Canadians may be a loyal bunch when it comes to the “Big 5” lenders – but even the most dedicated consumer would switch banks for significant savings. A recent survey conducted by RateSupermarket.ca, Canada’s comprehensive rate comparison site, found 84% of consumers would consider a switch – as long as they’d save an average of $644.43.
Welcome to RateSupermarket.ca’s Ask the Experts series! In each post, we’ll look at real financial issues from readers, and get the expert take on how they should proceed. Want to take part? Email your finance question to Penelope@ratesupermarket.ca with the subject line Ask The Experts. Here, parents Nina and Keith wonder if they should add on to their existing home – or if a bulldozer is in their near future.
It seems everywhere you look, there’s evidence of Canada’s booming new home construction market – but that’s not expected to last, according the the Canada Mortgage and Housing Corporation (CMHC). The national housing agency anticipates developers will stop bringing as many homes to market and will shift focus to selling what’s already built in its quarterly Housing Market Outlook, released last week.
Are the children of immigrants financially savvier than those born in Canada? Pracheer Saran explores the phenomenon of greater financial literacy among newcomers – and what everyone can learn from frugal living practices.
A few reports came out this week, underscoring the knowledge gap between Canadian consumers and the state of their personal finances. An annual debt report released by BMO finds household debt levels continue to skyrocket, as consumers clamour for mortgages and cheap credit. Meanwhile, a study shows many TFSA investors still aren’t clear on their contribution rules.
The Tax Free Savings Account (TFSA) has now been available to Canadian consumers for six years – but Canadians are still unclear on how to use it. The CRA reports many savers are over-contributing – and getting dinged by tax penalties for their efforts.
Renting out a portion of your home can be a great way to increase your affordability as a homeowner. But relying on rental income to pay your mortgage can be risky. Sean Cooper shares his experience finding – and – losing tenants. Read on for the full story.
Canadians have less to spend on back-to-school gear this year, according to a study by Ersnt & Young. Are you among those pinching your pennies? Read on for Allan’s dad-tested and approved school savings lessons.
The amount of debt carried by Canadian households rose sharply last year, according to BMO’s Annual Debt Report. The uptick is partly due to an increase in mortgages, and some argue that rising property values will offset the risk. But what if the housing market cools?
Could your bank be doing better? That’s the golden question this week, as we explore bank loyalty in Canada. One survey finds Canadians value personal customer service and convenience the most, while another blogger shares his experience of leaving his bank for better savings. Would you do the same? Read on for the full story.
Paying for university these days isn’t cheap – and it’s not getting any more affordable. And, as the cost of tuition keeps rising, many parents are lending a hand to help pay for their child’s education. While some wouldn’t think twice about this financial arrangement, a new survey finds doing so can have long-lasting consequences for parents who should be focusing instead on their retirement funds.