Mortgage crisis? Ontario homeowners struggle as delinquencies soar 50% amid renewal shock
With interest rates now over 50% higher than pre-pandemic levels, there is, at the same time, a significant rise in mortgage delinquencies in Ontario, recent reports show. In the fourth quarter of 2024, more than 11,000 mortgages in the province recorded a missed payment, nearly three times the number seen in 2022, this according to […]
More than half of Canadians renewing their mortgage expect increased payments
According to a new survey from Royal LePage, 57% of respondents believe their monthly mortgage payments will increase when they renew their mortgages this year. This might prove to be a significant problem, given there are 1.2 million mortgages up for renewal in 2025. "When it comes to post-pandemic mortgage renewals, many Canadians have avoided […]
Here’s the withdrawal rate Canadian retirees need to start using in 2025, according to new report — and it’s shockingly low
Retirees, brace yourselves: The golden rule of retirement withdrawals just got a cold dose of reality. A new report from Morningstar recommends the safe withdrawal rate for retirees in 2025 is a mere 3.7% — a significant adjustment from the decades-old 4% rule that had dominated retirement planning. Amid rising costs, volatile markets and new […]
What are the income tax brackets for the 2024 tax year?
Tax season is upon us. Gathering your T-slips and receipts to start crunching the numbers can be anxiety inducing. If you think you might owe money, getting an early start can help soften the blow. Regardless of your situation, knowing the tax brackets helps you prepare. Remember: The official deadline to file your 2024 tax […]
5 big things that disappear after you retire in Canada – Are you prepared?
Retirement is often seen as the long-awaited reward after years of hard work. The daily grind of morning alarms, office politics and stressful commutes finally come to an end, regaining full control over your time and how you spend it. While retirement offers newfound freedom, it also brings some unexpected losses. Some, like a steady […]
Warren Buffett’s Canadian stock pick—and how you can invest like a pro
Legendary investor Warren Buffett set his sights on Canadian companies in 2024 — and captured the attention of investors after securing a sizeable stake in Canadian-based insurance provider, Chubb (NYSE:CB). Known for his strategic value investments, Buffett’s move hints at some promising opportunities within the Canadian market. For Canadian investors, there is one simple but […]
Is homeownership still a pipe dream? Home affordability slipped further in 12 of 13 major markets, report shows
While the Bank of Canada interest rate has dipped over the past few months, home affordability slipped further in January, as rising prices raised the income needed for a mortgage in 12 of 13 major markets, according to a report by Ratehub. This marks the second month in a row where affordability declined. Prior to […]
Here’s the travel credit card combo I swear by—using the Amex Cobalt and the Scotia Passport Visa Infinite cards
The Amex Cobalt and the Scotia Passport Visa Infinite are two of the best travel credit cards out there, but who says you have to pick just one? As an experienced traveller, I’ll show you how using both can elevate your trips around the world. It may sound like overkill, but trust me, this combo […]
Canada sees surge of support for buying local
A new Interac survey shows nearly all – nine in 10 – Canadians say supporting local Canadian businesses is important to them. Only slightly less, eight in 10, agree that buying Canadian feels more important than it did last year, due to the trade tensions caused by the US. "Amid the current climate of economic […]
An Edmonton property developer owes a whopping $75M to former residents of 9 retirement homes — but 1 big thing could hold the company back from paying. How to avoid a similar nightmare
An Edmonton property developer, Christenson Group of Companies, is facing mounting financial troubles, leaving more than 200 former residents in financial limbo. The company owes approximately $75 million to individuals who had invested in life-lease contracts at nine retirement homes, according to a CBC News story. “Hope has certainly been waning,” Jim Carey, president of […]