Uptick in Canadians struggling to make ends meet is a concerning trend: BDO Debt Solutions
A survey conducted by MNP suggests that 53 per cent of Canadian respondents are only $200 or less away from being unable to pay their bills and meet their debt obligations. This figure marks the five-year high in the agency’s consumer debt index, jumping by 10 points from their December survey. CTV Chief Financial Commentator Pattie Lovett-Reid looks at how the average Canadian is managing that debt and digs through some tips MNP offered for anyone that finds themselves in a jam.
Attention to detail can help you save money, stress on your tax bill
When filing your tax return there are many details that can be overlooked which might end up costing you more money if you're not careful, especially if you can’t manage to file on time. Josee Cabral, senior tax specialist at H&R Block, told The Canadian Press she worries Canadians will file late because they assume the 2020 deadline extension applies for 2021 which is not the case.
Over one-fifth of Canadians hope housing prices to fall significantly: Survey
One in five Canadians are hoping for a significant fall in housing prices, a sign of the mounting frustration felt by many people looking to get into the country's hot residential real estate market. An Angus Reid survey published Wednesday shows Canadians are divided on what the future of home prices should look like, with 40 per cent hoping they rise from current levels, 39 per cent of respondents expecting a decline while 21 per cent of people polled want the status quo.
An inside look at how COVID-19 has pummeled the wedding industry
The COVID-19 pandemic has caused many couples to postpone their wedding plans due to lockdowns and restrictions on social gatherings across the country. That created a ripple effect for many companies that rely on weddings for business, and as a result some owners are having to consider closing up shop. BNN Bloomberg’s Hilary Punchard tells some of the stories behind the industry’s tough year. On the other side of that coin, Punchard also digs into the rise in divorce filings over the last year as COVID-19 and remote work have strained some marriages. As part of the same series, be sure to check out Pattie Lovett-Reid’s blog on how it’s not just the fear of being a punk that makes many people holler “we want prenup!”
OSFI tightening the leash on uninsured borrowers
The Office of the Superintendent of Financial Institutions (OSFI) is proposing a change to its B-20 stress test that will change the minimum qualifying rate for uninsured mortgages, making it harder for some to get approved. The change comes as the Canadian real estate market booms and the OSFI worries lenders are exposed to too much risk. However, OSFI Superintendent Jeremy Rudin said that the move may not move the needle on soaring home prices. “I think that housing prices in Canada are really in the grip of some very strong forces,” Rudin told BNN Bloomberg. “What we’re doing today is about reinforcing the stability of the financial system. I wouldn’t expect it to have a significant or lasting effect on house prices in and of itself.”
Silver lining: Pandemic has more Americans retiring sooner, creating jobs
Data from the U.S. Census Bureau suggests the pandemic has over 3.1 million Americans aged 55 and older eyeing retirement much sooner than planned, potentially leaving a wave of new job openings in their wake. This figure contrasts the 1.4 million in that same age group who believe the pandemic has set back retirement plans. This left a net 1.7 million early retirements, which could mean a swath of openings for younger Americans on the other side of the recession.
“If your calls and emails go unanswered send them a map of your local hiking trails.”
- Personal Finance Columnist Dale Jackson on knowing when it’s time to 86 your financial advisor