having a financial plan to determine how much you can put aside and how often is important to help reach your goal faster…
Financial pundits like the Wealthy Barber often preach the power of making savings a priority over spending by putting money aside from every paycheque – yet only 14 per cent of us are using automatic withdrawals, according to a CIBC poll.
Set It and Forget It
Why can’t Canadians get their automated savings act together? Perhaps many are thwarted by the psychological barrier of affording to set aside on each paycheque.
“Our CIBC poll shows that Canadians want to save but they don’t always have a plan on how to achieve their specific savings goals,” says Veni Iozzo, senior vice-president of Deposits & Client Solutions at CIBC. “Knowing what you’re saving for and how much you need is a good first step, but having a financial plan to determine how much you can put aside and how often is important to help reach your goal faster…
