It has been said that January 23 is the most depressing day of the year. Typically, this is because it’s the date you receive your credit card statement, which is usually filled with a few too many holiday gift purchases.

That might not be the only reason you’re down, though. Research shows that some 600,000 Canadians suffer from SAD – or Seasonal Affective Disorder. The rest of us, while not officially diagnosed with SAD, often suffer some sort of seasonal depression.

At RateSupermarket.ca, I feel like we’ve spent a lot of time talking about ways to manage debt, especially before and after the holidays. But what are some other ways to push your positive spirit into high drive today and during the rest of the depressing winter months? Here are a few spirit-raising tips.

Try to be positive

I know it can be hard, especially at this time of year, but a positive attitude will help beat the winter blahs. Try writing down one positive affirmation per day. Focus on all that you’re grateful for. Remember those New Year’s resolutions? Take a look at them again. Have you stayed on track, or forgotten all about them? Research shows that active people are happier people. Reevaluating your goals, and crossing some of them off your list will give you a new positive outlook on life. Why not give it a try?  

Get Active!

It’s hard to get out there when it’s cold and dark outside, but being active will boost your energy levels and help kick those winter blues to the curb. Exercise is proven to reduce the symptoms of depression, and it makes you feel better. If you have trouble staying motivated, invite a friend or family member to join you. Honestly, I used to hate winter, too. That was until I decided to embrace it. I bought myself a pair of secondhand cross-country skis and a pair of skates, and started spending more time out doors. They weren’t overly expensive, and I use them all the time. If you’re not fond of the outdoors, join a yoga class or hit the gym.

Fix your home’s lighting

The most difficult part about winter is that it gets dark early. There are two things I like to do to combat this. First, I tell myself that each day is longer than the last (it’s true!), and then I invest in good lighting. You can buy light bulbs that mimic sunlight, which will flood your home with warm and inviting light, even on the coldest, darkest days. In the evenings, you can warm your home’s atmosphere by burning candles (I prefer the scented ones). 

Treat yourself

The longer days of winter are the perfect time to treat yourself to something nice. It doesn’t have to be costly, just something that makes you happy. Here’s how I treat myself:

I buy a couple of my favourite magazines and read them cover-to-cover. I get myself a good book and curl up on the couch with a pile of blankets. I make a big pot of steaming, homemade soup and freeze extra batches for really cold days. I invite friends over for board game nights or to watch hockey. Sometimes, I plan ahead for summer. In the summer, I like to compete in triathlons and garden. So in winter, I plan my garden out, order the seeds early and map out the start dates for each of the plants. During the winter months, I also focus heavily on training for my triathlons. Not only does it give me incentive to work harder during the winter months, it also means that I’m totally prepared come summer.

Everybody’s different. Treat yourself accordingly.

Talk to someone

Sometimes it just takes a good talk to get over the hump. If you’re feeling not so good, call a friend and tell them what’s going on. A good friend will know you well enough to walk you through some potential solutions. It’s quite likely that they’re feeling weighed down by the winter blues as well. Perhaps the two of you could put a plan of attack together. If you find that your sadness is overwhelming or makes it hard to function, consider contacting a professional. You may be one of the 600,000 Canadians who suffer from SAD.

My solution 

I’m not going to lie, I LOVE winter. But I didn’t always. It was when I realized that, as Canadians, we’ve got at least 4 months (if not more) of winter to look forward to each year, so I’d better learn to embrace it, lest I be unhappy 25% of the time. Dress appropriately, get yourself a new hobby and get out there and have some fun! It’ll be spring before you know it, I promise.

PS.  RateSupermarket.ca offers another way to kick the Blue Monday blues.  Complete a short survey and enter to win $2,012 in cash to put towards that nasty outstanding credit card debt, or use it any way you’d like, now that’s worth a smile.  Enter here.

It’s a classic hectic January shopping moment: you’re at the checkout, about to drop a pile on some last-minute deals, and the cashier asks if you’d like to sign up for the store’s credit card.

The application process won’t take but a minute and better still you can get an even better deal on your purchase. Maybe a percentage discount, or a don’t-pay-for-x-number of days thing.

Why not? Because there are some serious problems with store credit cards. They offer a sneaky way to reduce your credit rating, get yourself into debt and entice you to shop more.

Here a run down of the downsides:

High interest rates

These cards have rates in the 25% to 30% range. Your regular credit card should be lower than that! So if you leave a balance on your purchases it could take months or even years to pay it off, as that interest keeps building when you have a balance.

