Canada Debt

Your Guide To An Affordable Valentine's Day

Jeffrey Schwartz | Posted 02.03.2017 | Canada Living
Jeffrey Schwartz

Let's be real -- Valentine's Day used to be about showing love and affection to the love of your life, now it has grown to a billion dollar holiday.

The Snowball Method Can Help You Put Your Debt On Ice

Avraham Byers | Posted 01.11.2017 | Canada Business
Avraham Byers

If I gave you $500 a month to put towards your debt, what's the best way to use it? Should you chisel away at the debts with highest interest rate? Or knock off the smaller ones first? The answer might surprise you.

Are We In Too Much Debt?

Salman Sakir | Posted 01.10.2017 | Canada
Salman Sakir

Debt is necessary for households to build assets and improve human capital while for the government, it facilitates government investment in the society. Debt helps companies to grow and develop. However, excessive debt held by households, companies or the government may create potential financial or economic instability.

Paying Down Debt Is The Top Financial Resolution, Again

Douglas Hoyes | Posted 01.03.2017 | Canada Business
Douglas Hoyes

As we start a new year, we have yet another new poll about how Canadians are once again listing paying down debt as their top financial priority for 2017. This survey, from the CIBC, says that for the seventh straight year concerns about debt were a top concern for most Canadians.

Nearly Half Of Canadians Not On Top Of Bills, Debt: CIBC

CP | The Canadian Press | Posted 12.29.2016 | Canada Business

Overspending is becoming a major problem.

Cut Down Your Holiday List Without Looking Cheap

Jeffrey Schwartz | Posted 12.06.2016 | Canada
Jeffrey Schwartz

Holiday gift giving can be really stressful, so now it's time to take a different approach. Let's take a step back this year and take a frugal approa...

Even With Low Interest Rates, Federal Deficits Are A Concern

Jasmin Guénette | Posted 11.04.2016 | Canada Business
Jasmin Guénette

The federal deficit is rising, far beyond the $10 billion projected in the Liberal's election platform. The stated purpose of running $130 billion of deficits over five years is to stimulate the Canadian economy, whose prospects for growth are deteriorating.

Canada Won't Ride Out Another Financial Crisis Like Last Time: HSBC

The Huffington Post Canada | Jesse Ferreras | Posted 10.14.2016 | Canada Business

For a number of reasons.

Federal Government Totally Misses The Point On New Mortgage Rules

Douglas Hoyes | Posted 10.04.2016 | Canada Business
Douglas Hoyes

Under new mortgage rules just announced by Finance Minister Bill Morneau, all insured mortgage borrowers must now pass a "stress test" proving that they can carry a mortgage at a realistic rate (the Bank of Canada's conventional five-year fixed posted rate), and not simply the "teaser" rate offered for a short period by the mortgage lender.

Stay In The Black This Holiday Season

Jeffrey Schwartz | Posted 09.27.2016 | Canada Living
Jeffrey Schwartz

Instead of drawing a forgone conclusion that you'll spend hundreds to thousands of dollars just because it's the holidays -- let's find another way. No one likes the impending debt emergency in the new year. To avoid spending beyond your means, now is the perfect time to get your financial house in order and save for the holidays.

Reining In Payday Lending Should Be Top Of Mind For Ottawa

Jerry Buckland | Posted 09.19.2016 | Canada Politics
Jerry Buckland

Sherry's financial needs were not met through payday loans, but made worse by them -- and, as a result, she and her family were caught in a long-term cycle of debt from which they could not escape. Unfortunately, Sherry's form of repeat payday loan borrowing is common and it can sink families into poverty.

Canadians' Household Debt Is Bigger Than The Whole Economy Now

CP | Craig Wong | Posted 09.18.2016 | Canada Business

Households owe about $1.68 for every dollar of disposable income.

Even A Small Rate Hike Could Be Trouble For 1 Million Canadians

CP | The Canadian Press | Posted 09.13.2016 | Canada Business

How long can super-low interest rates last?

B.C. Government Throws The Dice In India With Taxpayer Money

Jordan Bateman | Posted 09.12.2016 | Canada British Columbia
Jordan Bateman

B.C. has become the first foreign government to issue a Masala bond in India. Essentially, B.C. took on $97.5 million in debt and immediately reinvested that money not in B.C. infrastructure or something that would help B.C. taxpayers, but in the Housing Development Finance Corporation (HDFC) Limited of India.

