America is taking a tentative step to help students. Canada needs to do the same
American President Joe Biden is wiping US$10,000 in federal student loan debt for those with incomes under $125,000 a year or households that earn less than $250,000. He is also cancelling an additional $10,000 for students who received federal Pell Grants to attend college. For context, more than 45 million Americans collectively owe over $1.7…
New or enhanced federal tax credits for surrogacy, first-time home buyers, and renovation expenses for multigenerational households moving ahead
Planning for the future can have many benefits if you know what’s up for grabs and can take advantage of programs and incentives. The federal Liberal government’s plans for new or enhanced tax credits for surrogacy, first-time home buyers, and renovation expenses for multigenerational households are moving ahead. The federal Department of Finance recently announced…
October is Cyber Security Awareness Month. But don't wait until then to incorporate security measures
Phishing has evolved into the most effective social engineering attack hackers use to infiltrate organizations. Phishing aims to con employees into unknowingly downloading malware or revealing their access credentials. The best defence is our individual vigilance. Phishing.org defines phishing as “a cybercrime in which a target or targets are contacted by email, telephone or text…
We’re being bribed with our great-grandchildren’s money
Fifty-six thousand dollars. That’s the average amount each Canadian will owe in provincial and federal government debt by the end of the year. Much of this debt will likely be shovelled onto the backs of Canadians’ kids and grandkids. As columnist Chris Nelson warns, “we are no longer being bribed with our own money. We’re…
Sometimes the biggest upgrade needed to help you see what’s possible is to ruthlessly shift what you’re focusing on most
We had a fabulous dinner party last weekend where lively conversations and interesting perceptions were shared about relationships, friendships and new experiences. At the end of the wine, there was some agreement that the biggest obstacle facing most people who find themselves with a bit of a bleak outlook is that they’re inviting in that…
And putting your parents' future financial security at risk?
Inflation and supply chain issues are putting affordability matters at the forefront for Canadians. People worry about the cost of childcare and entering the housing market. People planning for retirement or already in retirement worry if they have enough to live the lifestyle they hoped. The Bank of Canada has warned that the low rates…
It’s been a wild ride for home buyers
If your home is your castle, and a castle is a fortified residence to keep you safe, then Covid-19 has taught us an important safety lesson: Owning your own home means you become the literal gatekeeper to your own health. But it isn’t only our physical health that has been impacted by the pandemic. Our…
We need clear standards that ensure the accuracy of credit report information
Thousands of Canadians undergo bankruptcy or undertake a consumer proposal to help manage their debts every year. From 2012 to July 2021, more than one million Canadian debtors used the insolvency system. The void within Canada’s insolvency legislation is deeply lacking in terms of specific references, standards or accountability concerning the accuracy of recording and…
Online financial education is changing the game, threatening to impact financial advisers
One-third of Canadian millennials prefer going solo when it comes to managing and investing their money. Online financial education and tools are changing the rules of the game, threatening to affect financial advisers in the same manner emails impacted mail carriers. A recent poll conducted by Finder.com revealed that 33.7 per cent of millennials prefer…
Interest rates will rise dramatically to compensate financial institutions with effects lasting for years
It’s not entirely clear whether the Canadian and the global economies are heading for a new inflationary era. It may turn out that inflation is not only elevated from recent negligible levels, but escalates, steadily at first, and then dramatically, as it did in the 1960s until the early 1980s. If it does, the havoc…