Your credit score

The more credit you have to your name, the higher your debt load, and the worse your credit score. This is particularly a problem if you get pulled into signing up for several in-store cards with high limits. This can compromise your chances of getting loans, even if your balance is at zero.

Managing your debt

When you have numerous cards — plus a car loan and a mortgage, for instance — your debt is all over the place and is much harder to manage. You may focus your efforts on paying down your main card and think all is well. Then, bam! You get that store credit card bill in the mail and there’s money owed there too.

Buying more

When you have a store card, you’re tempted to dash out to that store more often and make use of the promotions, points and bonuses offered through your card. Those promotions are great: but there’s a big chance they encourage you to shop more, get stuff you don’t need, and even purchase items at higher prices than you would pay elsewhere.

Initial deals

When you sign up for a store card, you often get 10% or 20% off your initial purchase. That’s great. But what if you’re just making a small purchase that day and head back to buy a couch or all your kids’ spring clothes a few weeks later? You’ll likely throw away that great initial deal if you sign on for a card on the spur of the moment.

Making store credit cards work for you

So, how to make the most out of those store credit cards?

• Only sign on for a card for a company you truly use. Gas cards, home reno store cards if you are doing a lot of fixing up, come to mind. Get one of these cards, two max, and leave it at that.
• Know the points and rewards systems on the few cards you have and truly take advantage of them. If there’s a cardholders discount day, hold off on purchases until that day. Keep track of and redeem your points.
• Read your bill statements every month and make sure your credit limit is low, your interest rate is being fairy charged and you’re not falling prey to any find print you missed reading when you got the card.
• Fully pay off these cards each and every month. If you can’t do that, get rid of the card or consolidate your debt with a loan or line of credit.

Store credit cards are like any other form of credit. They can be great by allowing you access to the stuff you want and need, often at a discount. But they have their perils — so buyers beware.

Here are RateSupermarket.ca’s Top Tips for Dealing With Debt:

1 .Set a budget

The first step is to get a handle on how much debt you have.  Find those credit card and loan statements to get an idea of the outstanding balances and the interest rates each of them are charging.  This will help you get an understanding of how much you owe and will make it much easier to set a budget.

A few tips to set a budget include:

• Review your total after tax income
• Breakdown and analyze what your spending your money on each month
• Try and cut out any unnecessary costs and stop impulse purchases when you’re out grocery shopping or at the mall
• This will give you a good idea how much you have left over at the end of the month to put towards paying off your debt
• Or the monthly shortfall, where it’s back to the drawing board and trying to reduce costs even more
• There are fantastic free budgeting tools out there to help you like Mint.com

Once you have a budget you’re in a great position to put a plan in place to begin reducing your debt.

2. Tackle highest interest debt first

A great place to start tackling your debt is to begin with those charging you the highest interest, which is typically your credit cards.  They charge huge amounts of interest, up to 29%, and can take years to pay off if you only pay the minimum amount.

Did you know that if you have a $1,000 credit card balance and only made the minimum payment each month, it would take you almost 10 years to pay it off! You’d also end up paying over $1,000 interest!  So try and avoid paying only the minimum amounts each month if you can.

3. Review biggest debt

The next step would be to review your biggest debt which for many Canadians is your mortgage.  With all the excitement that comes with buying a property and turning it into your dream home, many people are happy to not think about their mortgage again. It’s easy to view it as a monthly expense, rather than a large debt that should be actively managed to try and pay down as quickly as possible.

A few quick wins to reduce your mortgage debt include making sure you compare mortgage rates before you purchase or refinance, move to accelerated payments and take advantage of your mortgage lenders prepayment options.   These steps can reduce the number of years and interest you’ll pay over the life of your mortgage.  Visit our Learn section to find out more details on how to pay off your mortgage faster.

4. Be a smart shopper

It’s a very competitive market and there are many companies competing for your business other than your current bank or credit union.  If you’re looking to renew or refinance your mortgage, or shopping for a new credit card, be sure to compare the market and find the best offers.

Take advantage of some of the great offers to save money.  For example, if you have credit card debt, why not take advantage of a low balance transfer credit card? We’ve found a 0% balance transfer credit card from MBNA that enables you to move an outstanding balance from another card and pay 0% interest for 10 months.  During this initial period all payments go towards the balance rather than interest.  Please note that the interest rate jumps to 19.99% after the 10 month period, so it’s important to take advantage of the low rate right from the start.

