Millennials face challenges dealing with inheritance

Shawnette Fraser of TD Canada Trust says its important to remember that there are emotions at play

Millennials face challenges dealing with inheritanceShawnette Fraser is district vice-president of Calgary North for TD Canada Trust. How big of a market is the millennial generation these days for Canadian financial institutions? Fraser: Millennials make up a large portion of our population, and as customer service-based business we need to be looking to how we can best support them in their…

Canadians expect to spend more this Christmas shopping season

Many shifting back to in-store shopping, says new report from PwC Canada

Canadians expect to spend more this Christmas shopping seasonChristmas will soon be here and in many ways the shopping season has already begun. A new report says Canadians will spend an average of $1,563 this Christmas shopping season, a 3.7 per cent hike over the previous year. According to PwC Canada's 2018 Holiday Outlook report, eight out of 10 Canadians plan to spend…

Canadian Tire loyalty program adding Husky gas stations

Triangle Rewards is a no-fee loyalty program associated with Canadian Tire, Sport Chek, Mark's and Atmosphere

Canadian Tire loyalty program adding Husky gas stationsCanadian Tire is expanding its Triangle Rewards loyalty program to include Husky gas stations in the country. The company announced on Wednesday that this will give Canadians the ability to earn more electronic Canadian Tire Money (CTM). “We're thrilled to partner with Husky and expand the reach of our loyalty program, adding more than 400…

Home equity lines of credit untapped by Canadian homeowners

But CMHC warns that tapping into your home equity can lead to greater indebtedness and wealth erosion

Home equity lines of credit untapped by Canadian homeownersAbout one in three home equity lines of credit (HELOC) are untapped in Canada and balances are significantly below the maximum available borrowing limit, according to a report released on Tuesday by Canada Mortgage and Housing Corp. CMHC said more than three-quarters of household debt is backed by real estate. It cited data from Equifax…

Canadian average net worth growing but interest rates a challenge

‘Canadians paid $9.0 billion more in interest charges in 2017 than they did the prior year,’ says Environics Analytics report

Canadian average net worth growing but interest rates a challengeAverage household net worth in Canada continues to grow but higher interest rates are putting increased pressure on discretionary spending, according to a new report released Monday by Environics Analytics. “For many Canadians the rising interest rates over the past year have already cost them the equivalent of an extra mortgage payment,” said Peter Miron,…

Canadians hold $1.69 in debt for every $1 of disposable income

Household credit market debt totalled $2,166.0 billion in the second quarter

Canadians hold $1.69 in debt for every $1 of disposable incomeCredit market debt as a proportion of household disposable income continues to increase in Canada but at a slower pace, according to a report released on Friday by Statistics Canada. The federal agency said household credit market debt (consumer credit, and mortgage and non-mortgage loans) totalled $2,166.0 billion in the second quarter. Mortgage debt reached…

Buying or renting a home – what’s the best choice?

The cost of renting will increase more rapidly than the cost of homeownership: report

Buying or renting a home – what’s the best choice?It’s the million-dollar question many Canadians will face. Should I buy or rent a home? Well a new report by Mortgage Professionals Canada suggests homeownership is an affordable alternative as rent costs rise. “The report demonstrates that the money Canadians are spending on monthly rent, if used instead to finance a home, would be a…

Canadians pay a whopping 2,112% more in taxes now than in 1961

We pay more in taxes than we do for life's basic necessities like housing, food and clothing

Canadians pay a whopping 2,112% more in taxes now than in 1961Think you’re paying way too many taxes these days? A report released on Tuesday by Canadian public policy think-tank the Fraser Institute supports that sentiment. Its Canadian Consumer Tax Index found that the average Canadian family spent 43 per cent of its income on taxes in 2017. It said the total tax bill of the…

Getting out from under Ontario’s high electricity rates

Premier Doug Ford's new government should cancel existing renewable energy contracts, not just future deals

Getting out from under Ontario’s high electricity ratesBy Elmira Aliakbari and Ashley Stedman The Fraser Institute If its recent throne speech is any indication, Ontario’s new government wants to reverse past mistakes and reduce electricity prices for Ontarians by cancelling 758 expensive green energy contracts with renewable generators for sources such as wind and solar. According to the government’s press release, this…

Green Ontario Fund a misuse of resources

There’s no better way to waste public funds than to have programs where everyone is spending everyone else’s money

Green Ontario Fund a misuse of resourcesPremier Doug Ford has already broken a key promise. Instead of putting money back into the pockets of Ontarians, the new Progressive Conservative premier of Ontario is apparently hiking expenses. We know this because that great bastion of sound fiscal logic and clear economic thinking – the Toronto Star editorial board – says so. The Green Ontario Fund, which Ford plans to cut, “is putting money…

Indebted Canadians feeling more optimistic

As a country, we owe an astounding $599 billion on credit cards and other non-mortgage consumer debt: MNP

Indebted Canadians feeling more optimisticCanadians are feeling better about their level of debt and there’s increasing optimism on issues related to personal finance, says a new report released on Monday by MNP. Its Consumer Debt Index found that 61 per cent of Canadians feel their debt situation has improved, including 27 per cent who say their debt situation is…

Meteorite fragment adorns Royal Canadian Mint commemorative coin

Silver piece marking the Royal Astronomical Society of Canada’s 150 anniversary sold out in 48 hours

Meteorite fragment adorns Royal Canadian Mint commemorative coinJust days before Canada Day came word that an out-of-this-world piece of Canadian memorabilia was sold out. The prize 2018 $20 fine silver coin issued by the Royal Canadian Mint was designed to commemorate the 150th anniversary of the Royal Astronomical Society of Canada (RASC) and it contains a fragment of a real meteorite. “One hundred…

Despite rising premiums, homeowners satisfied with insurance companies

But Albertans’ satisfaction is still below the national average, says a new survey, with more than 900 Fort McMurray wildfire claims remaining unsettled

Despite rising premiums, homeowners satisfied with insurance companiesHomeowners in Canada are more satisfied with their insurance providers, although premiums have been on the rise, according to the J.D. Power 2018 Canada Home Insurance Study, released on Thursday. The report mentions the Fort McMurray wildfire in Alberta in 2016 that reportedly generated 60,000 insurance claims totalling $3.8 billion in losses. Of those claims, more than 900…

Concerns about Canadian household debt easing

Accelerating disposable income and slowing mortgage growth are the driving forces behind the recent improvement

Concerns about Canadian household debt easingConcerns about household debt in Canada have come down a notch – the first real signs of easing indebtedness in decades, according to a report by RBC Economic Research. The Focus on Canada’s Household Debt report, by senior economist Robert Hogue, says the first quarter of 2018 experienced the largest quarterly drop in the debt-to-income ratio…

Buy Canadian economics carry a steep cost

While Canadians may embrace buying Canadian food products in retaliation for the trade dispute with the U.S., it won't come cheap

Buy Canadian economics carry a steep costCanadians are encouraging one another to go “Trump-free” – that is, to shop for groceries without buying a single American product. Even restaurants are jumping on the bandwagon by serving “Trump-free” dishes. These are interesting reactions in the face of Washington’s somewhat contradictory foreign trade policies. In a nutshell, here’s what happened following the G7…