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Latest News
Household debt climbs to 167% of disposable income + MORE Dec 16th
(JGI/Jamie Grill)
TORONTO – Canadian household debt hit a record high during the third quarter, as it grew at a faster pace than disposable income, according to the latest figures from Statistics Canada.
The total amount of credit market debt — which includes mortgages, non-mortgage loans an.... More »
From RRSP to RRIF—managing your investments in retirement + MORE Nov 19th
Retirement brings many changes in a person’s life and your investment portfolio is one of them. Tracy Andrade, a wealth adviser and certified financial planner at Marnoa Private Wealth Counsel, says it’s challenging for people to see their savings start to decline as they begin spending .... More »
How to manage your tax withholding in retirement + MORE Jun 18th
Every spring, I tend to have a lot of conversations with retirees who are disappointed that they owe tax on their tax return, that the Canada Revenue Agency (CRA) has asked them to pay income tax in installments, or that their Old Age Security (OAS) pension has been clawed back.
If it makes you f.... More »
A guide to the best robo-advisors in Canada for 2022 + MORE Aug 7th
“You had me at low fees!” That was our reaction to the arrival of robo-advisors in Canada, beginning in 2014. Faced with few alternatives to mutual funds and self-directed brokerage accounts, young and middle-income investors embraced the option of having their savings passively managed in a bun.... More »
The best high-interest savings accounts in Canada for 2025 + MORE Feb 4th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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What You Should Know About Subprime Car Loans
– ratesupermarket.ca
If you’ve driven past a car dealership lately, you’ve probably seen the signs: “0% financing on all remaining models!” But that doesn’t mean YOU can score that deal.
Close to one-third of Canadians looking to finance the purchase of a new or used vehicle aren’t eligible for such prime interest financing, according to industry estimates.
Of course, that doesn’t mean no one is going sell them a car. It’s just going to be financed through a subprime lender like TD Non Prime, Scotia Dealer Advantage or, the newest Canadian subprime player, Canadian Title Loan Corporation. So what should consumers know about taking on subprime loans?
Poor Credit Leads To Problems
Subprime lenders make loans to people with significant credit problems, either due to poor money management skills or personal setbacks such as job loss, divorce, medical emergencies and bankruptcy.
Not surprisingly, these subprime car loans have higher interest rates and less favourable terms in order to compensate the lender for the higher credit risk…
The RRSP advantage
– moneysense.ca
Financial planner Jason Heath is used to hearing from people who think an RRSP is a type of investment. “People say, ‘I don’t want to buy any RRSPs this year because I’m worried about the stock market.’” Whatthey don’t understand is RRSPs are simply a type of account: they can hold a long list of investments, from stocks, bonds and GICs to mutual funds and ETFs. Your RRSP holdings can be as conservative as cash, or as risky as penny stocks. So whatever your view of the market, it’s always a good time to contribute to your RRSP.Misunderstandings like these, Heath says, cause many Canadians to make poor decisions with their RRSPs.But these retirement accounts have at least two benefits no investor should overlook: the tax refund when you make a contribution, and tax-deferred growth for as long as the money remains in the account. Given that a shrinking number of Canadians have employer-sponsored pension plans, RRSPs will provide thefoundation for many people’s retirement savings…
