Tag: Finance

Most nearing retirement will need to make ‘significant’ lifestyle cuts: report | Global News

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A wave of Canadians gearing up for retirement will be forced to make “significant” cuts to live comfortably for the rest of their lives, an analysis from Deloitte Canada shows. The report released Wednesday looked at the finances of 4,000 Canadians between 55 and 64 years old to gauge their “retirement readiness.” Rad full story here: Most nearing retirement will need to make ‘significant’ lifestyle cuts: report | Global News

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8 Key Things About TFSAs And How Canadians Use Them | MoneySense

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TFSAs have been with us now for almost 10 years, and Canadians are cheering the much-anticipated annual contribution rise to $6,000 for 2019. In fact, the saving vehicle has become as much loved as hockey, poutine, and Tim Horton’s coffee. So this year’s BMO annual TFSA report, conducted by Pollara, offers some key insights into Canadians and their TFSA behaviour. Read full story here: 8 Key Things About TFSAs And How Canadians Use Them | MoneySense

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Loonie Soars In The Wake Of The New Trade Deal With The U.S. And Mexico | CTV News

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The loonie traded higher at 78.13 cents US compared with an average of 77.25 cents US on Friday. While most economists have been expecting the Bank of Canada to raise its key interest rate target later this month, the trade negotiations have been a key uncertainty. The central bank had made a point of saying it was closely watching the NAFTA talks and other trade policy developments, which could hurt the economy. Read full story here: Loonie Soars In The Wake Of The New Trade Deal With The U.S. And Mexico…

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Heavily Indebted Canadians Need To Watch U.S. Interest Rate Announcement: Don Pittis – Business – CBC News

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A rise in U.S. interest rates tomorrow is so confidently expected by nearly everyone that a failure to hike rates would shock world markets. In his first official press conference since taking over for Janet Yellen, Federal Reserve chair Jerome Powell is expected to set the direction for interest rate increases this year and into the more distant future. What he says will matter to investors around the world. It will also matter to Canadian borrowers. One reason market watchers are so confident Powell will raise the key U.S. federal funds rate from 1.5 to…

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‘Energizer Bunny’ Loonie To Peak Near 80 Cents US: Experts | CTV News

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Two leading Bay Street strategists expect the Canadian dollar’s steady climb over the last two months will start to top out at about 80 cents US, a level it flirted with on Monday amid signs of an increasingly robust economy. The loonie, which ended Monday with an average trading price of 79.92 cents US, up 0.23 of a cent, has packed on more than seven cents since early May — a surge largely fueled by the vote of confidence earlier this month from the Bank of Canada in the form…

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Mortgages Won’t Be Only Problem For Many Canadians As Rates Rise – Business – CBC News

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With the Bank of Canada set to raise lending rates, mortgage holders have been warned to expect more expensive debt than they’ve become used to. But other forms of debt are even more vulnerable to the tiny rate hikes to come. Traders are about 90 per cent certain of a rate hike at 10 a.m. ET Wednesday, with the bank’s benchmark rate expected to inch up to 0.75 per cent from 0.50 per cent. And a major impact of that move is likely to be felt entirely outside the mortgage market.…

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Rest In Peace, CSB: A Eulogy For The Canada Savings Bond – Business – CBC News

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The Canada Savings Bond, a ubiquitous savings vehicle that grew from humble postwar origins into a household name by the 1980s, died this week after a lengthy decline. She was 71 years old. The official cause of death was no longer being “a cost effective source of funds.” The news — announced in Wednesday’s federal budget — though somewhat grim, came as something of a relief to market watchers who spent decades watching CSB’s rise and fall. Read full story here: Rest In Peace, CSB: A Eulogy For The Canada Savings Bond – Business – CBC News…

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U.S. Government Suing Canadian Resident For $1.1M Over Bank Form – Politics – CBC News

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The U.S. Justice Department is suing a Canadian resident for the equivalent of $1.1 million Cdn, saying he failed to file a form to the U.S. government listing his bank accounts outside the United States. Jeffrey Pomerantz, a Vancouver-area resident with dual Canadian-U.S citizenship, filed his income tax returns to the IRS and the CRA during the three years in question but didn’t file a second form called the Report of Foreign Bank and Financial Accounts (FBAR). “This has been a friggin’ nightmare,” said Pomerantz when reached by CBC News. In the…

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