5. Get expert advice

If you’d like help managing your debt, you can always consult a financial planner or adviser.  There are also credit counseling agencies you can speak to, and many are not for profit organizations, that specialize in helping people manage their debt.  A quick online search can help find a local credit councilor near you.

These tips can help you start dealing with your debt in 2012 and begin building your savings for the future.

The Globe and Mail launched a new video series today in the Globe Investor section of their site called “Financial Road Map“.  One of the first topics was about reducing personal debt, which can be a concern as we start off 2012, especially if you we very busy during the holiday shopping season!

You can see my tips in the video “How to tackle your long-term debt” below.  Please note the link will take you to the Globe and Mail website.

After a long night of holiday fun, we often end up with a hangover the next morning. And after a long season of spending and indulging, we often develop a hangover of a different kind. This one shows up on your credit card bill and hurts, but in a different way.

You really don’t want that debt following you deep into 2012. You have things you want to do this year, and one of them is not stressing over money. Here’s some suggestions for getting rid of your holiday debt as fast as possible.

Consolidate

If you owe on your credit card, or multiple cards, transfer your debt to a product with low interest. That may mean a line of credit, or a low-interest balance transfer credit card. Putting your debt in one place allows you to make a plan for paying it off, and every percentage point counts when you owe, so really shop around to get a good rate.

Get on a system

Do a budget and figure out how much you can pay down your debt each month or week. Call your bank and have them take the money out of your bank account automatically. Keep your eye on your balance, of course, so you can call the bank and cancel a payment if you really need to. But avoid it: live on a budget so you can make that payment and get rid of the debt fast.

Ignore New Year Sales

What a clever marketing tool! In the days after most of us have cashed in on gobs of stuff, we are seduced into shopping even more. What do you really need this time of year? Even if there are deals galore, you’re still spending, and probably spending on wants, not needs. Stay home and hang out with friends or family instead.

Unsubscribe

If you’ve purchased things online for the holidays, you probably now have an email inbox full of reminders that today only you can get 30% off or free shipping. These deals are so very enticing. You need to get off these lists. The deals will be there again in the spring when you’re flush and you really do need to stock up again.

Make a list

If you truly need new clothes, household supplies or tech gizmos over the next few months, make a list of what they are and what you’re willing to spend. Stick to your list and don’t buy a new TV when all you need is a set of headphones. Set a time limit for your budget if you are finding it super tough to adhere to.

Find stuff to do

In the cold new year, it’s tempting to amuse yourself with nice dinners and movies at the theatre. Think of some cheap activities that will pass the winter: dinner parties, ice-skating, long walks, rented movies or trips to the library.

With a good plan in place, the expensive holiday season will soon pass. And you’ll be able to look ahead to a 2012 free of worrisome debt.

RateSupermarket.ca Lists Ways Canadians Can Save On Credit Card Debt

TORONTO, December 13, 2011… With the holiday season in full swing, and more and more consumers pulling out plastic to fund their celebrations, RateSupermarket.ca has created their five top credit card tips to help Canadians save money before, during and after the holidays.

1) Get old debts under control

Are you still struggling to pay off LAST year’s holiday gifts, let alone this year’s?  If you have a large outstanding balance on your credit card, make a point of getting it under control.  Look into transferring the balance to a card that offers a low introductory rate on balance transfers, i.e. a 0% balance transfer credit card.  This means that more of your payments will go towards paying off the balance and not just the interest.

2) NEVER just pay the minimum

If you have $1,000 owing on a credit card and only pay the minimum amount each month, it will take you almost 10 years to pay it off and cost you an extra $1,056.70 in interest – yikes!  Make sure you’re paying more than the minimum interest owing each month.  And, if you regularly forget to pay the balance on your credit cards, set up an automatic payment from your bank account to your credit card, so you don’t get stuck with extra interest charges.

3) Look at your bill

You may be happy shopping for your niece or father in-law, but you’re probably not interested in buying a gift for the guy behind you in line at the store, or a scam artist on their computer overseas.  Regularly view your credit card statement online to make sure you actually bought what you’re being charged for.  Christmas is a busy season and fraudsters are on the move.  Also, pay attention to any admin or extra fees such as credit card insurance.  Don’t get caught paying for something that you don’t use or want.

4) Don’t use your credit card to take out cash

Interest charged on cash advances is typically in the area of 19% – 22%.  If you need extra cash, look into a line of credit or a small loan through your bank instead.  If you have a good credit history, interest rates on this type of a loan can be as low as Prime + 1% (Prime currently sits at 3% for most banks).

