Auto loan debt is at an all time high. While some of the blame for that can be put on things like stubbornly high interest rates and ever increasing car prices, some folks just never learned the kind of financial skills required to make a smart car-buying decision. Take TikToker Blaisey Arnold, who recently revealed … Read more
Federal efforts to bring “open banking” to Canada are being welcomed by players in the industry — but there’s also criticism that, after years of waiting, any changes may not come fast enough to encourage innovation or allow smaller financial players compete with larger institutions. Open banking lets consumers or business customers share personal and financial information between approved banks and other … Read more
Susan, a stay-at-home mom, and Jeff, a surgeon, have worked hard for decades and are now worth over a million dollars. They have been married for 19 years and have two kids. As responsible parents, they signed up for long-term insurance policies, ensured their children had what they needed, and even partnered with a financial … Read more
As a senior manager at a pharmaceutical firm, Angela Bolt’s student loans began at $34,000, but have grown to an overwhelming $528,152 over the years. In a BBC interview, she expressed her disbelief, saying, “The numbers are so real and astronomical that I can’t even fathom making a payment.” As of early 2023, Bolt’s monthly … Read more
Cassandra, 40, was in for a shock debt reveal when she asked her husband, Aldo, 41, about their debt liabilities. Aldo, who works in a finance role and earns over $100,000 annually, said the debt amounted to over half a million dollars with $66,000 in collections due to months of missed payments. Cassandra and Aldo … Read more
Your first credit card is a significant step towards financial independence. While it’s relatively easy to obtain one with a job, it’s crucial to understand that it’s equally easy to accumulate debt rapidly. However, by using your credit card wisely, such as maintaining a low credit utilization and making timely repayments, you can actively build … Read more
Prime Minister Justin Trudeau says a new $1.5-billion housing fund will help non-profit organizations acquire more rental units across Canada and make sure they remain affordable. The new Canada Rental Protection Fund will be included in the upcoming federal budget, to be tabled on April 16. The fund will provide $1 billion in loans and … Read more
Today, the Canada Infrastructure Bank (CIB) and the First Nations Bank of Canada (FNBC) announced the signing of a $100-million deal to help Indigenous communities borrow money to build infrastructure. For decades, Indigenous leaders and business experts have said limited access to affordable loans with flexible terms have held back important development projects in Indigenous communities … Read more
A main organizer of the “Freedom Convoy” is suing the federal government for using the Emergencies Act to freeze his bank accounts, arguing it breached his Charter rights to protest COVID-19 mandates. Chris Barber, who owns a trucking company in southwestern Saskatchewan, filed last week a statement of claim in Court of King’s Bench in … Read more
Some businesses in Canada who took out a CEBA loan may be hoping in vain for a last-minute reprieve and one more chance at free money from the federal government, but others involved say it’s time to move past trying to shift the deadlines for repayment. The federal government has indicated the deadline to pay … Read more
