Personal Savings getting you down? There are always smart ways to increase your savings.
Latest News
Payments for the Canada Workers Benefit arriving sooner—find out why + MORE Jul 31st
If you receive the Canada Workers Benefit (CWB), you’ll notice a change to this federal tax credit as of this week, namely that you’ll get the money sooner. In the past, CWB recipients claimed the benefit for a certain year when filing their income tax return—for example, claiming the CWB for .... More »
It’s possible to be a first-time home buyer twice—here’s how + MORE Sep 24th
Can you do something and then later do it again for the first time? You can if that “first time” involves buying a home.
There are a few supports and programs in place for first-time buyers in Canada, including the Home Buyers’ Plan and the first home savings account (FHSA). First-time home.... More »
Your American spouse may not want to inherit your TFSA + MORE Jun 3rd
Most Canadians assume leaving a tax-free savings account (TFSA) to a spouse is one of the simplest estate-planning decisions they can make. But when that spouse is a U.S. citizen, green card holder, or otherwise subject to U.S. tax filing requirements, inheriting a TFSA can create years of IRS repor.... More »
A good deal in the States can still cost you more + MORE Aug 23rd
Why you should use a U.S. account to build up savings..... More »
Ayana Forward, financial advisor + MORE Feb 18th
Meet Ayana Forward
Ayana Forward is a Certified Financial Planner based in Ottawa, Ont. She owns Retirement in View, a fee only financial planning firm that specializes in helping clients within one to five years of retirement navigate the financial and lifestyle aspects of transitioning out of t.... More »
More than a third of Americans reported to collection agencies for unpaid bills and debts
– canadianbusiness.com
WASHINGTON – A study by the Urban Institute shows that more than 35 per cent of Americans have debts and unpaid bills that have been reported to collection agencies.
These consumers fall behind on credit cards or hospital bills. Their mortgages, auto loans or student debt pile up, unpaid. Even past-due gym membership fees or cellphone contracts can end up with a collection agency, potentially hurting credit scores and job prospects.
The study by the Washington-based think-tank released Tuesday points to a disturbing trend: The share of Americans in collections has remained relatively constant, even as the country as a whole has whittled down the size of its credit card debt since the official end of the Great Recession in the middle of 2009.
The post More than a third of Americans reported to collection agencies for unpaid bills and debts appeared first on Canadian Business.
These consumers fall behind on credit cards or hospital bills. Their mortgages, auto loans or student debt pile up, unpaid. Even past-due gym membership fees or cellphone contracts can end up with a collection agency, potentially hurting credit scores and job prospects.
The study by the Washington-based think-tank released Tuesday points to a disturbing trend: The share of Americans in collections has remained relatively constant, even as the country as a whole has whittled down the size of its credit card debt since the official end of the Great Recession in the middle of 2009.
The post More than a third of Americans reported to collection agencies for unpaid bills and debts appeared first on Canadian Business.
Why I Switched Banks for my TFSA and Home Insurance
– ratesupermarket.ca
Switching banks can be a pain – but in my experience, it’s often worth the effort. In fact, I’ve had the pleasure of changing financial institutions a few times over my lifetime. Most recently, I moved my Tax-Free Savings Account (TFSA) and my home insurance to new lenders.
There were a few reasons why I decided to jump ship – here’s what I learned from the experience.
Not Taking Low-Earning Interest for an Answer
Originally, I housed my TFSA with Ally Bank – and I was a big fan. They offered competitive rates for savings accounts and TFSAs (one of the highest in Canada at 1.8 per cent), had great customer service and their TV commercials were hilarious. When I heard RBC had acquired Ally Bank my response was lukewarm; I was afraid RBC would change Ally Bank – and my worries were well founded, as they went a step further and shut it down entirely!
As a bank account holder I was given the choice of transferring my money to RBC’s low-interest savings account (offering 1…
There were a few reasons why I decided to jump ship – here’s what I learned from the experience.
