The impact on the economy of higher interest rates has a long lag. The full effects of the tightening will not be evident for a few more years. Given that most Canadian mortgage borrowers renew their mortgages every five years, the largest impact is yet to come. Nevertheless, higher interest rates have slowed the most interest-sensitive sectors.
Not only does financial literacy help your children have more success in life, but it allows them to move out sooner and it avoids delaying your retirement with additional expenses to support them.
The Canadian government has recently launched an incentive to assist with the down payment of your first home.
From April 1, 2023, as a first-home buyer in Canada you are eligible to register for a tax-free First Home Savings Account (FHSA).
There are a multitude of reasons why a homeowner may be considering refinancing their mortgage. However, before any final decisions are made it is always a good idea to consider carefully whether refinancing is a good idea for you.
Debt. It’s something almost everyone will have at some point in their life. But what happens when your debt begins to get the better of you? What options are available? Some simple strategies can help you get your debt out of a seemingly unmanageable situation; it’s just a matter of choosing the right one for you.
Building an emergency fund is something most people know they should do but few actually get around to doing. A recent study found that nearly two-thirds of Americans did not have an emergency fund, and more than half would have trouble coming up with $1,000 on short notice. That lack of savings puts them at risk and makes achieving long-term financial goals much more difficult.
It’s a tough time to know what the right financial move is at the moment. Interest rates are increasing, while stocks are in bearish territory. It’s easy to forget that there are smart things that you can do right now regardless of the uncertainty. 1. Get rid of your high-interest debt.Do you have any debt […]