The Montreal-based lender _ which said late last year it discovered mortgages that did not meet documentation and eligibility requirements _ is implementing enhanced processes to avoid similar problems going forward, its chief executive said.
“We are increasing governance across the board,” Laurentian’s chief executive Francois Desjardins told a conference call discussing the bank’s fiscal first-quarter results on Wednesday.
“So that all new business is subject to enhanced quality control. So we will be paying more attention to the business overall, as loans renew and new business comes in.”
These stricter controls come after Laurentian said in December that an audit found mortgages sold to an unnamed third-party purchaser that did not meet documentation and eligibility requirements, and would need to repurchase as much as $304 million in mortgages…
What’s not to love? Whether you’re a woman, child, family, veteran or student hitting the books to retrain, the Trudeau Liberals’ second federal budget has something for everyone. But before you get too excited, note that there are no show-stopping measures. Here are 15 ways Budget 2018 will affect your finances:
1. The government is turning the Working Income Tax Benefit into a new Canada Workers Benefit (CWB). The changes mean that if you are single and earn $15,000 or less in 2019 you may earn an extra $500 per year. In the past you had to check a box on your return to apply, but this is no longer the case. You will now be automatically enrolled.
Individuals who are eligible for the Disability Tax Credit may also receive Canada Workers Benefit Disability Supplement. The budget also proposes that the maximum amount of this supplement will be increased to $700 in 2019. It will be phased in at $24,111 for singles without dependents and will disappear at $36,483 for families…
I’ve been contributing to a spousal RRSP while my wife stays at home with our four kids. She only has income that is provided from the government as child benefits.
Can I withdraw the maximum annual non-taxed amount minus the child benefits from the RRSP and deposit in her TFSA? This would eliminate playing taxes on eventual RRSP withdrawals.
You ask a good question, Jeff. One of my financial planners had this question recently from a client and we evaluated the pros and cons. So, I think the answer may be of interest to others.
Everyone has a federal “basic personal amount” of income that they can earn tax-free without paying any federal tax. For 2018, this is $11,809. Their provincial or territorial basic personal amount varies by province or territory of residence but ranges from $8,160 in Prince Edward Island to $18,915 in Alberta for 2018.
So, most Canadians can earn at least $10,000 (sometimes much more) of income without paying any tax.
In your case, Jeff, your wife may be able to withdraw $10,000 or more tax-free from her registered retirement savings plan (RRSP)…
It’s no secret that acquiring debt can cause grief and anxiety. But whether it’s for an unplanned financial emergency, an upcoming renovation or a needed major purchase, there are some situations when taking out a personal loan makes sense.
A personal loan can be easier to apply for in comparison to other types of financing such as credit cards, or a personal line of credit from your bank. There are also no restrictions in how you spend a personal loan.
However, borrowing money from a lender or bank means you’re legally committed to paying the money back within a certain time frame. So when applying, simply guessing if your budget can afford the timely payments is a bad idea.
First, you need to understand how interest rates will affect your payments, and you basically have two ways to go — fixed rates or variable rates.
Fixed-rate loan – the “set it and forget it” choice
With a fixed-rate loan, the loan rate and payment you make each month will stay constant for the term of your loan, no matter how much the market fluctuates…