All items tagged with: interest rates
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%.
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.
Posted in: Strategic Thinking , Debt Management, interest rates, Bank of canada, Investing, Trudeau, Trump, NAFTA, trade agreement, Canadian dollar, Steven Poloz, dairy industry, free trade, USMCA, United States - Mexico - Canada Agreeement, Canada, United States, dairy import, automotive tariffs, trade tarifs, manufacturing sector
The new NAFTA deal—now called USMCA—will no doubt make positive contributions to the Canadian economy and investors will appreciate the improvement in market uncertainty. But, there are also some points of concern, including impacts to specific sectors and looming interest rate hikes. Plus, a duty-free limit increase that improves ease of holiday shopping, but could have economic repercussions.
Posted in: Strategic Thinking , Financial Literacy, CRA, Financial Advisor, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, tax penalties, tax instalments, tax literacy, tax education, prescribed interest rates, Walter Harder, unpaid taxes, tax payment, taxes due
The September 15 instalment deadline is looming. Many dread yet another payment to the CRA; after all, it seems like only yesterday that personal and business taxes due over the spring and summer were paid! Now is the time for tax and financial professionals to contact clients, estimate taxes owing for 2018, and navigate through taxing times if there is a cash flow crunch.
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.
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.