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…

Two for One isn’t always cheaper

Bulk buying discounts to stretch your budget only work if you have extra cash to spend

Two for One isn’t always cheaperDoes your heart skip a beat when you see a skid full of ‘buy one get one free’ grocery items? Maybe the words ‘deep discount while supplies last’ gets you filling your cart with three times as much of the stuff as you’d normally buy? Or, do you head straight for a bulk discount store…

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…

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…
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