Canadians continue to hold high debt compared to disposable income

Household net worth rose 2.7% to $11,114 billion in the first quarter, according to StatsCan

Canadians continue to hold high debt compared to disposable incomeThe Canadian household credit market debt as a proportion of household disposable income remained at 177.6 per cent in the first quarter, as debt and income grew at similar rates. In other words, there was $1.78 in debt for every $1 of household disposable income, according to data released on Thursday by Statistics Canada. The…

Big dreams come with tiny homes

Brian Hawkins of The Tiny House Movement talks about the significant advantages in store for people who downsize

Big dreams come with tiny homesBrian Hawkins is owner of The Tiny House Movement. What is the Tiny House Movement? Hawkins: The Tiny House Movement has been around for more than a decade, but it's really taken hold the last three years. It's become much more mainstream with the help of TV shows on HGTV, Netflix and the DIY network.…

Canadians falling deeper into debt

Mortgage loans accounted for nearly two-thirds of total debt, followed by home equity lines of credit, credit cards and auto loans: CMHC

Canadians falling deeper into debtThe level of indebtedness of Canadian households rose faster than income in 2018, according to a new report by Canada Mortgage and Housing Corp. “As a result, the debt-to-income ratio continued to increase over the course of the year, reaching 178.5 per cent in the fourth quarter of 2018, a record high. According to Equifax…

Why simplifying Canada’s tax system is so crucial

Tax compliance is onerous. Foreign investment is leaving. Canadians are losing confidence in their economy

Why simplifying Canada’s tax system is so crucialCanada's edge as a locale for foreign investment is slipping fast, but there is a way to turn the ship around without lowering tax rates. The nation can curb capital flight by lowering the cost of tax compliance. As recently as 2010-2015, Canada bettered the United States and almost doubled the Organization for Economic Co-operation…

The three steps to get in better financial shape

Kelley Keehn of FP Canada talks about why we need to get involved in our financial health as much as we do our physical health

The three steps to get in better financial shapeKelley Keehn is a personal finance educator and FP Canada consumer advocate. Tell me about your background and what you do now? Keehn: I was in the financial industry for over a decade. During that time, I found that whether you have a billion in the bank or a million in the hole, everyone has money…

One in five young Canadian boomers have no retirement savings

Franklin Templeton survey also says 22% of self-employed Canadians never intend to retire

One in five young Canadian boomers have no retirement savingsA survey released on Wednesday says 21 per cent of Canadian young baby boomers, aged 55 to 64, have not saved anything for retirement. Franklin Templeton's 2019 Retirement Income Strategies and Expectations (RISE) survey also found 46 per cent of Canadian young boomers would consider postponing retirement and 15 per cent of Canadians expect to…

Millennials have higher household incomes than Gen-Xers

Unfortunately, they also carry considerably more mortgage debt

Millennials have higher household incomes than Gen-XersDo you ever wonder why millennials are the demographic that everyone talks about today? It’s all about the money. Statistics Canada published some interesting data on Thursday showing that millennials had higher incomes and median wealth than young Gen-Xers at the same age, but also considerably more mortgage debt. “The study finds that millennials –…

Protecting yourself, and your assets, in case of incapacity

Don't underestimate the importance of having a plan in place for when the inevitable happens

Protecting yourself, and your assets, in case of incapacityEvery day, we make financial and health-related decisions and often don’t give these decisions a second thought. But how – and by whom – would these decisions be made if we’re suddenly incapable of making them for ourselves? You can’t underestimate the importance of having a plan in place for when the inevitable happens. And it…

Checking out on checkout charity

Customers face making a quick decision and without enough information. Can grocers fix this process?

Checking out on checkout charityMost of us have been asked to donate to charity at the checkout counter, especially at a grocery store. A dollar here, two dollars there adds up. The practice started years ago but appears to be growing. It’s estimated that more $35 million is raised by simply asking Canadians to donate at the cash register.…

Carbon tax will drive up grocery prices

The environmental and social costs of producing, distributing and selling food are rarely factored in. That’s about to change

Carbon tax will drive up grocery pricesThe carbon tax is now a reality for all Canadians – and that means food prices will be impacted. The federal carbon pricing scheme took effect in Ontario, New Brunswick, Saskatchewan and Manitoba on April 1. These provinces had previously chosen not to comply with the new federal law through their own initiatives. Pricing will…

Only constant vigilance will stem a rising tide of scammers

If it sounds too good or too awful to be true, hang up or delete. In the very remote case that it’s legitimate, someone will get back to you

Only constant vigilance will stem a rising tide of scammersI’m writing this on April Fool’s Day, the day we set aside to play tricks on one another. Unfortunately, many people don’t limit their tricks to one day a year – they go way beyond harmless pranks. These scammers are usually very clever people who would rather trick the rest of us out of our…

Canadians’ level of debt rising as proportion of household income

Borrowing edged up in the fourth quarter of 2018 to $21.2 billion: StatsCan

Canadians’ level of debt rising as proportion of household incomeThe level of debt Canadians carry continues to increase. A report released on Thursday by Statistics Canada said “household credit market debt as a proportion of household disposable income increased to 178.5 per cent in the fourth quarter (of 2018), with growth in debt slightly outpacing income growth.” “In other words, there was $1.79 in…

One in five Canadians need to liquidate assets to pay debt

New survey says the need to liquidate is significantly higher among males and those under 55

One in five Canadians need to liquidate assets to pay debtThe level of personal debt in Canada has been an alarming trend in recent years. A survey released on Wednesday says one-in-five Canadians with debt say they will need to liquidate assets – such as cash in their RRSPs, get a second mortgage, sell a vehicle –  to help pay off or pay down their…

Canada’s tax rates significantly higher than U.S.: Fraser Institute

Report says taxes discourage people from engaging in productive economic activity, hindering economic growth

Canada’s tax rates significantly higher than U.S.: Fraser InstituteA new report by Canadian public policy think-tank the Fraser Institute says Canadian workers across the income spectrum pay significantly higher personal income taxes than their American counterparts. “Income taxes are a major attractant — or deterrent —for entrepreneurs, businesses and workers looking to start a business, expand operations or relocate, and at virtually every…

Canadian fraud risks increasing in a complex digital landscape

If you think there's something wrong, there probably is, says Interac

Canadian fraud risks increasing in a complex digital landscapeIt’s Fraud Prevention Month in Canada and Interac Corp. has launched some tools to help Canadians not get scammed. The company said 71 per cent of Canadians said in a survey that they  feel confident in their ability to detect a phishing scam. But Interac Corp. also found that 96 per cent were unable to identify…
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