Not Taking Low-Earning Interest for an Answer
Originally, I housed my TFSA with Ally Bank – and I was a big fan. They offered competitive rates for savings accounts and TFSAs (one of the highest in Canada at 1.8 per cent), had great customer service and their TV commercials were hilarious. When I heard RBC had acquired Ally Bank my response was lukewarm; I was afraid RBC would change Ally Bank – and my worries were well founded, as they went a step further and shut it down entirely!
As a bank account holder I was given the choice of transferring my money to RBC’s low-interest savings account (offering 1…
Take Control of Your Cash
– ratesupermarket.ca
They say knowledge is power – and that’s especially true when it comes to your finances. A healthy credit score, solid assets and everyday frugal know-how can pay off in spades… so, are you as informed as you should be on the state of your money?
This week’s MoneyWise is all about taking control, whether you’re whipping your credit score into shape or shaving dollars off your grocery bill. Read on to get caught up.
Applying for a Mortgage? How to Improve Your Credit Score Now
Planning to enter the housing market? Even if your home-buying dreams are six months to a year off, you need to act now to ensure you’re in tip-top shape to apply for a mortgage. That means looking into – and fixing – any red flags that may be lingering on your credit score. Read on to learn more about what affects your score, and how to take action.
Read Jaclyn’s Blog | How to Improve Your Credit Score Now
Why I Switched Banks for my TFSA and Home Insurance
When Ally Bank was purchased and shut down by RBC last year, Sean Cooper faced a choice – should he house his tax -free savings account with the acquiring lender (and take a resulting cut to his interest earnings), or should he shop around for a better deal? Despite the hassle of moving his money, he chose the latter…
This week’s MoneyWise is all about taking control, whether you’re whipping your credit score into shape or shaving dollars off your grocery bill. Read on to get caught up.
Applying for a Mortgage? How to Improve Your Credit Score Now
Planning to enter the housing market? Even if your home-buying dreams are six months to a year off, you need to act now to ensure you’re in tip-top shape to apply for a mortgage. That means looking into – and fixing – any red flags that may be lingering on your credit score. Read on to learn more about what affects your score, and how to take action.
Read Jaclyn’s Blog | How to Improve Your Credit Score Now
Why I Switched Banks for my TFSA and Home Insurance
When Ally Bank was purchased and shut down by RBC last year, Sean Cooper faced a choice – should he house his tax -free savings account with the acquiring lender (and take a resulting cut to his interest earnings), or should he shop around for a better deal? Despite the hassle of moving his money, he chose the latter…
How not to prepare for retirement
– moneysense.ca
Despite the steady flow of retirement savings crisis headlines in recent years, it seems many Canadian couples haven’t even discussed the topic with their significant others, let alone started a savings regime.Last week, RBC reported that 68% of not-yet-retired Canadians 50 or older who participated in its annual retirement poll have yet to discuss their post-career lives with their partners. Eighty-six per cent are reluctant to discuss health issues, 81% don’t want to raise the topic of what happens if one of them dies sooner than anticipated and two-thirds haven’t discussed what they will do together in retirement. And astonishingly, only 36% have discussed how to finance retirement and where they would live once it occurred.
Retirement preparedness is no better in the United States. Thirty per cent of American workers have less than US$1,000 in savings and investments while three-in-four have less than US$30,000 saved in their retirement accounts, according to data from 2012…
Would You Switch Banks? Take the Survey to WIN $500!
– ratesupermarket.ca
In the world of personal finance, loyalty doesn’t always pay off. Many Canadians have banked with their primary lender for years, but may not be getting the best interest rates, fees or savings from their products or services. Would you make the switch? We want to hear from you!
Share your take in the survey below – and you’ll be automatically entered to WIN a $500 cash grand prize!
Share your take in the survey below – and you’ll be automatically entered to WIN a $500 cash grand prize!
PLUS: Share your results on Facebook and Twitter for even more chances to WIN!
Hurry – this survey is open until Friday, August 8!
The post Would You Switch Banks? Take the Survey to WIN $500! appeared first on RateSupermarket.ca Blog.
