According to the latest Statistics Canada data, close to 6 million Canadians put money into an RRSP plan last time out – which means roughly two thirds of those who were eligible to contribute didn’t put in a penny.
Experts will tell you your debt-to-income ratio is one of the best ways to gauge your financial position. The media often quotes the Bank of Canada saying Canadians are at dangerously high levels of debt at 153 per cent. But what does that mean? I’ve spent dinner parties arguing how to properly calculate debt to income ratios and how much is too much. There are many schools of thought on how to asses your financial health. Here are a few.