Not sure how to make a savings plan? Read on…
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The holidays on a budget: How to avoid credit card debt Nov 28th
For many Canadians, managing debt is a year-round challenge. Common tips tend to be simplistic or downright insulting (we’re looking at you, “skip your daily coffee”). Staying on top of your finances gets even more difficult during the holidays, when everywhere we look there are messages urgin.... More »
Can you make RRSP contributions after age 71? + MORE Apr 23rd
Ask MoneySense
My CRA RRSP deduction limit shows I have contribution room of $25,051. But my wife and I have RRIF accounts as we’ve already turned 71. Should I ignore this RRSP contribution limit?
—Bob
Your annual notice of assessment (NOA) and your online Canada Revenue Agency (CRA) My A.... More »
How to change a past tax return + MORE Apr 9th
Ask MoneySense
I have non-registered investment management fees from 2021 and 2022 that were not claimed on my returns for those years. Can they be deducted on my 2023 return? If not, is there another way to utilize those deductions now?
—Ian
How to change a tax filing to claim investment m.... More »
When to watch out for OAS clawbacks + MORE Mar 15th
Beware of the clawback!(Shutterstock)
Q: I have been trying to find out how much extra income a person can earn without having to report the income while drawing OAS and CPP.
I have tried looking this up online, but every site I have been to wants to charge me just to get the answer or does not answ.... More »
Gas Prices Are High. Would a Federal Tax Break Make a Difference at the Pump? Jul 3rd
With U.S. president Joe Biden calling on Congress to pause federal taxes on gas and diesel for three months to help Americans, some Canadians are wondering if a similar initiative may offer a temporary reprieve from high prices north of the border.
As of May, gas prices in Canada are up 48 .... More »
Toronto mortgage lender Home Capital says its deposits continue to fal
– canadianbusiness.com
Home Capital Group stock retreated in early trading Wednesday after it disclosed that deposits to its savings accounts continue to dwindle as it tries to restore investor confidence.
The Toronto-based mortgage lender said it expected to have $134 million left in its high-interest savings accounts as of Wednesday, down just $12 million from the day before but a sharp decline from $1.4 billion just over two weeks ago.
The company (TSX:HCG) said total GIC deposits stood at $12.58 billion as of Monday, down from $13.01 billion as of April 24.
On the S&P/TSX composite index, Home Capital shares were down seven per cent or 60 cents at $8.26 in early trading. The stock jumped $2.03 or nearly 30 per cent on Tuesday after HCG announced an identified buyer is interested in some of its mortgage portfolio.
Home Capital said the tentative non-binding agreement could cover up to $1.5 billion of its mortgage assets, but it provided no detail about how much cash it would get in return or when it expected a deal to be finalized…
The Toronto-based mortgage lender said it expected to have $134 million left in its high-interest savings accounts as of Wednesday, down just $12 million from the day before but a sharp decline from $1.4 billion just over two weeks ago.
The company (TSX:HCG) said total GIC deposits stood at $12.58 billion as of Monday, down from $13.01 billion as of April 24.
On the S&P/TSX composite index, Home Capital shares were down seven per cent or 60 cents at $8.26 in early trading. The stock jumped $2.03 or nearly 30 per cent on Tuesday after HCG announced an identified buyer is interested in some of its mortgage portfolio.
Home Capital said the tentative non-binding agreement could cover up to $1.5 billion of its mortgage assets, but it provided no detail about how much cash it would get in return or when it expected a deal to be finalized…
How much you’d save with a low-interest credit card
– moneysense.ca
A recent TransUnion report finds the average Canadian held $4,094 in credit card debt in the fourth quarter of 2016, with almost half of them carrying a balance month to month. With the average rewards credit card interest rates hovering around 19.99%, it makes sense that 51% of Canadians are looking for low-interest credit card options.Low-interest credit cards are a great tool to save some serious money on your interest payments. Some cards for example, could have rates as low as 8.99% and 11.9%. This difference in interest rates can work out to thousands of dollars in interest savings in the long run if you tend to carry a balance.
Consider the two scenarios illustrated by Ratehub.ca below to see how much you could save with a low-interest card.
Keep in mind the calculations only take into account the beginning balance, not any additional spending that you might incur over the payback period.
Scenario 1: $4,000 balance, 19.99% interest rate
Scenario 2: $4,000 balance, 8.99% interest rate
Scenario 1 vs…
Home Capital Group disclosed Wednesday that deposits to its savings accounts continue to dwindle as it tries to restore investor confidence.
