Sep 9, 2022
Home Economics: GICs get supercharged; Weighing the tax implications of TFSAs and RRSPs
, BNN Bloomberg
Canada unexpectedly loses nearly 40K jobs in August
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GIC payouts get another boost as rates rise again
While borrowers might be getting hit as interest rates climb, savers are getting a long overdue reward, writes Personal Finance Columnist Dale Jackson. Investors have been flocking to fixed income investment products like guaranteed investment certificates once again as their return rates rise, even though the return is negative in real terms. Jackson breaks down how fixed income products like GICs fit into your portfolio.
TFSA or RRSP? How to choose when you have limited funds to invest
A recent survey showed one-fifth of Canadians have had to dial back or halt TFSA or RRSP contributions. So if you have limited money to invest in one account or the other, how do you choose? Money managers say it essentially comes down to the tax implications since both accounts can hold much of the same investments. Read why some financial experts prefer the TFSA.
Help with basic living costs reportedly on the way
The federal government is set to roll out financial help for those feeling the biggest impact of inflation, according to The Canadian Press. It’s being reported the feds intend to temporarily increase GST rebates and provide help with rent payments to lower-income Canadians. The announcement was scheduled for Thursday but was postponed after the passing of The Queen.
Keeping track of changing dynamics in the mortgage market
Mortgages are typically a household’s biggest monthly expense, and the changes are coming in fast and furious as interest rates jump. BNN Bloomberg’s Daniel Johnson explains how variable rate mortgages, adjustable rate mortgages and home equity lines of credit will be affected.
Canada loses jobs for the third straight month
The economy unexpectedly shed nearly 40,000 jobs in August, marking the third month of losses, while the unemployment rate jumped to 5.4 per cent. Wage growth also soared compared to a year ago, but that might start to ease with more Canadians on the job hunt. Despite the weakening in the labour market, many economists still see the Bank of Canada continuing to hike interest rates.
More employers beef up benefits package with debt assistance
Some employers are now offering help with debt repayments, including student loans, as a way to attract talent and improve the overall wellbeing of their workforce. For qualifying individuals, the employer uses a formula to determine how much the company will provide for debt repayments.
While borrowers might be getting hit as interest rates climb, savers are getting a long overdue reward, writes Personal Finance Columnist Dale Jackson. Investors have been flocking to fixed income investment products like guaranteed investment certificates once again as their return rates rise, even though the return is negative in real terms. Jackson breaks down how fixed income products like GICs fit into your portfolio.
TFSA or RRSP? How to choose when you have limited funds to invest
A recent survey showed one-fifth of Canadians have had to dial back or halt TFSA or RRSP contributions. So if you have limited money to invest in one account or the other, how do you choose? Money managers say it essentially comes down to the tax implications since both accounts can hold much of the same investments. Read why some financial experts prefer the TFSA.
Help with basic living costs reportedly on the way
The federal government is set to roll out financial help for those feeling the biggest impact of inflation, according to The Canadian Press. It’s being reported the feds intend to temporarily increase GST rebates and provide help with rent payments to lower-income Canadians. The announcement was scheduled for Thursday but was postponed after the passing of The Queen.
Keeping track of changing dynamics in the mortgage market
Mortgages are typically a household’s biggest monthly expense, and the changes are coming in fast and furious as interest rates jump. BNN Bloomberg’s Daniel Johnson explains how variable rate mortgages, adjustable rate mortgages and home equity lines of credit will be affected.
Canada loses jobs for the third straight month
The economy unexpectedly shed nearly 40,000 jobs in August, marking the third month of losses, while the unemployment rate jumped to 5.4 per cent. Wage growth also soared compared to a year ago, but that might start to ease with more Canadians on the job hunt. Despite the weakening in the labour market, many economists still see the Bank of Canada continuing to hike interest rates.
More employers beef up benefits package with debt assistance
Some employers are now offering help with debt repayments, including student loans, as a way to attract talent and improve the overall wellbeing of their workforce. For qualifying individuals, the employer uses a formula to determine how much the company will provide for debt repayments.
TIP JAR
$21,128
- Equifax Canada reported that’s the amount of non-mortgage debt the average Canadian consumer owed in the second quarter, a 2.4 increase compared to last year.
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