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All items tagged with: Debt Management

Time to Reduce Debt as Fixed Mortgage Rates Decline

Posted: January 22, 2019 By : Beth Graddon
Posted in: Strategic Thinking , Debt Management, Debt, DAC, distinguished advisor conference, interest rate, mortgage rates, variable rate mortgage, fixed mortgage, mortgage qualification, RBC

Late last week RBC lowered its fixed mortgage rate and it’s likely that the other big banks will soon follow suit. This gives Canadians more breathing room to get mortgage debt under control. The big question to consider is whether fixed or variable mortgages are right for you.

Debt and Fear: Tax Season Can Bring Peace of Mind

Posted: January 22, 2019
Posted in: Strategic Thinking , Debt Management, Tax, Debt, credit, credit scores

Tax season provides a trigger for advisors and their clients to have an important discussion: should the tax refund be used for debt reduction or savings? In some cases, the best strategy may be to do a little bit of both. But the big issue to uncover is whether taxpayers understand their credit health well enough.

No Safety in Real Estate: Managing Debt is a Priority

Posted: January 15, 2019 By : Beth Graddon
Posted in: Strategic Thinking , Debt Management, Bank of canada, housing market, real estate, interest rate, prescribed interest rate, Steven Poloz, economic forecast, oil crisis

Debt reduction could be the leading financial management strategy as 2019 begins, given the grim housing market forecast, where the biggest concern relates to housing affordability. RBC reports that this will remain a financial challenge for many Canadian families, as the cost of homeownership relative to median income levels will keep rising.

A Little Less Grinch: Breaking Interest Rate News

Posted: December 04, 2018
Posted in: Strategic Thinking , Debt Management, interest rates, Bank of canada, Steven Poloz, prescribed annual interest rate

Will Bank of Canada Interest rate setting impact your holiday euphoria? Bank of Canada’s Steven Poloz announced today that the overnight rate would remain at 1.75%.

Shopping Spoiler Alert: Canadians Aren’t Saving Enough

Posted: December 04, 2018 By : Evelyn Jacks & Beth Graddon
Posted in: Strategic Thinking , Debt Management, statistics canada, interest rates, Bank of canada, retirement savings, Steven Poloz, household savings rate, disposable income, Financial Planning Standards

In the holiday spirit yet? This news might dampen it: on Friday November 30, Statistics Canada released a report on GDP, income and expenditure for the third quarter of 2018. The big news? In 2018, Canadians have had the worst household savings rate on an annual basis since 2005, averaging only 1.4% over the past year. For the third quarter of this year, the household savings rate was a mere 0.8%; the lowest quarterly level since early in 2017.

High Taxation Has Implications for Economic Growth

Posted: October 23, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , Personal Tax, Debt Management, Wealth planning, investment, Evelyn Jacks, corporate tax, economic growth, federal budget, Canadian economy, tax education, finance canada, annual report, Tax Foundation

Exactly what is the effect of high taxation on long-term economic growth in a country in which an aging population has limited capacity to pay more tax? It’s an important consideration in light of Finance Canada’s annual report, released on Friday October 19 and this week’s PBO Report.