3 first steps to cleaning up your finances

A financial housecleaning is at least as important as getting rid of old newspaper and kitchen crumbs

3 first steps to cleaning up your financesDo you have a hard time keeping track of bank accounts and bills? It may be time to clean up your finances. If you're like me, you clean the pantry and toss out old newspapers and flyers every week or so, but you may go several months without de-cluttering your finances. Our priorities may be…

Why the mortgage stress test makes perfect sense

What’s wrong with protecting people from financial default? What's wrong with cooling housing prices?

Why the mortgage stress test makes perfect senseThis is a true story from just before the recession earlier this century. It helps illustrate why Canada's mortgage stress test makes so much sense. A newly-married and very well-heeled couple wanted two homes – one in California and one in British Columbia. Getting financing for the California home was no problem. All the funding…

Why Canadians are suffering a bankruptcy spike

Interest rate hikes, housing costs, rising taxes and stagnating wages are all crucial. We need to address these problems

Why Canadians are suffering a bankruptcy spikeWhat can't happen won't happen. If incomes are stagnant while taxes, prices and interest rates rise, people will fail to pay their debts – as is the case for 120,000 Canadians every year. The long-term buildup of urban house prices had already made people financially vulnerable and consumer insolvencies in Canada increased by 9.2 per…

One-quarter of Canadians didn’t save a penny in 2018

There's no better time to tighten the fiscal purse strings than when interest rates are on the rise: BMO

One-quarter of Canadians didn’t save a penny in 2018Here’s a scary thought on the state of household finances in Canada. A new report released on Tuesday by BMO said one-quarter of Canadians didn’t save a penny in 2018 as Canadian household credit burdens keep creeping higher. “The current environment is putting some pressure on Canadians' finances, making it more difficult for them to…

Growing number of Canadians file for insolvency

But business insolvencies in 2018 were slightly lower than the previous year across Canada

Growing number of Canadians file for insolvencyAn alarming number of Canadians filed for insolvency in 2018 due to higher interest rates and mounting household debt. According to the Office of the Superintendent of Bankruptcy, 125,266 Canadians became legally insolvent in 2018 – a 2.5 per cent rise over the year before and the second highest number since 2011, said the Canadian…

Christmas overspending drops significantly for Canadian shoppers

Biggest drop was among 18-to-34-year-olds and women, who cut their overspending by almost $200: RBC

Christmas overspending drops significantly for Canadian shoppersOverspending dropped significantly among Canadian shoppers this past holiday season, to an average of $384. That’s down 28 per cent from the $530 average of 2017, the lowest level in eight years, according to the annual RBC Post-Holiday Spending & Saving Insights Poll, which was released on Wednesday. “We're all tempted to toss aside the…

CPP takes bigger bite from Canadians

But much of the justification for expanding the pension plan is debatable or downright wrong

CPP takes bigger bite from CanadiansBy Jason Clemens, Jake Fuss and Milagros Palacios The Fraser Institute Canadians likely noticed that their first paycheque of 2019 was slightly smaller than in 2018, even if they got a raise. The decline in after-tax income is because the first of several tax increases to finance an expanded Canada Pension Plan (CPP) took effect…

Alarm raised over Canadians’ levels of debt

MNP survey shows 46% of Canadians are $200 or less away from financial insolvency at month-end.

Alarm raised over Canadians’ levels of debtCanadians are more worried today about debt, interest rates and personal finances. And they should be. According to the latest MNP Consumer Debt Index conducted by Ipsos, 46 per cent of Canadians are $200 or less away from financial insolvency at month-end. That’s up from 40 per cent in September. And 31 per cent of…

The gig economy poses hurdles but offers big potential

An advantage of working on your own is that there’s no ceiling on how much money you can make

The gig economy poses hurdles but offers big potentialMoving into a new year is a good to time to plan ahead. But it’s become difficult and even frightening to do so in our work lives. Jobs are disappearing. People are being replaced by robots and other forms of automation. And it’s not just mechanical tasks, but also higher-level white-collar work like medical diagnosis…

Enjoy a glittering Christmas that stays within your budget

Whether tough times force your hand or you just want to start January without a credit card bill, you can still enjoy a glittering, happy holiday season

Enjoy a glittering Christmas that stays within your budgetWhat if I told you that ‘cutting corners’ can transform Christmas from a hectic, stressful money drain into a joyous, energizing experience? I understand if you are skeptical, but let me show you how it is possible to save money at the same time you enjoy a sumptuous, all the trimmings holiday season. The secret…
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