5) Ask for a lower interest rate

You don’t get what you don’t ask for.  If you’ve built up a good credit history with your current provider, there is no harm in calling the company to ask for a lower interest rate, especially if you intend to put more on your card this month than usual.  You may need to threaten to cancel the card and take your business to another low interest credit card provider before they take action, but it may be worth it to lower your interest rate.

“The holiday season is an important time to look at your credit card debt and spending habits”, says Kelvin Mangaroo, President of RateSupermarket.ca.  “But really it’s about putting in place good credit card practices that will help you save money year round.”

About RateSupermarket.ca (http://www.ratesupermarket.ca)

RateSupermarket.ca is the largest impartial rate comparison service for personal finance products in Canada.  Founded in May of 2008, their easy to use comparison engines provide much needed transparency into the Canadian financial market and allow visitors to quickly find the best rates.  Over 1.5M Canadians have turned to RateSupermarket.ca to save money on their mortgage, insurance, credit cards and GICs.

If you’ve been reading this blog for a while, you know that one piece of advice we constantly try to hammer home is that you should pay off your credit card balance in full every month to avoid the high interest rates you’d otherwise be charged.

But the unfortunate reality is that sometimes we just don’t have the funds available to cover large unexpected costs – like a car that won’t move or a toilet that’s flowing in the wrong direction, both of which recently happened to me in the same week.

The next piece of advice is to set up a line of credit so you have some funds available to pay your bills at a much lower interest rate than the rates credit cards charge.
But if you don’t have a home or other large asset to back a secure line of credit, and your credit rating has too many red flags (from all those bills you’ve been late in paying), you might not qualify for a line of credit.

If that’s the situation you’re in, then forget about cash back or air miles programs. You should focus on getting yourself a credit card that will charge you the lowest amount of interest if and when you do need to carry a balance. Here are some of the best low rate credit cards in the market.

American Express Air Miles Credit Card

The American Express Air Miles credit card is a no-fee card that offers the lowest rate out there, 2.99 percent, though that’s only for the first 12 months. After that it jumps to 19.99 percent. Still, it’s a great option for someone who anticipates cash flow issues for a year – say when you’re planning a major renovation, or going on maternity leave.

And if you’re already collecting Air Miles, it’s a great way to grow your account, with a bonus of 150 miles when you make your first purchase, and earn additional miles for every $15 to $20 spent using the card. It also includes travel accident insurance and extended warranty coverage on purchases.

Capital One SmartLine Platinum MasterCard

The Capital One SmartLine Platinum MasterCard is another no-fee card with a very favourable rate of only 5.99 percent. For the first three years, it also comes with a “balance transfer” rate of 5.99 percent, effectively making it a fixed-rate line of credit. The card includes travel and rental car insurance, and extended warranties on purchases, but you do need to have an excellent credit rating and minimum household income of $40,000 to qualify.

Scotiabank Momentum No-Fee Visa

The Scotiabank Momentum No-Fee Visa is a no-fee card with an interest rate of 7.99 percent – albeit for the first six months only, after which it jumps to 19.99 percent. The big bonus with this one is that you earn up to 1 percent cash back on your purchases, helping you build a nest egg to pay down debt. Like the Amex Air Miles card, this is a good short-term option for temporary monetary shortages. It also includes discount car rentals at Avis.

MBNA Gold MasterCard Fixed 9.99 APR

When you’re self-employed (like a freelance writer and blogger), or work in a seasonal industry like farming or fisheries, your income can come in fits and starts. But your daily expenses tend to stay the same. So if you anticipate periods where you just won’t have money available to pay off your credit card bills for the long-term, it’s worth looking at the MBNA Gold MasterCard with a fixed 9.99 percent interest rate – about half of what most cards charge. It’s higher than the Captial One SmartCard, but you only need to show a household income of $35,000 and carry a good credit rating to qualify. There’s no annual fee and it includes purchase protection and extended warranty coverage.

MBNA Platinum Plus MasterCard

And here’s a bonus card to consider, the MBNA Platium Plus MasterCard. While the interest rate on new purchases is up there at 17.99 percent, the really enticing part is that there is no interest (as in zero percent) on balance transfer for the first 10 months. So if you have fallen behind on your payments on other cards, sign up for this free card and you’ll earn yourself a 10-month grace period to start paying off the debt. At the end of that, if you’re still in the hole take another look at one of the low interest credit cards above.

In a perfect world, we’d all owe no money, and have gobs of savings sitting around.

But we do not live in such a world. According to surveys, the average Canadian owes $1.47 for every $1 of their disposable income. Yikes!

