Canadians need to brush up on their money smarts – at least, according to the Federal Government. Last week, the very first Financial Literacy Leader was appointed, tasked with creating a national strategy aimed at improving consumer knowledge. Canadians can expect better access to learning and help resources as a result – good news, especially for our debt-laden youth (and equally debt-laden seniors).
Read on for our exclusive interview and for the week’s top headlines.
A Credit Card Conspiracy: Class Action Suit Targets Swipe Fees
Did you know – every time you make a credit card purchase, the retailer picks up the tab for the transaction fee? These charges can total up to 4% of your purchase – and small business owners and retailers are fighting back with a B.C.-based class action lawsuit.
If successful, it could mean retailers could refuse to process premium credit cards, or add a surcharge for consumers who use them.
Read Rubina’s Blog | A Credit Card Conspiracy?
Self Employed? B-21 May Make It Harder To Get a Mortgage
Last week, new mortgage changes were proposed that target the underwriting practices of mortgage insurers. While the new rules aren’t expected to dramatically affect the market, a group that would be hard hit are the self employed, who often rely on qualification exceptions when applying for a mortgage. Read on to see whether you may have trouble qualifying for your next home purchase.
Read Allan’s Blog | B21 May Make it Harder To Get a Mortgage
Q&A With Financial Literacy Leader Jane Rooney
The Federal Government wants Canadians to amp up their financial literacy levels – and Jane Rooney has been picked to lead the charge as the nation’s very first Financial Literacy Leader.
Money Wise connected with Ms. Rooney on what consumers can expect as a result of her new role, and how she plans to roll out her new national strategy.
Read Penelope’s Blog | Q&A With Financial Literacy Leader Jane Rooney
The Beginner Online Investor Boom
The world of online trading is becoming less intimidating for beginner investors, especially as new technology makes it easier than ever to take the plunge into the stock market. A recent TD study finds online brokerages are growing in popularity, especially among tech-savvy young investors.
Read Andrew’s Blog | The Beginner Online Investor Boom
Will Fixed Mortgage Rates Rise? Canadians Think So
Mortgage rates are currently quite affordable – but Canadians don’t think these discounts will stick around for long, according to a CIBC poll. In fact, nearly half would lock into a fixed rate today if they had to, just to take advantage for existing discounted offers.
Read Jaclyn’s Blog | Will Fixed Mortgage Rates Rise?
Why Your Cottage Is A Ticking Tax Time Bomb
Want to pass your vacation home to your kids? Cottage tax can be tricky, especially if you’ve enjoyed huge market appreciation. Here’s how to keep the cottage in the family without paying an arm or a leg in taxes.
Read Gordon’s Blog | Why Your Cottage Is A Ticking Tax Time Bomb
This Week’s #RSMWIN!
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Weekly Link Lineup
Down with distracted driving: New Apple patent could fight against distracted driving by limiting SMS and email functions while car in use. Via Tech Crunch
Netflix to raise prices: The popular all-you-can-stream service is upping its costs from $7.99 per month for new users. But not to worry, House of Cards bingers – current users won’t feel the $2 hike for a “generous” amount of time. Via Financial Post
Is your real estate investment safe? Rob Carrick’s handy tool calculates what you stand to lose in a market correction. Via The Globe and Mail
Want to move away for post secondary school? Prepare to shell out over $150,000 for the privilege, according to a new study. Via Yahoo! Finance