Canada Debt

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

Anita Saulite | Posted 09.20.2014 | 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 09.14.2014 | 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 08.10.2014 | 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 08.08.2014 | 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.

How To Start Pulling Yourself Out of Debt

Jeffrey Schwartz | Posted 09.13.2014 | Canada
Jeffrey Schwartz

The important thing is to write the goals down and post them somewhere that you see them everyday. Don't be embarrassed about putting them on the fridge and having your friends see them when they come over for a visit. You may not be proud of falling into debt but you should be proud of overcoming it.

Why Argentina's Rulers and Cronies Are Fair Game

Patricia Adams | Posted 08.30.2014 | Canada
Patricia Adams

Argentinians would not need to suffer if assets hidden from creditors could be recovered and, in any case, the country need not default. As a senior portfolio manager at Elliott Management wrote in the Financial Times, Argentina "could easily afford to pay all of its defaulted debt tomorrow."

Before Your Debt Gets Out of Control, Make a Plan

Shaun Goolcharan | Posted 08.16.2014 | Canada Business
Shaun Goolcharan

For the average person, debt management seems like a simple strategy. But it is easy for debt to get out of control -- the sooner you make a plan and stick to it, the better it will be for you in the long run.

We Can Learn a Lot About Saving Money From Victorian England

Jeffrey Schwartz | Posted 07.14.2014 | Canada Business
Jeffrey Schwartz

People in the Victorian Era, including the Queen herself, lived lives of remarkable frugality and resourcefulness. They made do with what they had and worked hard to get it. Consolidated Credit has looked at the way people lived 150-200 years ago in England and found some things we could learn.

Let's Stop Pretending Ontario's Fiscal Policies Are On Track

Sean Speer | Posted 06.16.2014 | Canada Politics
Sean Speer

These challenges facing Ontario are well documented. Yet the government's policy direction is not moving in the right direction. Recent developments suggest that the government intends to continue growing spending on the types of policies that have contributed to the problem such as high deficits and a new round of corporate subsidies.

Student Debt Is Canada's Debt

Craig and Marc Kielburger | Posted 06.16.2014 | Canada Impact
Craig and Marc Kielburger

This month, Canadian students finish exams and begin hunting for summer jobs. A student working the counter at Taco Bell for minimum wage would have to work eight hours a day, seven days week, for almost the entire summer to cover tuition, never mind the cost of specialized or technical degrees. Students have a responsibility to work and pay for at least some of their education. Also a responsibility, when choosing their college or university program, to think about whether they are choosing a field of study where there is a real demand for jobs.

Every Taxpaying Canadian Has a $243,000 Bill, Courtesy of Our Government

Charles Lammam | Posted 06.03.2014 | Canada Politics
Charles Lammam

Put simply, the aging of Canada's population has resulted in large and growing unfunded liabilities. The funding shortfall is estimated at $792.3 billion for the CPP, $494.4 billion for OAS, and $894.7 billion for medicare. Together the unfunded liabilities in Canada's public pensions and health care programs total $2.2 trillion or $134,841 for each income taxpayer. These unfunded program obligations make up more than half of total government liabilities. And their sheer size calls into question the structure of taxing current workers to provide benefits for retirees. Ultimately, to maintain current levels of spending in the future, taxes will have to increase or benefits for other programs will have to be cut -- or both.

Can You Account For the Cost of Friendship?

Tim Paziuk | Posted 05.26.2014 | Canada Business
Tim Paziuk

When dealing with advisors, an important consideration is competency. If the person you're working with isn't competent, how much is it costing you? I might find that my client's banker is overcharging them or their accountant is less than adequate, only to hear them say that they can't move their business because the person they deal with is nice or maybe even a friend.

What the Marshmallow Test Tells Us About Money Management

Doug O. Jones | Posted 05.25.2014 | Canada Business
Doug O. Jones

Back in the 1960s, Stanford University researcher Walter Mischel conducted a famous study about self-control. After following the study group for 40 years, the researcher's findings about self-control continue to provide insight today into our collective psychology. That insight may be worth reflecting upon as we confront our current debt loads.

