Record Canadian use of Interac e-Transfers in 2018

More than 371 million transactions worth a total of more than $132 billion

Record Canadian use of Interac e-Transfers in 2018Canadians used digital money transfer service Interac e-Transfer more than one million times per day last year. In a news release on Tuesday, Interac said it experienced record numbers in 2018 – more than 371 million transactions worth a total of more than $132 billion, representing a 54 per cent increase in volume and a…

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…

Single Canadians reluctant to buy homes

RE/MAX survey shows economic uncertainty and expensive home prices are the biggest factors

Single Canadians reluctant to buy homesA national survey of single Canadians indicates they’re reluctant to purchase a home. According to the RE/MAX survey conducted by Leger and released on Tuesday, 52 per cent of single Canadians said economic uncertainty and expensive home prices are the biggest factors impacting their decision not to purchase a home on their own. The survey…

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…

Consumer spending growth lowest in four years

This is a trend we expect to continue throughout 2019: Moneris Solutions Corp.

Consumer spending growth lowest in four yearsConsumer spending in Canada rose by three per cent year over year in the fourth quarter of 2018. That marked the lowest increase for the year and the lowest quarterly growth in four years, according to Moneris Solutions Corp., Canada's largest processor of debit and credit payments. Quebec and British Columbia saw above-average increases of…

Saving for retirement remains a challenge for many Albertans

ATB says lingering economic uncertainty likely exacerbates the financial pinch felt by Albertans to reach their retirement goals

Saving for retirement remains a challenge for many AlbertansA new survey suggests that half of Albertans are worried they haven’t saved enough money for retirement and close to one-third say they will be over 70 years old before they can retire. Those are the results of the latest Investor Beat survey by ATB, which also found that only 28 per cent of Albertans…

CPP contribution hikes penalize workers, dampen the economy

When the government makes employment more expensive, the sure result is fewer jobs

CPP contribution hikes penalize workers, dampen the economyThe federal government began 2019 by taking a bigger bite out of workers’ paycheques: the combined employer and employee Canada Pension Plan payroll tax rose from 9.9 per cent of earnings to 10.2 per cent. It’s the first of five annual payroll tax hikes. By the time the CPP tax hike is fully phased in, a…

Provinces, municipalities key to avoiding housing bubble

Zoning, building codes and construction trade regulations all fall under the jurisdiction of these governments

Provinces, municipalities key to avoiding housing bubbleRecently, the Bank of Canada voiced concerns about the Canadian economy, leading it to slash outlooks on future trends. One of the issues contributing to this pessimistic stance is the condition of housing markets in Canada. Housing construction activity and prices are falling after a long period of price increases that fuelled claims of a…
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