“This practice punishes the underbanked,” City Council Speaker Corey Johnson said before the council's 43-3 vote in favour of the bill.
In the next few weeks, millions of Canadians will be scrambling to make contributions to their registered retirement savings plans ahead of the March 2 deadline. For many, it’s a nice cash reward come tax time. But few may realize that not all RRSP contributions are treated equally, or how making strategic contributions can boost tax savings over the long term.
It’s almost a damned-if-you-do, damned-if-you don’t scenario that the Bank of Canada is shining a light on in Wednesday’s rate decision and Monetary Policy Report.
With just two days to go until the Bank of Canada’s next rate decision, a new survey is painting a dire picture of household finances in this country. Meanwhile, the S&P/TSX composite index has strung together five straight days of gains and notched record closes in each of those sessions.
The latest MNP Consumer Debt Index published Monday shows 50 per cent of respondents said they're within $200 of not being able to cover their monthly bills, and nearly an equal proportion of participants in the survey (49 per cent) said they aren't confident in their ability to cover expenses without going deeper into debt.
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