Borrowing edged up in the fourth quarter of 2018 to $21.2 billion: StatsCan
The level of debt Canadians carry continues to increase. A report released on Thursday by Statistics Canada said “household credit market debt as a proportion of household disposable income increased to 178.5 per cent in the fourth quarter (of 2018), with growth in debt slightly outpacing income growth.” “In other words, there was $1.79 in…
New survey says the need to liquidate is significantly higher among males and those under 55
The level of personal debt in Canada has been an alarming trend in recent years. A survey released on Wednesday says one-in-five Canadians with debt say they will need to liquidate assets – such as cash in their RRSPs, get a second mortgage, sell a vehicle – to help pay off or pay down their…
Report says taxes discourage people from engaging in productive economic activity, hindering economic growth
A new report by Canadian public policy think-tank the Fraser Institute says Canadian workers across the income spectrum pay significantly higher personal income taxes than their American counterparts. “Income taxes are a major attractant — or deterrent —for entrepreneurs, businesses and workers looking to start a business, expand operations or relocate, and at virtually every…
If you think there's something wrong, there probably is, says Interac
It’s Fraud Prevention Month in Canada and Interac Corp. has launched some tools to help Canadians not get scammed. The company said 71 per cent of Canadians said in a survey that they feel confident in their ability to detect a phishing scam. But Interac Corp. also found that 96 per cent were unable to identify…
Bulk buying discounts to stretch your budget only work if you have extra cash to spend
Does your heart skip a beat when you see a skid full of ‘buy one get one free’ grocery items? Maybe the words ‘deep discount while supplies last’ gets you filling your cart with three times as much of the stuff as you’d normally buy? Or, do you head straight for a bulk discount store…
A financial housecleaning is at least as important as getting rid of old newspaper and kitchen crumbs
Do you have a hard time keeping track of bank accounts and bills? It may be time to clean up your finances. If you're like me, you clean the pantry and toss out old newspapers and flyers every week or so, but you may go several months without de-cluttering your finances. Our priorities may be…
More than 371 million transactions worth a total of more than $132 billion
Canadians used digital money transfer service Interac e-Transfer more than one million times per day last year. In a news release on Tuesday, Interac said it experienced record numbers in 2018 – more than 371 million transactions worth a total of more than $132 billion, representing a 54 per cent increase in volume and a…