Not sure how to make a savings plan? Read on…
Latest News
Rolling in the Debt: Canada sees a rise in Household Debt + MORE Mar 22nd
While the value of Canadian homes has decreased for the first time many years, the same cannot be said for Canadian debt levels. This past week, Statistics Canada released its National balance sheet and financial flow accounts looking at the last quarter of 2018, and it shows that the amount Canadi.... More »
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 I afford that mortgage? Here’s how much you can safely borrow to buy your first house + MORE May 1st
Talk to a mortgage broker and do a personal budget assessment before you start house hunting, expert says..... More »
“Where do we pay income tax if we retire abroad?” + MORE Apr 24th
Q. We’re thinking about moving to Mexico full-time when we retire. Where would we pay income tax on our monthly Canadian pensions?
–Marianna
A. Many Canadians dream of a retirement that includes travel abroad. Some even move abroad part of the year, most of the year, or give up their Canadian r.... More »
How annuities work in Canada + MORE Jul 17th
Annuities are life insurance products that pay a regular income to a purchaser. When you buy an annuity, it’s like buying a pension plan with a lump sum premium paid from your savings. The payments you receive include a return of your original capital and interest income on that capital. It ma.... 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
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.