Time to Get Up Close and Personal...With Your Finances

Cait Flanders | Posted 05.18.2014 | Canada Business
Cait Flanders

As I try to change my own views on money, I thought I'd share some of the insights that have helped me create a more positive relationship with it. In my experience so far, it can be as simple as switching your thought patterns, so you see the glass half-full rather than half-empty. Here are a few examples.

Is the Financial Sky About to Fall?

Tim Paziuk | Posted 05.06.2014 | Canada Business
Tim Paziuk

Today most people don't want to believe that the US could default on its obligations, but the simple truth is that nothing, I mean nothing, can continue to expand and not explode. It's a simple law of physics. So is the sky falling? You tell me. And if it is, how can you best prepare for it?

Forget the Garage, Spring Clean Your Finances!

Jeffrey Schwartz | Posted 05.06.2014 | Canada Business
Jeffrey Schwartz

For most of us, spring on the horizon means it's time for our annual spring cleaning. But, if you are like most Canadians, it may be more important to focus on spring cleaning your finances rather than washing the windows or cleaning out the garage.

Date a Personal Finance Blogger

Cait Flanders | Posted 04.29.2014 | Canada Business
Cait Flanders

Date a female personal finance blogger. Date a girl who understands the value of a dollar as well as the emotional power money has over us all. Date a girl who lists personal finance experts and bloggers as her heroes and who wants to become that same hero in her own family.

Canadians Still On Target For Record Year Of Personal Debt

CP | LuAnn LaSalle, The Canadian Press | Posted 04.28.2014 | Canada Business

MONTREAL - Canadians are still on target for a record year of personal debt despite ending 2013 by making a small dent in the money they owe, says cre...

When it Comes to Finances, Canadians Believe One Thing and Do Another

Doug O. Jones | Posted 04.13.2014 | Canada Business
Doug O. Jones

With the Canadian debt-to-income ratio at an historic high, one can only hope that our collective access to information is enabling Canadians to do a better job at aligning their actual behaviours with their stated goal of debt reduction in 2014.

Forget the Flowers: Use Valentine's Day to Talk About Debt

Douglas Hoyes | Posted 04.12.2014 | Canada Living
Douglas Hoyes

More than 1 in 3 people said they did not discuss their debt with their spouse prior to getting married. If you are starting a new life together would it not be a good idea to at least start a conversation about the debt burden that will impact you and your spouse's ability to buy a home and borrow for other purchases?

We Owe $1.4 TRILLION

CP | Linda Nguyen, The Canadian Press | Posted 04.11.2014 | Canada Business

TORONTO - The love affair Canadians have with debt is still going strong, according to a new report by credit monitoring agency Equifax Canada.Equifax...

Flaherty: Budget Has Money For 'Major' Infrastructure Projects

CP | Steve Rennie, The Canadian Press | Posted 04.11.2014 | Canada Business

OTTAWA - Finance Minister Jim Flaherty says his upcoming federal budget will contain money for "major" infrastructure projects.Flaherty told CTV's Que...

Why a Higher Minimum Wage Won't Reduce Bankruptcy Rates

Douglas Hoyes | Posted 04.05.2014 | Canada Business
Douglas Hoyes

The government of Ontario has announced that the minimum wage will increase to $11 per hour on June 1, 2014. Putting more money in the pockets of the working man or woman should reduce the bankruptcy rate, right? I doubt it.

How's Your "Debt Psyche"?

Doug O. Jones | Posted 03.26.2014 | Canada Business
Doug O. Jones

In the financial media, January is the month often coined the 'debt hangover' with many people feeling the winter blues while trying to reconcile how they will service their holiday bills and increasing debt loads. The 'debt psyche' that results for many during this period is often one of a heightened aversion to assuming more debt.

Why One in Six Canadians Will Eventually Go Bankrupt

Douglas Hoyes | Posted 03.15.2014 | Canada
Douglas Hoyes

With low interest rates our average debt service ratio is at record lows. In 1990 Canadians used over 11 per cent of their disposable income to pay interest on their debt; today we only need 7 per cent of our income to pay interest. All is good. Or is it?