Albertans increasingly concerned about ability to repay debts

Albertans increasingly concerned about ability to repay debtsA report released on Monday by MNP Ltd., Canada’s biggest personal insolvency practice, says 58 per cent of Albertans say they are more concerned about their ability to repay their debts than they used to be. The report found: After paying all their current bills and debt obligations, Albertans say they are, on average, left…

Canadian household credit accelerates

HELOCs often used for home improvement and renovation spending has been on a steep climb for 18 years: Scotiabank report

Canadian household credit acceleratesTotal chartered bank household credit growth in Canada accelerated in August, supported by an expansion in residential mortgage credit and non-mortgage credit that was the fastest in about two years, says a new report by Scotiabank. But the report also said that growth in home equity lines of credit (HELOCs) has slowed since its peak…

Do you have a financial plan or an investment plan?

A financial plan is a six-step financial planning process that starts with having an initial meeting with your prospective planner

Do you have a financial plan or an investment plan?Many people don’t understand the difference between a financial plan and an investment plan, and often assume that they’re one and the same. They’re not. An investment plan is focused solely on your investments and the return on those investments, which is important. But that’s only part of the story. What happens to your investment plan…

Canadian consumers aren’t in a spending mood

Canadian consumers aren’t in a spending moodCanadian consumer spending growth has been muted of late despite strong fundamentals in the form of healthy labour markets and low borrowing costs, says a new report by TD Economics. The report by senior economist Brian DePratto, Whither Spending? The Drivers of Lacklustre Canadian Spending, says three key domestic factors are to blame: policy-induced softness…

Reports show worrisome state of personal finances in Canada

Edward Jones and BDO both say Canadians face increasing roadblocks to achieving their financial goals

Reports show worrisome state of personal finances in CanadaTwo reports released Monday continue to show the troubling state of personal finances in Canada. Edward Jones released a new poll that revealed Canadians are banking on an inheritance to help them, as an overwhelming majority struggle to meet their financial goals. The data shows that 83 per cent of Canadians have not achieved their…

Protect your business from the unexpected realities of life

Seek professional help if your financial plan doesn't protect you from the four Ds: death, divorce, disability and disaster

Protect your business from the unexpected realities of lifeYour financial plan should provide you with as much protection as possible from the four Ds: death, divorce, disability and disaster. While you can’t totally protect yourself from any of these events, you should at least have a good plan in place in case something does happen. Death is the only D that can’t be avoided,…

A clear-eyed look at the first-time home buyers aid program

Robert McLister, managing editor of Rates.ca, talks about the pitfalls of the government program and why fewer Canadians are likely to take part than anticipated

A clear-eyed look at the first-time home buyers aid programRobert McLister is managing editor at Rates.ca. What is Rates.ca? McLister: Rates.ca compares insurance, mortgages and credit cards from dozens of companies across Canada. By juxtaposing numerous providers, it's easier for consumers to quickly compare terms and find the best prices. How does the new down payment assistance program for first-time homebuyers work? McLister: The…

Alberta leads country with highest average debt levels

Alberta leads country with highest average debt levelsCities in Alberta continue to lead the country with average consumer debt levels. A report released on Tuesday by Equifax found that Fort McMurray had average debt (excluding mortgages) of $39,466 in the second quarter of this year, up 1.3 per cent from a year ago. Calgary saw a year-over-year hike of 0.4 per cent…

Lifting day-to-day financial stress off employees

Darcy Tuer talks about how ZayZoon is motivated by social impact to allow workers to access their earned wages any time

Lifting day-to-day financial stress off employeesDarcy Tuer is CEO of ZayZoon. He started the company with co-founder Tate Hackert. What is ZayZoon and what does it do? Tuer: ZayZoon is a socially responsible, financial technology and employee wellness company. We partner and integrate with payroll companies to provide employees with the ability to access their earned wages any time rather…

Canadians $1.77 in debt for every dollar of disposable income

The "good news" is that debt is growing at a slower pace

Canadians $1.77 in debt for every dollar of disposable incomeHousehold credit market debt as a proportion of household disposable income fell to 177.1 per cent in the second quarter of this year, the third consecutive quarterly decline, as income grew slightly faster than debt, according to a report released Friday by Statistics Canada. “In other words, there was $1.77 in credit market debt for…