Not sure how to make a savings plan? Read on…
Latest News
2022 Income Tax Guide for Canadians: Deadlines, tax tips and more + MORE Feb 13th
It’s been quite a year for numbers, hasn’t it? From rising interest rates to steep stock market drops, finances have been headline news throughout 2022. It’s almost enough to make you forget about tax season. But with the tax deadline approaching, you have a few reminders (see the dates below).... More »
RESP investing for busy parents + MORE Oct 17th
Saving for university isn’t always top of mind when you’re a busy new parent, knee-deep in diapers. Add the steep cost of daycare along with the stress of trying to juggle work and toddlerhood, and setting aside funds for your child’s post-secondary education can feel like an insurmountabl.... More »
2023 tax credits, due dates and when you can file: Your 2023 income tax return guide + MORE Mar 19th
You’ll want to bookmark the MoneySense guide for 2023 personal income taxes. We will be updating it frequently, as information becomes available and deadlines approach. Plus, we get answers from the experts you won’t find anywhere else, thanks to our Ask MoneySense and Ask A Planner columns.&nbs.... More »
Is That Subscription Worth Your Money? + MORE Aug 16th
If you’re like most Canadians, you have a number of charges that come out of your bank account every month. Your gym membership, meal delivery service, beauty box, and streaming services all cost you more than pennies on a regular basis. How do you know if you are getting your money’s wo.... More »
A tax guide for Canadians with disabilities + MORE May 6th
It is the understatement of the century to say that being disabled is expensive. Many advocates refer to the added financial burden as the “disability tax”—the extra, unavoidable costs of living with a disability. In Canada, where about 27% of people identify as disabled according to Statistic.... More »
Two ways to improve your savings rates: Roseman
– thestar.com
Guaranteed investments pay under three per cent a year, but keep your capital safe from harm. Here’s a guide to tweaking the rates.Mortgage Market Madness?
– ratesupermarket.ca
Are we in for a second round of the Great Canadian Mortgage wars? The 5-year fixed cost of borrowing plunged this week to 2.99%, sparking a flurry of headlines and speculation. Will this cause the housing market to reheat to dangerous levels? Should buyers rush into the market? Will Jim Flaherty have to make a call? Read our special coverage to find out!
We’re also in the midst of RRSP season – are you caught up on this year’s contributions? A new study finds Canadians are turning away from RRSPs as a savings method – but are they risking their retirement funds in the process?
2.99% Mortgage Rates Are Back!
This Monday, the lowest five-year fixed mortgage rates dropped as low as 2.99% – a new record not seen since last August. Such discounted rates mean big savings for home buyers – read on to see what your monthly payments would be, compared to rates from the big banks.
Read Penelope’s Blog | 2.99% Mortgage Rates Are Back!
What Canadian Investors Should Know About The Fragile 5
Concern about growth in China and other emerging markets triggered a wave of selling in less developed economies last week…
Two ways to improve your savings rates: Roseman
– thestar.com
Guaranteed investments pay under three per cent a year, but keep your capital safe from harm. Here’s a guide to tweaking the rates.Consumer debt swells to $1.4 trillion: Equifax
– moneysense.ca
TORONTO – The love affair Canadians have with debt is still going strong, according to a new report by credit monitoring agency Equifax Canada.
Equifax said Monday that its figures show that consumer debt, excluding mortgages, rose to $518.3 billion through the end of November 2013. That was up 4.2 per cent from $497.4 billion a year earlier.
Despite the increase in debt, however, the overall delinquency rate — bills due past 90 days — declined to a record low of 1.12 per cent from 1.19 per cent in the same period of 2012.
“The real pattern that we’ve been observing is that Canadians are taking on more debt, but they can handle it well and are making those monthly payments,” said Regina Malina, director of analytics for Equifax.
Meanwhile, overall consumer debt, including mortgages, also continues to rise — up 9.1 per cent to $1.422 trillion from $1.303 trillion a year earlier.
Malina says the data shows that Canadians are willing to take on more debt — from car loans to credit card purchases — but are more aware of how important it is to keep their debt levels under control…
Equifax said Monday that its figures show that consumer debt, excluding mortgages, rose to $518.3 billion through the end of November 2013. That was up 4.2 per cent from $497.4 billion a year earlier.
Despite the increase in debt, however, the overall delinquency rate — bills due past 90 days — declined to a record low of 1.12 per cent from 1.19 per cent in the same period of 2012.
“The real pattern that we’ve been observing is that Canadians are taking on more debt, but they can handle it well and are making those monthly payments,” said Regina Malina, director of analytics for Equifax.
Meanwhile, overall consumer debt, including mortgages, also continues to rise — up 9.1 per cent to $1.422 trillion from $1.303 trillion a year earlier.
Malina says the data shows that Canadians are willing to take on more debt — from car loans to credit card purchases — but are more aware of how important it is to keep their debt levels under control…
Do Gen X and Gen Y have a false sense of financial security?
– moneysense.ca
(Image courtesy of adamr / FreeDigitalPhotos.net)Two-thirds of Canadians belonging to Generation X and Y are confident in their ability to purchase a home, send their kids to university and live a comfortable retirement, a new BMO study has found. Is their optimism misguided? The bank’s sobering report suggests it might be given today’s challenging landscape wrought with “spiralling real estate markets, delaying parenthood and a lack of retirement savings.” All this may be true, but this Millennial isn’t utterly despondent for her tribe. I’ll explain why later, but first let’s hear from the survey respondents and BMO.
Home ownership
Overall, 68% of Gen X (born between 1965 and 1979) and Gen Y (born between 1980 and 2000) respondents said they feel confident they will be able to purchase a home at some point in their lives. This despite the fact the average home in Canada now costs roughly $400,000 or nearly eight times the average pre-tax annual income of a salaried worker in this country (compared to five times in 1997), as BMO’s 12-page Wealth Generation: The Financial Challenges for Generations X & Y report points out…