The main culprits? Buying homes beyond our budgets (and fancying them up with pricey renovations) and spending too much on a daily basis. That overspending tends to happen on our credit cards. The high interest rates on these cards often turns small debt into a never-ending headache.

The Credit Card Facts

There were an estimated 37 million debit cards and 72 million credit cards in circulation in Canada in 2009. We spend more than $260 billion annually on our credit cards in Canada. Credit card debt in this country is hovering around $78 billion at any given time.

Yesterday you read Melanie’s blog about avoiding credit card debt, but what should you do if you’re already in over our head? Here are some suggestions:

Consolidate

Talk to your bank about moving your credit card debt onto a line of credit, or even a small loan. Make sure the interest rate is low (ask, and ask again if you’re getting the lowest rate, and don’t be afraid to shop around and tell your bank you’re doing so!) and make sure that the limit on your line of credit is not very high. Why? If you have $10,000 you can borrow, you just might borrow it! Transfer your debt onto the line of credit and set up monthly or even bi-monthly automatic payments to get rid of the debt in as short a time as possible.

Go Down to One Card

You do need a credit card to live, but you don’t need five! Chop up your store cards and get yourself down to just one card so you can track all your purchases and not get trapped in a debt-transfer vicious cycle.

Get a Better Card

If your credit card use is a problem, get yourself onto a single card that helps curb those problems. Find a low-limit card with a low interest rate and no fees. Yes, some cards do offer you great rebates on travel and gas and the like, but those aren’t for you if spending is an issue. If you do get a new card, read the fine print carefully and make sure your interest rate will stay the same over time. Talk to the company and ask about your credit limit to make sure it does not get increased unless you ask.

Keep a list

For some, simply cutting up the credit card is a good idea. But for most of us, we need that little baby to make certain kinds of purchases and it’s just not practical to get rid of it entirely. Instead, put some controls on your use. Perhaps keep a list (on paper or electronically) of every single thing you buy on that card. Keep the list in visible sight at all times (maybe near your desk at work or in the kitchen) so the bill at the end of the month is never a surprise.

Find your weaknesses

Keeping track of what you buy on credit helps you see where your spending goes awry. Perhaps you buy nice dinners out and don’t notice how chunky those bills are. Maybe you are an online shopper who gets excited every time another email hits your inbox reminding you about 30% off and no shipping. Tackle those spending habits by limiting how much you go out and unsubscribing from the deal emails.

But perhaps the best way to deal with credit card debt is to change how we view these buying machines. They’re not a gateway to get everything we want to make life easier. They’re merely a tool and one that can help us manage our finances, or mismanage them.

With the economy fluctuating and increasingly uncertain, so are holiday shoppers. According to an online survey conducted on behalf of Deloitte, faith in the Canadian economy is declining. While 29% expect it to improve in the coming year, 33% expect it to decline further. For this reason, Canadians are planning to cut their Christmas budget in half and focus on new ways to save money instead.

According to the same poll, this year’s average Christmas shopper plans to spend $477 on gifts. Of those who intend to shop, 45% plan to shop online. Rather than spend this season, the survey found that Canadians’ highest priority this year is to pay off debt.

Online shopping in Canada compared to other nations

It’s funny; on a global scale, Canadians spend more time online than any other nation. While other countries shop predominantly online (Germany, South Korea and the UK), we buy less online than any other nation. A recent poll, which questioned 10,000 consumers from 10 different countries, found that approximately 82% of Canadians have bought goods online, compared to the global average of 93%.

Why aren’t we shopping online?

Some of the factors contributing to lower online sales in Canada include:

1. Shipping costs – since our country is vast and sparsely populated in areas, shipping costs tend to be higher than those in other nations.
2. Competition – Competition between traditional and online retailers have helped create more desirable prices in store – helping consumers avoid the additional shipping costs.
3. Taxes and tariffs – Companies often stick the consumer with the extra taxes and tariffs for goods coming over the border.
4. Restrictions – Some companies have restrictive distribution agreements. For instance, you cannot order Burton products online from the U.S.

For the above reasons, Canadians tend to window-shop online only to compare prices, and then head to the store to purchase goods in person.

Online shopping on the rise in Canada

Interestingly, according to a poll conducted by PRWeb, online holiday traffic is outpacing 2010 figures. September/October traffic is up 45% from last year and retailers are trying to catch up. As consumers gravitate toward online shopping, retailers will start selling more online. In the past 30 days alone, online retailers have increased by 10%. Goods that have traditionally held the online market include music, books and DVDs, but consumers are now purchasing everything from pet supplies to baby products from online retailers. In the last two months alone, the sports category has doubled its web-based sales. While online shopping isn’t nearly as popular as it is in the U.S., it’s becoming more and more popular in Canada.

