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Mortgage Stress Test in Review

On October 17th, 2016, the Canadian Federal Government introduced “new” mortgage rules to help protect the Canadian economy. The rules protect the economy by preventing Canadians from taking on mortgages they can’t afford. The “new” mortgage rules enforce a stress test that first time home buyers must take. The test measures an individual’s potential to…

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Saving Money; What To Do In Short Form

Saving money is not easy, it takes focus, organization, and determination. It takes ‘focus’ to constantly remind yourself that saving money is a priority. It takes ‘organization’ to better understand how you spend your money. And, it takes ‘determination’ to keep yourself on track and not give in to the temptation of unnecessary spending. Saving…

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Interest Rates Make For A ‘Thrifty’ 2019

Interest Rates are a hot topic among financial news headlines, and there is good reason for this. Once the Bank of Canada changes their overnight rate, all other bank’s prime rates are affected. In addition, interest rates change continuously, and this fluctuation directly affects your personal finances. Interest Rates in the Past The last decrease…

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Habits Financial Experts Have to Help Manage Money #1

The beginning of 2019 gives opportunity to learn new habits, and a great habit to start with is to better manage money. “Manage money,” it is easy to say, but much harder to do. Many of us struggle to manage money, where it comes naturally to others. So, what are those “others” doing that the…

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Canada’s Economy, Insolvency & the Nascency of 2019

As 2019 begins, several events that have a major impact on the world’s economy are in motion. These events affect the world’s economy, they affect Canada’s economy, and they affect your personal finances. In fact, the personal finances for a few Canadians have already been affected. Canada’s Economy & Financial State According to Statistics Canada,…

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The Health Effects of Bad Debt

The health effects of bad debt can significantly impact your life. When looking deeper into debt, it is defined as having an obligation to repay something in return for something received. The responsibility of having to repay something back, can impose unnecessary stress. A study conducted by Dr. John Gathergood of the University of Nottingham…

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The Fixed or Variable Rate Decision

Fixed rate mortgage or variable rate mortgage, which one is best for you? This is one decision that can weigh heavily on your finances. In addition, with the Bank of Canada continuously increasing the overnight rate, this decision will significantly impact your finances. The Bank of Canada meets every six weeks to make the decision…

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Money Problems Canadians Experience

Money problems are affecting nearly one third of all Canadians. An online survey conducted by the Angus Reid Institute (ARI), revealed that approximately a quarter of Canadians struggle to make ends meet. The survey was conducted from May 28 to June 13, 2018, among a randomized sample of 2,542 adult Canadians. The population sample is…

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Economic Factors that Affect Your Finances

There are many economic factors that can affect your finances, for example, inflation. Earlier this year the inflation rate in Canada went from 1.7% to 2.4% during the first quarter. This was mentioned in our previous blog, “Inflation Rate, What You Need to Know.” When inflation rate starts to rise, lenders understand that they will…

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What to Do with Debt Payments when Losing Your Job

Life is filled with many unexpected twists and turns that can affect our ability to make debt payments. And, we have the responsibility of figuring out what to do when confronted with the unexpected. A way to counter act the unexpected is to plan for the future. One of the most significant life events that…

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