News

All items tagged with: Bank of canada

How to Cope with the Mortgage Stress Test

Posted: September 03, 2018 By : Beth Graddon
Posted in: Strategic Thinking , Debt Management, GDP, Bank of canada, Evelyn Jacks, distinguished financial advisor, interest rate, inflation, Real Wealth Manager, stress test, mortgage interest, paying down debt, variable rate, fixed rate, housing affordability, mortage, prescribed interest rate, Canada's Econom, y, Steven Poloz, prime lending rates, Mortgage Professionals of Canada

“How am I going to qualify for the home I want?” That’s the question on the minds of prospective home buyers as a complex real estate market, and stringent mortgage criteria threatens their ownership dreams. Seeking sound financial advice can help.

Inflation Hits High Point: Continues Upward Trend to 2.5%

Posted: August 21, 2018 By : Evelyn Jacks & Knowledge Bureau Writers
Posted in: Strategic Thinking , Debt Management, knowledge bureau, Canada Revenue Agency, GDP, interest rates, Bank of canada, Evelyn Jacks, distinguished financial advisor, inflation, prescribed interest rates, Real Wealth Manager, steven Polaz, mortgage interest, Canada's economy, prime lending rate, paying down debt, variable rate, fixed rate, housing affordability

Inflation has hit its highest point since February 2012’s 2.6%. It now sits at a lofty 2.5%, and is expected to hold steady until the second half of 2019. Poorly understood, inflation, together with high taxes and rising interest rates, is a great wealth eroder.

Housing Affordability: Borrowers Take a Hit from Rising Interest Rates

Posted: July 17, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , Financial Literacy, knowledge bureau, interest rates, Bank of canada, Evelyn Jacks, financial services, Canadian banks, mortgage rates, mortgage interest, prime interest rate, overnight rate, variable rate mortgage, lending rates

The hot housing market (especially in Vancouver and Toronto) has long thwarted home ownership dreams for many Canadians. In fact, RBC’s July report on housing trends and affordability reveals that the average Canadian household requires almost half its total income to cover home ownership costs. 

OAS and GIS Increases: Canadian Seniors Get a Small Raise

Posted: July 17, 2018 By : Knowledge bureau Staff Writers
Posted in: Strategic Thinking , Financial Literacy, CRA, OAS, knowledge bureau, interest rates, Bank of canada, Evelyn Jacks, Essential Tax Facts, retirement planning, guaranteed income supplement, old age security, master financial advisor, retirement income, wealth management, financial education, retirement benefits, GIS, benefit rates, Retirement Specialist

New rates for Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) programs went into effect as of July 1, 2018, and as a result, Canadian seniors are getting a small raise each month this quarter. But, the windfall is meek.

Bank of Canada Increases Interest Rate to 1.5%

Posted: July 11, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , knowledge bureau, interest rates, Bank of canada, Evelyn Jacks, Poloz

Bank of Canada raised its benchmark interest rate to 1.5 percent (up from 1.25 percent) as anticipated, in an announcement from Governor Stephen Poloz this morning.

Despite Obstacles, Canada’s Growing Labour Force Points to Strong Economy

Posted: July 10, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , Financial Literacy, self-employed, knowledge bureau, interest rates, Bank of canada, Evelyn Jacks, tax courses, distinguished financial advisor, Canadian economy, financial education, entrepreneur, Executive Business Builder Program, Business Builder Retreat, labour force, job market, unemployment rate, stephen Polaz, debt and cash flow, business owner

Despite all the doom and gloom reported lately, Canada’s economy is actually growing. All signs point to an increase in Bank of Canada rates later today, as a new Labour Force Study from Statistics Canada indicates that for the month of June, the country’s labour force increased with the creation of 31,800 new jobs. The report also cites increasing self-employment levels.