The economic dangers of a new inflationary era

Interest rates will rise dramatically to compensate financial institutions with effects lasting for years

The economic dangers of a new inflationary eraIt’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…

You’re on the hook for $57,000 in government debt

We have to start demanding that politicians start making some tough choices

You’re on the hook for $57,000 in government debtFifty-seven thousand dollars. That’s the average amount each Canadian will owe in provincial and federal government debt by the end of the year. It’s not just the rich or big corporations that will be mopping up this budget mess if politicians don’t take some air out of their bloated budgets. Politicians are already starting to…

Sorting out the value, volatility and durability of cryptocurrencies

Rising prices may be increasing their allure but there are considerable risks

Sorting out the value, volatility and durability of cryptocurrenciesThe value of cryptocurrencies such as Bitcoin, Ethereum and others recently hit new record highs, in the thousands of dollars per unit. This escalation has attracted more speculators, further boosting prices over the past several months. Much of this is the result of investors fearing they will miss out on a chance to profit. While…

Equipping young people to better manage their financial futures

Most Canadians live beyond their means

Equipping young people to better manage their financial futuresMost Canadians are living beyond their means, with a debt-to-income ratio of 181 per cent. More than half are within $200 of not being able to cover their bills and loan payments. These kinds of statistics make Faculty of Education professor Damien Cormier uneasy and prompted him to launch a research project to boost financial literacy in young…

Why wealth taxes hamper economies and punish us all

What you tax more of, you get less of

Why wealth taxes hamper economies and punish us allCalls by self-identified progressives and others who purport to champion equity, compelling everyone to pay their fair share, have grown louder and more strident. It seems these social justice warriors have discovered previously unknown inner fiscal conservatism, with their usual zeal for redistribution and punishment for those who they deem have excessive wealth. It’s wealth…

The telltale signs of a tax scam

How criminals are conning people out of millions posing as the CRA

The telltale signs of a tax scam“They were so convincing that in minutes I had gone to the corner store, bought $500 worth of prepaid credit cards and read the numbers to a voice at the other end of the phone.” A client shared this story with me nearly in tears, which were a combination of anger and embarrassment. Over the…

The hidden costs of feel-good stocks

The hidden costs of feel-good stocksThe stakeholder-shareholder debate in finance has narrowed down to a false dichotomy between good capitalism and bad capitalism. Good capitalism means funding green energy to fight global warming, while bad capitalism means investing in fossil fuels, tobacco, or other “sin stocks.” However, the economic downturn should be a wake-up call to investors regarding the hidden…

Financial strain top source of worry in COVID-19 mental health crisis

Researcher studies tools for recovery from tax clinics to guaranteed basic income

Financial strain top source of worry in COVID-19 mental health crisisFinancial strain is affecting Canadians’ mental and physical health and addressing it will be key to the country’s post-COVID-19 social and economic recovery, according to public health professor Candace Nykiforuk. Nykiforuk and her team received funding from the Canadian Institutes of Health Research to study ways to address the health impacts of the pandemic related to…

The trouble with money

We crave, mythologize, demonize and fight wars over money. Why can’t we just treat it with respect and maintain harmony in the home?

The trouble with moneyMy husband and I once got into a mild argument over finances. It started with calculating costs for a trip east with friends to see a football game. It ended with a tally of summer bills and how on earth they would ever get paid. This happens in countless households. Money – or lack of…

Why do we obsess over money?

Why do we obsess over money?In the days before credit cards, before microwave machines, before The Ed Sullivan Show broadcast across the night TV screens, bread was a dime, pop a nickel or less, and my grandfather worked for a mill in the Canadian great northwest. Years ago, I would visit my grandfather in his Richmond, B.C., apartment. We would…
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