Canada Debt

5 Ways to Pay Off Your Mortage Faster

David Lester | Posted 07.28.2015 | 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, MBA, CAE | Posted 06.30.2015 | Canada Business
Cairine Wilson, MBA, CAE

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.

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.