Tag: Money

FCAC Issues New Guidelines for Mortgage Lenders

Blog
The Financial Consumer Agency of Canada (FCAC) has announced new guidelines for mortgage lenders following research that showed an increasing number of Canadians are struggling to meet their regular financial obligations. The rising cost of living and hiked interest rates are among the key causes of financial stress for many…

Bank of Canada Holds Key Rate Steady

Blog
The Bank of Canada has announced that it will maintain its policy rate, with the overnight rate at 4.5%, the bank rate at 4.75%, and the deposit rate at 4.5%. The Canadian dollar fell against the US dollar following the announcement to a four-month low, trading at 72.54 US cents.…

Taxpayers Put On Alert As Tax Season Begins

Blog
With tax season around the corner, it comes as no surprise that online tax scams are on the rise. Not only are incidents up, but so too is the sophistication of the scams. Many of the scams work on the pretence that communication is coming from the Canada Revenue Agency…

Canada Business Confidence Dips

Blog
A recent survey by CPA Canada indicates that business confidence in the Canadian economy has declined. The survey of chartered accountants in both the private and public sectors found that just 9% of businesses are optimistic about the economy for the next 12 months. This is a sharp drop from…

First-Time Homebuyers to Access HBP and FHSA

Blog
Thanks to legislation that has currently passed the second reading in the House of Commons, first-time homebuyers may be able to tap into both their Home Buyers’ Plan (HBP) and first home savings account (FHSA) contributions when making the same home purchase. Before this, the draft FHSA legislation limited first-time…

Canadians Support Surtax On $1M+ Homes

Blog
A survey conducted by the Canadian non-profit, Generation Squeeze, and Research Co., found that the majority of Canadians are in support of a surtax being imposed on homes that are valued at over $1 million. 68% of Canadians were found to be in support of a modest surtax being paid…

Government Share Buyback Tax Gets Lukewarm Reception

Blog
The Trudeau government has proposed a 2% tax on corporate share buybacks that is intended to push companies towards spending more on workers rather than seeking to inflate value for shareholders. This proposal was inspired by a similar tax change in the US that now imposes a 1% tax on…

Alternative Payment Options Gain Traction Over Credit Cards

Blog
A recent survey by J.D. Power indicates that Canadians are now spending, on average, $11 less on their monthly primary credit card use compared to a year ago. The survey polled 6,478 respondents that use credit cards, who were found to spend an average of $1,144 per month. When looking…

Northwest Territories Hike Tobacco Taxes

Blog
Smokers in the Northwest Territories (N.W.T.) can expect to pay more to feed their habit after the territorial government decided to hike taxes on tobacco products. The tax on loose tobacco will rise by almost 74%, making a gram of loose tobacco increase by 21 cents. This means a 200-gram…

BC EV Rebate Program Amended

Blog
British Columbia’s (BC) electric vehicle (EV) rebate program has proven popular over the years. To the extent, it has severally run out of funds. However, this has prompted concern that perhaps the program has not been assisting ordinary citizens, but rather those that could have easily afforded such vehicles even…