How to go about securing the best savings strategy in Canada.
Why is everyone always rushing to contribute to RRSPs this time of year? And does it makes financial sense for you to make extra contributions before the March 1 deadline? This time of year is often referred to as RRSP season, as many of us rush to make contributions before the RRSP contribution.... More »
Credit card rewards come in many forms. From points to statement credits to cold-hard cash, a good rewards card maximizes on your everyday purchases and ultimately helps you save. Reward credit cards generally offer different amounts of rebates for particular spending categories (gas, grocery, phar.... More »
Why you should use a U.S. account to build up savings..... More »
Growing up, I thought I always had a knack for being financially responsible. My parents constantly lectured me about the importance of spending within my means and saving from a young age, so I would be careful not to spend too much while out with friends, and would throw a few dollars in my savin.... More »
Is the Canadian winter starting to get to you before it can even officially start? Are you tired of waking up in the dark and leaving work in the dark? Do you feel like you’re succumbing to the stresses and demands of the busy holiday season? When we average less than three hours of sunshine p.... More »
From personal loans to mortgages, simply put, it’s now more expensive and more difficult for Canadians to borrow money.
At the beginning of 2018, new mortgage rules raised the bar for qualification. Under federal law, all financial institutions are now required to put any new applicants under a strict “stress test”, regardless of their down payment amount. Borrowers have to prove they can still make payments at the greater of two options: either the five-year benchmark rate published by the Bank of Canada (currently 5.34 per cent), or the contractual mortgage rate plus two percentage points. Otherwise, those borrowers will not qualify for a mortgage.
And in recent news, the Bank of Canada raised its overnight lending rate to the highest level in almost ten years; the target is now 1.5 per cent. Commercial banks responded right away by raising their prime rate to 3.7 per cent. This means if you have a variable rate mortgage or have borrowed money from a line of credit, it is going to get more expensive to service…