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All items tagged with: Debt Management

Consumer Woes: New Surtax hits Cross-Border Shoppers, While Interest Rates Rise

Posted: July 10, 2018 By: Evelyn Jacks By :
Posted in: Strategic Thinking , Debt Management, Financial Literacy, knowledge bureau, Evelyn Jacks, financial education, online courses, budgeting, US tax, NAFTA, Canada's competitiveness, trade agreement, buy Canadian, Canadian-made food, "Trump-free", Canadian dollar, Canadian agriculture, grocery budget, cross-border shopping, duties and taxes, US exemption limits, surtax, tariffs, Canadian economyu

Canadians spend anywhere from $4.7 to $8 Billion on cross-border shopping and if you spent the July long weekend looking for bargains in the U.S. you may have had an unpleasant surprise:  despite the loonie holding some ground against US currency, a new 10% surtax on certain consumer goods came into effective July 1, when if you exceeded your exemption limit.

Mortgage Stress Test: Benefits to Canadian Debt Management

Posted: July 10, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , Debt Management, Real Wealth Management, Financial Literacy, Financial Advisor, investment, knowledge bureau, interest rates, Evelyn Jacks, real estate, master financial advisor, retirement income, financial education, mortgage stress test, mortgage lenders, Retirement and Estate Services Specialist, holistic wealth management, Canadian debt levels, debt to income ratio, qualifying for a mortgage, wealth building, Tax Strategies for Investors

In January, a new mortgage stress test was put in place requiring Canadian home buyers to qualify at rates higher than the benchmark interest rates imposed by the Bank of Canada and individual lenders. The implications to Canadian debt levels and the housing market are factors advisors should consider when offering holistic advice to clients.

Buy Canadian: But at What Cost?

Posted: June 26, 2018 By : Knowledge Bureau staff Writers
Posted in: Strategic Thinking , Debt Management, Financial Literacy, knowledge bureau, Evelyn Jacks, Canadian economy, financial education, online courses, budgeting, US tax, NAFTA, Canada's competitiveness, trade agreement, buy Canadian, Canadian-made food, "Trump-free", Canadian dollar, Canadian agriculture, grocery budget

It could be a “Buy-Canadian” summer as trade tensions escalating between Canada and U.S. are starting a movement towards economic nationalism throughout Canada. But that comes at a cost - can you afford to spend more? Canadians currently have over $2 Trillion in debt, according to the Bank of Canada, and increased spending could dig a deeper hole.

House Flipping: What are the Tax Consequences?

Posted: June 26, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , Debt Management, Financial Literacy, knowledge bureau, Evelyn Jacks, housing market, Investing, real estate, distinguished financial advisor, financial education, house flipping, property investment interest rates, tax on investment propertieis, tax on capital gains

Increasing interest rates have sparked a warning from the International Monetary Fund (IMF) that approaching headwinds could affect housing values; potentially good news for Canadians looking to enter the housing market. But there is also tax risk for investors intending to purchase and flip real estate, and a good opportunity for tax and financial advisors to provide valuable counsel.

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.