Canada Debt

Freeze Your Credit Cards and Save While Summer Heats Up

David Lester | Posted 05.12.2015 | Canada Business
David Lester

It's almost summer and the time when most people spend a fortune. It's so easy for us to spend out of control trying to make up for the crappy winter. But as your spending starts to heat up why not put a freeze on it by getting rid of your cards? You and your money will be nice and cool before winter comes.

High Risk Credit Products Lead to Insolvency

Douglas Hoyes | Posted 05.05.2015 | Canada Business
Douglas Hoyes

Consumers who file insolvency are in severe financial distress, but surprisingly this does not mean they are behind on their payments. According to Equifax Canada, about 70 per cent of consumer accounts are paid as agreed at the time the individual files for bankruptcy, and this is definitely consistent with what we see every day. More debtors are turning to subprime debt as a way of balancing payments. While any one payday loan, high cost instalment loan or low credit car loan will not necessarily lead to bankruptcy, it does begin a slippery slope and these loans are a primary indicator of an increasing percentage of insolvencies.

Your Jokes About A 'Useless' History Degree Are Getting Old

Samantha Pinter-Thompson | Posted 04.28.2015 | Canada British Columbia
Samantha Pinter-Thompson

I've heard the joke -- what's the difference between a large pizza and a history degree? One can feed a family of four. For the purposes of the pun, history can be replaced with any liberal arts major; however, history often gets an especially bad reputation for being particularly unemployable and well, pointless.

When it Comes to Government Budgets, a Lot of the Action Is "Underground"

Mark Milke | Posted 04.28.2015 | Canada Politics
Mark Milke

During this tax and budget time, let's consider two "tectonic realities" about governments and numbers -- helpful to think about, given that there is plenty of "underground" action. It explains why governments often get themselves (and taxpayers) into trouble later.

How to Manage Divorce, Distress and Debt

Jeffrey Schwartz | Posted 04.22.2015 | Canada Business
Jeffrey Schwartz

Kevin's wife wanted a divorce. Suddenly, his household income was split in half and the cost of moving to a new place with his kids meant his expenses doubled.

Can't Afford a House? There's a Bright Side to Renting

Jeffrey Schwartz | Posted 03.31.2015 | Canada Business
Jeffrey Schwartz

Renting isn't so bad, and until you're absolutely, positively ready to afford a house (and the seemingly endless costs that come with it), you should probably focus on the brighter side of tenancy. Take a step back, sit out the home buying season, and relax.

The Financial Truth Shall Set You Free

Jeffrey Schwartz | Posted 05.09.2015 | Canada Business
Jeffrey Schwartz

In 2015, personal finance is still a taboo topic. We might live in a liberal country, but Canadians are not very open-minded when it comes to talking about our pocketbook. In fact, many of us downright lie. I think one thing is clear: The more openly we discuss our finances, the more opportunity we have to gain financial literacy and take control of our financial outlook.

Disability and Debt: When One Happens to Canadians, the Other Follows

Jeffrey Schwartz | Posted 04.02.2015 | Canada Business
Jeffrey Schwartz

Many Canadians are well aware that a disability could occur at any time. Ninety-six per cent of us believe it, according to a recent RBC survey. The same survey showed that more than three-quarters of us also believe that missing three months of work, due to disability, would put us in serious financial jeopardy. Here are some steps you can take to prepare yourself for a possible disability.

Should We Stop Worrying About Higher Interest Rates?

Douglas Hoyes | Posted 03.16.2015 | Canada Business
Douglas Hoyes

Since peaking in July 2007, prior to the 2008 credit crisis, interest rates have fallen and have remained at their lowest level in two generations. Experts predict that this could be the year that interest rates finally start to increase. The question is, should we really care?

A Few Points About Quebec's Debt

Michel Kelly-Gagnon | Posted 03.11.2015 | Canada Business
Michel Kelly-Gagnon

The current Quebec government is at least trying to tame its deficit and start chipping away at its huge debt. But there are some people out there who question whether or not Quebec's public debt is really such a serious problem, and therefore whether our provincial government's "austerity" policies are truly necessary.

THIS Is A Top Priority For Canadians

CP | Posted 12.30.2014 | Canada Business

TORONTO -- A new poll suggests that paying down debt is the biggest financial priority for Canadians in 2015. It is the fifth year in a row that de...

The Biggest Personal Finance Fails of 2014 (And How to Avoid Them in 2015)

Jeffrey Schwartz | Posted 03.01.2015 | Canada Business
Jeffrey Schwartz

December is a time for reflection, especially when it comes to your finances. The expensive holiday season -- think gifts, party outfits, and festive drinks -- means you're probably thinking about how to stick to a budget and keep costs down in 2014. It's also a time to reflect on mistakes, which is why I've rounded up the top personal finance fails of 2014. The purchases that made me cringe, the examples of internet over-sharing that made me wonder how someone's identity wasn't stolen sooner. All so you can avoid their mistakes in 2015.

