The Canadian economy could be in for a second recession, according to a Moody’s Analytics report. The culprits: record high levels of Canadian household debt, and little room for stimulus should the cost of borrowing go up.
Bank of Canada Governor Mark Carney has repeatedly warned Canadians to simmer down on their borrowing costs – but that hasn’t stopped us from racking up a new 8-year record high debt level. According to credit bureau TransUnion, average Canadian debt levels (excluding mortgages) reached $26,221 in the second quarter – an increase of $192.
There’s no better time to master living off a dime than in post secondary school. From managing your life expenses and tuition to keeping tabs on daily costs, we’ve got tips to help you stretch your dollars.
Credit debit cards combine the convenience and security of credit cards with the instant access of debit – and are proving to be a handy way to pay when traveling abroad. As with all finance products, though, you’re paying for the convenience. Read on to learn more about the advantages and fees offered by this cashless combo.
Back-to-school shopping season is upon us! Did you know Canadians will spend an average of $677 in the month of August to prepare their kids for the classroom? Check out our tips for cutting down on the cost of clothes, school supplies, lunches and more.
If you’re new to Canada, your economic challenges can extend beyond getting a mortgage or credit card. Learning the ins and outs of Canada’s financial system – and how to thrive in it – can take time. Many of the big banks have financial literacy programs for newcomers that include perks such as initial free banking. Also be sure to check out programs at the community level for assistance in setting up a small business, and more.
Looking for new ways to stay active this summer? Whether you’re inspired by the Olympic spirit, or desperately trying to find a new way to occupy the kiddies, rec sports are a cheap and low-commitment way to try out something new. We’ve rounded up the cheapest sports in terms of gear and start up. Here’s to a great game!
Thinking of moving in with your significant other? Embarking on the next era of your relationship means taking the communication about your finances to the next level. While there are plenty of benefits from going dutch – paying halfsies on rent and other bills means a savings boost – financial incompatibility can be a deal breaker.