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Sunday, March 10th, 2024

CMHC agreeing with brokers?

A new report is backing up a broker beef, confirming consumer credit card debt has significantly outpaced mortgage growth. “Consumer credit, which makes up the remainder of household debt, grew at a faster rate than mortgage debt in the last two decades,” reads the 2011 Canadian Housing Observer, a comprehensive CMHC report on the state […]

Should you tackle your small or large debts first?

KATHERINE SCARROW Globe and Mail Update When it comes to tackling debt, logic isn’t always at the forefront of our decision-making. According to a new research study, consumers routinely mismanage multiple debts, paying off small debts first even when larger debts have higher interest rates. “People want to wipe the books clean,” says Scott Rick […]

Smith Manoeuvre is alive and well

October 14, 2011 by  
Filed under Latest News, Latest Rates, Mortgage FAQ, Recent News

onathan Chevreau, Financial Post Oct. 5, 2011 While the creator of the eponymous Smith Manoeuvre, Fraser Smith, is sadly no longer with us, the tax-savings movement he spawned is very much alive and well in Canada. Born in 1938, Smith died of cancer on Sept. 25 at age 74. His “manoeuvre” was and is a […]

Seniors taking on debt at alarming pace

Second properties and flashier cars are driving senior citizens into escalating levels of debt, a TD Economics paper says. Many people 65 years old and older are borrowing to buy vacation and investment properties at a time of continued low interest rates and low returns on other investments, says the TD Economics paper released Tuesday. […]

Four tips to ensure you can deduct interest on your debt

October 9, 2011 by  
Filed under Latest News, Latest Rates, Recent News

TIM CESTNICK | Columnist profile | Last week I shared the story of Nina Sherle. Ms. Sherle owned a principal residence and a rental property. She owned her residence free and clear without any debt secured by the property. She had taken out a mortgage to purchase the rental property and was able to deduct her interest on […]

Six questions you should ask before adding more debt

ROMA LUCIW – Globe and Mail Update Catherine and her husbandtapped into their first home equity line of credit 15 years ago, when they needed $30,000 to buy a car. The rate on the line of credit was attractive and, having been mortgage-free for a decade, the Thornhill couple figured it would be a quick and easy […]

Mortgage debt threatens boomers’ retirement plans

Mortgage debt threatens boomers’ retirement plans Nearly half of Canada’s baby boomers are still paying down their mortgage and view their level of debt as an obstacle to reaching their financial goals. A poll released Wednesday by CIBC and conducted by Harris-Decima said that as the country’s largest demographic moves closer to retirement, 46 per […]

Canadians making good progress on debt

More than half of Canadians say they are making good progress paying down their debt, still many fear it’s not enough, according to a new survey. Harris-Decima and CIBC polled more than 2,000 adults and found 72% are holding some form of debt. The good news is 61% say they are making good progress repaying […]

Canadians take Carney’s debt warning to heart

Canadians appear to have gotten the message Mark Carney was sending when the Bank of Canada governor went public last year with his concerns about rising levels of household debt. In the months since his remarks – which were augmented by changes to lending rules by Ottawa – growth in consumer borrowing has noticeably slowed, […]

Younger families most snared by debt

Debt is the slavery of the free, the Syrian writer Publilius Syrus said all the way back in the 1st century B.C. And here we are, a few millennia later, more ensnared than ever. Canadian household debt loads hit record territory this year, surpassing even levels south of the border. A new Statistics Canada paper […]

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