Ontario's Debt Situation Is About To Get a Whole Lot Worse

Charles Lammam | Posted 02.21.2015 | Canada Politics
Charles Lammam

Consider that in 2013/14 interest on the provincial debt was $10.6 billion. According to the province's fall fiscal update, that was just over half of all provincial sales tax revenue paid by Ontarians last year ($20.5 billion). So Ontarians should know that when you pay your provincial sales tax at the till, half of it flutters away just to pay your provincial government's debt interest.

Canadians Have Some Fat Debt, And Are Pretty Laid-Back About It

The Huffington Post Canada | Mohamed Omar | Posted 12.11.2014 | Canada Business

The percentage of households in Canada mired in extreme debt has almost doubled since 2000, and Canadians are pretty chill about it. On Wednesday, ...

When it Comes to Finances, Gen Y Should Be Called 'Gen Screwed'

Candice Malcolm | Posted 01.20.2015 | Canada Business
Candice Malcolm

Nine-million baby boomers will retire from the workforce over the next two decades, and when they do, they will start to consume the most expensive forms of government programs. This is great news for seniors, but terrible news for our public finances and for young Canadians forced to foot the bill. Generation Y has been dubbed the "Millennial" generation because we came of age at the turn of the new millennium. A more fitting name for this cohort is Generation Screwed.

Ottawa Should Focus on Tax Relief Instead of More Spending

Charles Lammam | Posted 01.17.2015 | Canada Politics
Charles Lammam

The Conservatives should be commended for sticking to their commitment to the balance budget. But balancing the budget cannot become an end in itself or it can come to serve as a justification for spending increases with limited economic benefit. Reducing personal income tax rates and capital gains taxes would be a productive use of future surpluses.

Students Need an Education on Their Own Credit Scores

Ashley Redmond | Posted 12.30.2014 | Canada Business
Ashley Redmond

It's time for students to take control of their finances, and the first step in doing that is becoming more knowledgeable. Melissa Jarman, director of student banking at RBC, says there's a lot of work that needs to be done to improve financial knowledge.

A High Credit Score Doesn't Make You Financially Savvy

Douglas Hoyes | Posted 12.23.2014 | Canada Business
Douglas Hoyes

We all want a high credit score, because it makes borrowing less expensive, and a high score proves that I am financially responsible and successful person. Or does it? Here's the sad truth: a high credit score does not prove you are financially savvy

It's Time To Take The First Real Step Towards A Debt-Free B.C.

Jordan Bateman | Posted 12.21.2014 | Canada British Columbia
Jordan Bateman

You may not realize it, but you're drowning in debt. In fact, we all are.

Women Need To React Sooner and More Aggressively When It Comes To Finances

Douglas Hoyes | Posted 12.10.2014 | Canada Living
Douglas Hoyes

Looking at our study, the percentage of women filing bankruptcy who were living on their own, either because they were single, divorced or widowed, increased over the four year study period. The largest growth occurred in women who were divorced or separated. We also saw an alarming increase in the percentage of female single parents declaring bankruptcy.

Get Your Finances In Order Before You Retire

Jeffrey Schwartz | Posted 11.23.2014 | Canada Living
Jeffrey Schwartz

If you are planning to move after you retire, put some careful consideration into the cost of living for that area. Look into the cost of real estate and see how far your money will stretch if you downsize from your current home. If you're moving to a different town or province, it's also worth looking into potential tax advantages for senior citizens in that area.

Follow This Money Do Checklist To Change Your Life in Six Weeks

Anita Saulite | Posted 11.20.2014 | Canada Living
Anita Saulite

Put your saving strategy and bill payments on auto pilot. We all know it, but saving money each month is saving for the future. Just know, savings are what you pay yourself, and if you want to secure your golden years and worry less, then pay yourself first. Set up automatic bill payments.

Just Because You Can Get a Big Mortgage Doesn't Mean You Should

Douglas Hoyes | Posted 11.14.2014 | Canada Business
Douglas Hoyes

If you can't afford the monthly mortgage payment (and property taxes, and repairs and maintenance) your mortgage is too big. The "equity" answer is that if you have less than 10 per cent equity in your house, you are at higher risk of financial problems.

What a Year of Being Debt-Free Has Taught Me

Cait Flanders | Posted 10.10.2014 | Canada Business
Cait Flanders

While I know I'm on the right track with my finances, I'd be lying if I said staying out of debt has been easy. In fact, it's been a bigger challenge than I ever could've imagined. But that's just one of the lessons I've learned since making my final payment. Here's what a year of being debt-free has taught me.

How An Aging Population Means Trouble For Canada's Debt

Douglas Hoyes | Posted 10.08.2014 | Canada Business
Douglas Hoyes

Although aging Canadians were typically the most financially stable age group, older Canadians are piling up debt more quickly than other demographics. A recent study by the Vanier Institute of the Family showed that more than 70 percent of those aged 55 to 64 held some form of debt in 2012, up from 61 percent in 1999.