7/14/2024 | Posted in Financial Health by Joan Beal
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With interest rates and borrowing costs at elevated levels, it’s more important than ever to ensure your credit report is in good standing.

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The hidden cost of rising debt: why checking your credit report matters more than ever

  5/29/2024 | Posted in Financial Health by Joan Beal
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A new report suggests an increasing number of Canadians are seeing their credit card balances balloon as the cost-of-living crisis and higher interest rates eat into household ... More

More Canadians only making minimum payment on credit cards: TransUnion

  3/14/2024 | Posted in Financial Health by Joan Beal
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Renters face daunting barriers in their attempts to build wealth as they’re forced to devote an increasing share of their income to keeping a roof over their head.

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Renters have harder time accumulating wealth than homeowners: RBC economist

  3/5/2024 | Posted in Financial Health by Joan Beal
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Equifax Canada says consumers in Ontario and British Columbia increasingly missed payments on mortgages and credit cards in the fourth quarter of 2023.

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B.C., Ontario mortgage-holders increasingly missed payments in Q4, Equifax says

  2/6/2024 | Posted in Financial Health by Joan Beal
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Further analysis of the latest Canadian insolvency stats reveal some revealing elements that typically connect those whose finances have got too much for them.

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There's a common theme among Canadians overwhelmed by debt

  9/4/2023 | Posted in Financial Health by Joan Beal
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Higher living costs are pushing more and more Canadians into debt, according to a new report.

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Household debt levels set new record high in Q2

  6/20/2023 | Posted in Financial Health by Joan Beal
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Equifax Canada says new data suggests a significant shift in credit usage among businesses in the first quarter of 2023.

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Businesses' changing credit usage a worrying trend: Equifax

  6/15/2023 | Posted in Financial Health by Joan Beal
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Canadians' mortgage borrowing has reached its lowest level since 2003, primarily due to the impact of higher interest rates, according to recent data released by Statistics ... More

Canadians' mortgage borrowing hits lowest level since 2003

  6/1/2023 | Posted in Financial Health by Joan Beal
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Amid interest rate hikes and high inflation, more Canadians are turning to credit for relief, with consumer debt hitting a new record in the first quarter of 2023.

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Canadian consumer debt hits all-time high, reaching $2.32 trillion in Q1 2023: TransUnion

  5/25/2023 | Posted in Financial Health by Joan Beal
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The federal housing agency has revealed the latest industry trends

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Canada's residential mortgage debt now $2.08trn, says CMHC

  3/27/2020 | Posted in Financial Health by Joan Beal
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The coronavirus outbreak is leading to defaults on credit cards, utilities, and telecoms.

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Millions of Canadians already missing payments due to COVID-19

  1/28/2020 | Posted in Financial Health by Joan Beal
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Despite a decelerating pace of borrowing, Canadian seniors still pushed the nation’s reverse mortgage debt balance towards yet another ... More

Canadian reverse mortgage debt reaches nearly $4 billion

  12/16/2019 | Posted in Financial Health by Joan Beal
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Canadians' borrowing habits are back to where they were before policymakers cooled off the housing market. Lower interest rates are convincing some to borrow more.

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Canadian Household Borrowing Jumps By 31%, StatCan Says

  9/14/2019 | Posted in Financial Health by Joan Beal
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Household income grew slightly faster than debt in the second quarter as the amount Canadians owe relative to their income edged down for the third quarter in a row.

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Stats Can releases Q2 household debt data

  8/2/2019 | Posted in Financial Health by Joan Beal
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The average Canadian household paid nearly $40,000 in taxes last year, more than the combined cost of clothing, food and shelter, according to a new report.

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Average Canadian household spent more on taxes than living costs in 2018, report finds

  6/11/2019 | Posted in Financial Health by Joan Beal
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A warning has been issued regarding investment schemes that promise tax write-offs by investing in real estate through limited partnerships.

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CRA issues warning about real estate investment schemes

  5/23/2019 | Posted in Financial Health by Joan Beal
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Canadian households continued to pile up debt in the fourth quarter of 2018 according to a new report from CMHC.

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Household debt at a record high, senior mortgages increase

  5/23/2019 | Posted in Financial Health by Joan Beal
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The Canadian credit market has grown but it appears that consumers are generally managing their debt well.

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Delinquency rates hold steady even as credit market grows

  5/14/2019 | Posted in Financial Health by Joan Beal
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Higher interest rates and a record-large debt burden are taking their toll on Canadians, with the number of households filing for insolvency hitting an eight-year high in the ... More

Canadian Bankruptcies Jump At Fastest Pace Since Financial Crisis

  4/22/2019 | Posted in Financial Health by Joan Beal
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Sign of deteriorating financial stability for many people in the country.

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48% of Canadians on brink of insolvency: Survey

  1/22/2019 | Posted in Financial Health by Joan Beal
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An increasing number of Canadians say they are concerned about their debts and are edging towards insolvency.

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More Canadians say they are at risk of insolvency

  1/9/2019 | Posted in Financial Health by Joan Beal
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It's a worrying sign for an economy that has relied so heavily on consumer spending and the housing market to drive growth.

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More people are going broke in Canada as interest rates rise

  12/6/2018 | Posted in Financial Health by Joan Beal
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The TFSA contribution limit for 2019 is $6,000, up from $5,500 in 2018.

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TFSA Limit Rises to $6,000 for 2019

  9/18/2018 | Posted in Financial Health by Joan Beal
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Data showing that interest rates are rising faster than income provide a wake-up call to Canadian consumers who are taking on unsustainable amounts of debt.

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Debt continues surging

  8/16/2018 | Posted in Financial Health by Joan Beal
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Despite rising mortgage costs, rents, and grocery bills, these were not the biggest drain on the average Canadian household income last year.

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Canadians' tax bills outpaced housing, food in 2017

  5/13/2018 | Posted in Financial Health by Joan Beal
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Members of Generation X (aged 37 to 52) are finding it hard to save, and the tighter timeline is causing them stress, a Franklin Templeton report finds.

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Generation X is 'stretched beyond their financial limits' and struggling to save for retirement

  5/2/2018 | Posted in Financial Health by Joan Beal
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Bank of Canada governor says heavy debt load poses risk to the economy, but he is confident it can be managed.

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Poloz says Canadian household debt of $2T demands cautious approach on rate hikes

  4/17/2018 | Posted in Financial Health by Joan Beal
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Upward trend in rates would negatively impact Canadians' ability to service their debts.

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Higher rates putting greater pressure on indebted Canadians

  3/12/2018 | Posted in Financial Health by Joan Beal
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Canadians' collective household debt has climbed to $1.8 trillion as Bank of International Settlements sounds an early warning that the country's banking system is at ... More

Canadian household debt compromising banking system

  2/28/2018 | Posted in Financial Health by Joan Beal
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Evidence of mortgage fraud amid surging home prices and household debt has prompted S&P Global Ratings to lower a key risk metric for Canadian banks.

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Amid fraud allegations, S&P lowers Canadian banks' risk metric
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