Half Of Working Canadians Live Paycheque To Paycheque

CP | The Canadian Press | Posted 09.07.2016 | Canada Business

And 39 per cent are "overwhelmed" by debt.

Ontario Needs To Be Honest To Improve Its Transit Infrastructure

Mike Schreiner | Posted 08.10.2016 | Canada Politics
Mike Schreiner

Did you know interest payments on debt are already the third highest expenditure in Ontario's budget? Interest payments cost more than the entire budgets for transportation, college and universities, children and youth services, even slightly more than social services. Only health care and education have higher budgets than interest payments on debt.

Chinese Media Warns Canada's Housing Crash Will Put U.S. To Shame

Stephen Punwasi | Posted 08.05.2016 | Canada Business
Stephen Punwasi

Shots fired! While our media has been pointing out how Chinese buyers are driving up real estate prices, the Chinese media has been dissecting our economy and government, and warning Chinese buyers of the dangers of owning Canadian real estate.

That Emergency Fund Can Wait – Prioritize Paying Off Debt Instead

Nanci Murdock | Posted 07.04.2016 | Canada Business
Nanci Murdock

Your priority should always be to pay off debt. But while you are diligently paying off debt (especially debt with an interest rate 10 per cent), invest in yourself and send a message to the Universe by starting an emergency fund with even just $100 and $50 automatic monthly contribution.

It Is Time To Redefine Canada's Vertical Mosaic

Jack Jedwab | Posted 06.24.2016 | Canada Living
Jack Jedwab

The growth in the visible minority population has seemingly changed the nature of the vertical mosaic and the portrait of inequality in Canada. The question that preoccupies researchers is whether the upward mobility experienced by most European origin groups can be replicated by non-European immigrants and their children.

Don't Let Real Estate FOMO Set You Up For An Ugly Bankruptcy

Douglas Hoyes | Posted 06.15.2016 | Canada Business
Douglas Hoyes

Real estate agents can talk about the upside of buying right now, but they don't explain the downside of carrying massive debt. Yes, you may build some equity if you purchase a home, but if you've mortgaged 90 per cent of it, very little of your payments in your first five to 10 years will go towards repaying principal.

When It Comes To Fiscal Policy, Japan Is No Role Model

Aaron Wudrick | Posted 05.26.2016 | Canada Business
Aaron Wudrick

Prime Minister Justin Trudeau is in Tokyo this week for a bilateral visit with Japanese Prime Minister Shinzo Abe, as well a G7 leaders summit in nearby Ise-Shima. While increasing trade is a major focus of the Prime Minister's visit (Japan is Canada's fifth largest trading partner), Canadians should cross their fingers that Trudeau doesn't ask his Japanese counterpart for advice on fiscal policy and the virtues of massive infrastructure spending.

Lowering Interest Rates On Payday Loans Is Not Enough

Douglas Hoyes | Posted 05.25.2016 | Canada Business
Douglas Hoyes

Recently the Ontario government asked for comments on potential reductions in the maximum total cost of borrowing a payday loan in Ontario. In particular, the Ministry was recommending that the cost be reduced from the current $21 per $100 advanced, to either $15 per $100, $17 per $100 or $19 per $100.

3 Things You Should Do With Your Tax Return

Tea Nicola | Posted 05.10.2016 | Canada Business
Tea Nicola

By treating your refund like free money you aren't unlocking its value. Your refund is part of your paycheque, and at the end of the day if you're receiving one it's because you've overpaid your taxes.

2015 Insolvencies Reflect Provincial Economies

Douglas Hoyes | Posted 05.03.2016 | Canada Business
Douglas Hoyes

The Office of the Superintendent of Bankruptcy just released their 2015 Annual Report of bankruptcies and consumer proposals in Canada and from these numbers we can see the impact shifts in the Canadian economy have on indebted Canadians. In 2015, 121,609 Canadians filed for insolvency, an increase of three per cent over the prior year.

Millennials: Buying A Home ASAP Is Worth It In The Long Run

Samantha Brookes | Posted 04.21.2016 | Canada Business
Samantha Brookes

Thirty-six is the new 30 for first-time home buyers in Canada -- meaning that the average age of current home buyers is 36, while the majority of current home owners bought their place before they were 30. Considering that millennials are typically 25 to 34 years old, many are left asking the question: are millennials buying homes?