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All items tagged with: Debt Management

New Mortgage Options for the Self-Employed

Posted: September 10, 2018 By : Beth Graddon
Posted in: Strategic Thinking , Debt Management, Financial Literacy, self-employed, Evelyn Jacks, mortgage, entrepreneur, mortgage down payment, mortgage lenders, proprietor, qualifying for a mortgage, self-employed mortgage, Canadian Mortgage and Housing Corporation, CMHC, applying for a mortgage, Proof of Income Statement

Single, self-employed Canadians have struggled with mortgage lending requirements for many years. But that’s all about to get easier starting on October 1, as new guidelines will improve borrowing eligibility of current or aspiring proprietors.

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.

Relationship Management: Advisory Can Help Feuding Couples

Posted: August 14, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking , Debt Management, Real Wealth Management, Financial Literacy, Debt, family finances, knowledge bureau, Evelyn Jacks, Essential Tax Facts, financial education, holistic wealth management, retirement planning tax-efficient income

A recent Fidelity Investment report points out that debt is one of the biggest issues that drives couples apart, with 36 percent saying that money is their biggest marital hurdle. But many couples also struggle to communicate about financial matters that could lead to repercussions down the road. The help of astute tax and financial advisors is critical.

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.