Canada Debt

5 Tips to Help You Create a Realistic Budget

Wade Stayzer | Posted 08.26.2015 | Canada Living
Wade Stayzer

Budgeting isn't a dirty word, yet for many people the process of creating and living on a budget is seen as confusing, restrictive and scary. Creating a budget is actually a very straightforward process. Budgets aren't difficult but they require organization and discipline in order to be successful.

Harper's Economic Record Is Sub-Mediocre

Ralph Goodale | Posted 08.21.2015 | Canada Politics
Ralph Goodale

Canadians are stuck with $158-billion in new Harper debt -- without much to show for it. There are 160,000 more jobless Canadians today than before Stephen Harper took power. Job quality is at a 25-year low. Household debt is near a record high. Canada's trade deficit this year has topped $13-billion. The Liberal legacy was a decade of balanced budgets, average annual economic growth over three per cent, consistent trade surpluses every month of every year, 3.4-million net new jobs, lower debt, lower taxes, record high Transfer Payments to the provinces. That's what Mr. Harper inherited in 2006. But Mr. Harper blew it.

Teamwork Helps Students Address Financial Challenges

Cairine Wilson, CPA Canada | Posted 08.21.2015 | Canada Parents
Cairine Wilson, CPA Canada

The post-secondary years are the ideal time to lock in great habits and fill any gaps in your children's financial education. Regardless of whether there are savings set aside or loans to be taken, managing the dollars matters. It's our young people who gain the most from good advice as they take on increased responsibility.

5 Ways to Ensure a High Credit Score

Jeffrey Schwartz | Posted 08.20.2015 | Canada Business
Jeffrey Schwartz

It's a three-digit number that can make you or break you -- it can affect your ability to buy a home, rent an apartment, buy a car, and in some cases prevent you from getting a job. But despite its value, many of us are blissfully unaware of our credit score.

How to Settle Your Personal Debt

Dan S. Barnabic | Posted 08.13.2015 | Canada Business
Dan S. Barnabic

Many of us experience financial difficulties at one time or another. While most of us are strong enough to weather periodic financial storms and pay our bills, there are many who are not so fortunate.

5 Ways to Pay Off Your Mortgage Faster

David Lester | Posted 08.19.2015 | Canada Business
David Lester

When I was a banker we had this tool to show you how much you'd pay in interest over the amortization. When you look at the bottom of the chart I always liked to point out that you basically pay the same amount in interest as you took out on a mortgage at an average mortgage rate.

Newlyweds Need to Talk About Finances Beyond the Wedding

Jeffrey Schwartz | Posted 07.24.2015 | Canada Business
Jeffrey Schwartz

Canadians are into the height of wedding season, and while brides and grooms may have carefully budgeted for the wedding ceremony, reception, and honeymoon, I worry that sometimes financial planning stops once the special day is done.

How to Fix the Student Debt Crisis

Douglas Hoyes | Posted 07.21.2015 | Canada Business
Douglas Hoyes

Here's the bottom line: too many students are burdened with excessive student debt and that hurts all of us, so a solution must be found, and the sooner the better.

7 Steps to Debt Freedom for Millennials

David Lester | Posted 07.16.2015 | Canada Business
David Lester

When you're falling asleep isn't it always the thought of credit card debt that comes to mind? The best way to deal with that anxiety is with a plan. A plan to stop the bleeding money, set spending thresholds and eliminate that debt!

5 Money Hacks for Millennials

David Lester | Posted 07.10.2015 | Canada Business
David Lester

Happy halfway through the year! How has your year been going financially? Did you get the promotion you were hoping for? Have you been paying down your debt and getting on top of your money? If the answer is no, that's OK, because we still have six more months to go until next year!

It's Time to Cash in on Canada's New Financial Literacy Strategy

Cairine Wilson, CPA Canada | Posted 06.30.2015 | Canada Business
Cairine Wilson, CPA Canada

The National Strategy for Financial Literacy - Count me in, Canada is an ambitious playbook for country that brings together a wide range of stakeholders, identifies priorities and targets deliverables. It's time to act. Canadians who acquire financial knowledge today will be positioned for a better future.

The Pros and Cons of an Expanded Canada Pension Plan

Rob Brown | Posted 06.12.2015 | Canada Business
Rob Brown

A new report came out this week that reiterates what we've heard from other sources a few times now: Canadians aren't saving nearly enough for retirement. The Deputy Chief Economist of the CIBC warns that without pension reform now, younger workers today will see a steep decline in living standards as they retire. The Conservative government has recently announced it would like to have a dialogue with Canadians about a potential expansion of the Canada Pension Plan (CPP). While this, in itself, is a purely political action -- since it commits the government to nothing -- it is worth looking at what the possible outcomes might be.

What Would You Buy If You Had an Extra $50? $500? $5,000?

Cait Flanders | Posted 06.10.2015 | Canada Business
Cait Flanders

Do you have a list of savings goals you're currently working towards? A running list of things you actually need to buy? Or were your answers impulsive - full of wants that would satisfy you in this moment rather than needs that could help you for awhile? The question sounds innocent enough. But the question is everything that's wrong with the money mindsets being instilled in us.

Take a Buyer Beware Approach to Ontario's New Debt Settlement Laws

Douglas Hoyes | Posted 06.05.2015 | Canada Business
Douglas Hoyes

On July 1, 2015 the long awaited legislation regulating debt settlement services in Ontario comes into force. There are three main features of this new legislation that will impact Ontario consumers, with a ripple effect across the country. The biggest potential benefit to consumers will be the moratorium on up-front fees charged for no real service provided.

Be Good to Debt and Debt May Be Good to You

Jeffrey Schwartz | Posted 05.27.2015 | Canada Business
Jeffrey Schwartz

Debt has been in the news a lot lately. The major news outlets in Canada are paying attention to our record-high household debt levels and are doing some fantastic reporting about the effects of oil prices, housing, health, divorce, and all the other factors that can damage a family's bottom line. Yet amid this rabble of expert voices and real Canadian tales of debt crisis, there was one lone dissenter.

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 06.28.2015 | 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 06.28.2015 | 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 06.22.2015 | 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 05.31.2015 | 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.