Tips for online shopping

Shopping online is different than shopping in person – and in some ways, much easier. Here are a few tips to help save you some money this holiday season.

• Always look for an online coupon or promo code. Simply Google search the product you’re looking for with the words ‘coupon’ or ‘promo code’.
• Compare prices and shipping costs on different sites. Although prices might seem lower on one site, they might make up for it in shipping costs. Know what the final cost is before purchasing.
• Plan ahead. Most retailers offer discounts or free shipping for larger orders. If you can get several presents from one site you could end up saving a bundle in shipping costs.
• Join deal sites like Groupon, WagJag and Ethical Deal. They offer great daily specials at discounted rates. They can save you a ton in holiday spending.
• Rack up the points.  If you plan on doing a lot of your purchases online this season, make sure you’re using a credit cards that offers some kind of reward, like the MBNA SmartCash Mastercard.

Making sure it gets there on time

This year, FedEx expects to deliver more than 260 million packages globally. This number is up 12% from last year. Last year, Canada Post delivered over one million cards and packages during the holiday season alone. If you want to avoid disappointment, get those cards and packages in the mail as early as possible. Here are the deadlines you’ll want to watch for:

• Priority Next A.M. will be accepted as late as December 22
• Regular parcels (to be delivered within Canada) need to be sent by December 12
• Out-of-province greeting cards need to mailed by December 15; within the province by December 16
• Local greetings should be in the mail no later than December 19

Although there was no information available for incoming deliveries, you might want to add an extra week onto the times listed here, depending on where it’s coming from. Most sites will let you know what the before-Christmas shipping deadline is, but it’s always better to be safe than sorry. For a more comprehensive list of global delivery deadlines, visit canadapost.ca.

Yesterday, Melanie told you about some of her top issues with Canada.  Now, let’s show this country a little more love and celebrate the great things about Canada and its financial checks and balances.

While we might have an international reputation for being too gosh-darn polite, bordering on bland, this middle-of-the-roadness sure bodes well for us in the practical ins and outs of life.

Here’s a list of what’s awesome about Canada.

Our Banks

Yes, they make gobs of money and yes often they take advantage of us with high user fees and too many lines of credit. But overall our banks are a model of stability in this very unstable financial world. Unlike US banks, ours never got into the high-risk mortgage business. (Thanks to new rules, they’re even tougher about mortgages: goodbye 35-year loans!).

Meanwhile, we have just a handful of large lending institutions. Unlike in the US where there’s a different bank on every corner, and some of the little ones have been known to tank. You join a bank here, you know it’s not going anywhere.

Our Home-Buying Incentives

For those of us who want to buy a home for the first time, Canada is right behind you on it. You can get the $5,000 First-Time Home Buyers’ Tax Credit — a nice bonus the year you buy your first home. Tax rules also help you get there: under the Home Buyers’ Plan, you can borrow up to $25,000 on your RRSPs a year to finance a down payment. Then there’s the existence of the Canadian Mortgage and Housing Corporation.  This group provides both great info to homebuyers and, critically, offers affordable mortgage insurance for those with less than the 20 per cent down payment required to buy their first home.

Our Health Care System

Say what you like about private health care and having to wait for months for tests or surgeries. In the US, if you don’t have really great health coverage through an employer and you get a serious disease, it can lead to financial ruin for you and your family. Here, we get the odd story of people who are denied drug coverage and the meds they need, but generally speaking our system takes care of us no matter what challenges our bodies throw our way. As well, you can claim medical expense on your taxes to alleviate costs when you do have medical bills.

Our Credit Card Rules

Our government has a history of keeping tabs on loan scams and they’re constantly responding with new rules to limit them. In particular, they’ve been targeting the credit card industry and making sure you’re not getting ripped off by your card company. New rules introduced in 2010 mean credit card bills in Canada must be clearer, that new purchases get a 21-day interest grace period and your company can’t up your interest rate without telling you in advance.

Our Stability

The upshot of everything great about Canada is that financial life here changes little. Too dull for you? Better to be here than in Greece! Our dollar moves, but is essentially one amazingly stable currency. Our bank rates move cautiously. From one day to the next, we know our system is working and our economy, while not perfect, is still humming along.

This is a fine place to live, save and thrive.