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Winter Savings for All, and for All, a Merry Holiday

The weather is getting colder, but the need for winter savings remains hot. This means, as temperatures drop, we will need more energy to keep ourselves both comfortable and healthy. But, if you use to much energy, you can burn a hole in your pocket. The energy we use is neither free nor cheap, so…

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Financially Secure with an Insecure Income

A survey by a Canadian insolvency firm shows that Canadians will not be financially secure if interest rates rise again. The survey was conducted online by Ipsos among 2,005 adult Canadians between September 18 and September 21. The survey findings show that 30 per cent of Canadians are already feeling pressure from the first two…

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How to Save Money for the Winter Season

As the winter season quickly approaches, so does the need to save money. Winter is filled with many unexpected expenses. Some of these expenses are a result of the holidays, the harsh winter climate, and home maintenance. Now that these expenses are no longer unexpected, it’s time to make changes to become financially secure. As…

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Reasons Why Canadians File for Insolvency

Based on the statistics from an insolvency firm in Ontario, the average amount Canadians file for insolvency with in Kitchener, Waterloo and Wellington County is $48,437. This is 8 per cent lower than the national average of $52,634. In Guelph, the average amount that residents file for insolvency is approximately $55,259. This is 5 per…

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Debt vs. Disposable Income

This time last year, the average Canadian owed approximately $1.65 for ever dollar of disposable income. This was discussed in our previous blog, ‘Should I Claim Bankruptcy’. That number jumped to $1.66 at the beginning of the year, and has now increased to $1.68 for every dollar of disposable income. One explanation for the increase…

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The Bank of Canada Increases Interest Rate Again

The Bank of Canada Increased mortgage rates once again. On Wednesday, September 6th, 2017, interest rates were increased another 0.25 per cent. As a result, the Bank of Canada’s rate increased from 0.75 per cent to 1.0 per cent. Lines of credit and variable rate mortgages were increased on July 12th for the first time…

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The Back to School Parent Blues

The back to school season is upon us, and your kids are probably dreading this time of year. Though your kids might be sad from the “end of summer” blues, your wallets will be even sadder. This time of year, can be more expensive then Christmas. But, how expensive can it get? To give you…

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The Canadian Economy Powered Up

The Bank of Canada has increased interest rates for the first time in 7 years. As a result, the Canadian economy is in an interesting state. Governor Stephen Poloz increased the central bank’s key overnight rate from 0.5 to 0.75 percent. Due to this increase, adjustable-rate mortgages and home equity lines of credit were immediately affected….

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Mortgage Rates are on the Rise

Mortgage rates in Canada are on the move for the first time in nearly 7 years. The Bank of Canada finally increased mortgage rates on July 12th, 2017.  The Bank of Canada raised the mortgage rate 0.25 percentage points to 0.75 percent. A big question to ask homeowners now is that should they stay with a variable…

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Canadian Debt Status Update: Planning the Future

Canadian debt, is once again making news headlines. Articles talk about how if interest rates on mortgage payments increase by 1 percent, many homeowners will be in trouble. Then you have articles claiming that interest rates are set to rise over the next couple of years. The Bank of Canada stated that its trendsetting rate…

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