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All items tagged with: Bank of canada

Bank of Canada Increases Interest Rate to 1.5%

Posted: July 11, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking, Current Issue , 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.

Interest and Inflation Rate Hikes Ahead? Time to Manage Real Wealth

Posted: June 05, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , Debt Management, Financial Literacy, knowledge bureau, Bank of canada, Evelyn Jacks, Canadian economy, wealth management, interest rate, inflation, financial education, Real Wealth Manager, mortgage stress test, mortgage rate, credit card interest, debt courses

After holding interest rates at 1.25 percent since January, the Bank of Canada appears ready for raise the rate in its next announcement, July 11, when many economists expect it to increase to 1.5 percent. This small jump could affect millions of Canadians and is an opportunity for advisors and clients to lean in and plan for change.

Canadian Debt Solutions Demanded: Personal Debt Hits $2 Trillion

Posted: May 08, 2018 By : Evelyn Jacks and Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , Debt Management, Financial Literacy, knowledge bureau, interest rates, Bank of canada, Evelyn Jacks, Essential Tax Facts, cash flow management, financial education, reducing debt, financial calculators, online campus, debt consolidation, Canada's debt, steven Polaz, mortgage interest

Canadian personal debt levels are now at such an alarming level, that most Canadians can’t even comprehend the size of the rising figure: $2 Trillion, as of last week. As part of their best interest duties to clients, financial advisors need to broach this uncomfortable subject, as things could get worse in the near future.

Tax Tip: What’s Deductible When Interest Rates Rise?

Posted: March 27, 2018 By: Evelyn Jacks By :
Posted in: Strategic Thinking , Financial Literacy, CRA, knowledge bureau, Canada Revenue Agency, Bank of canada, Evelyn Jacks, tax courses, inflation, prescribed interest rates, financial education, financial courses, online courses, online education, online campus, overdue taxes, interest rate increase, CRA deadline

With the prescribed interest rate doubling to 2% as of April 1, there will be a significant impact on Canadians who face overdue tax balances with the CRA.  It follows that understanding what interest costs are deductible and which are not, is of new interest.  This subject is one that qualified tax and financial advisors will be prepared to discuss with clients as we tee up for the busiest month of tax season.

Mortgage Stress Tests: What’s the Impact to Home Owners?

Posted: March 27, 2018 By: Evelyn Jacks By :
Posted in: Strategic Thinking , Financial Literacy, knowledge bureau, interest rates, Bank of canada, Evelyn Jacks, real estate, tax education, financial education, mortgage rates, mortgage stress test, online education, Office of the Superintendent of Financial Institutions, OSFI, home buyer roles, mortgage down payment, mortgage lenders, buying a home, home financing

Buying a home this spring or approaching a mortgage renewal? May is the busiest time of year for real estate transactions, and you will want to see your tax and financial advisor to discuss the implications of the new mortgage rules and rising interest rates on your after-tax earnings.