All items tagged with: interest rates
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.
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.
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.
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.
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.
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.