Tag: savings

Differing Degrees of Misery is still Misery

Just how much money do you need to be among the global 1 percent? According to the 2018 Global Wealth Report from Credit Suisse Research Institute, you need a net worth of $871,320 U.S. or $1,141,429.20 CDN using an exchange rate of 1.31 as of the time of this post. Credit Suisse defines net worth,…

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Is your bank safe?

We’re not asking this question in the classical sense such as, safe from armed robbery but rather are you safe from your bank itself? On June 22, 2016 Bill C15 became law along with its controversial “Bail-In Regime”. In the crash of 2008 governments “bailed out” banks with billions of dollars. The next time around…

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Politics over Economic Well-Being

It’s unfortunate when politics trump good economic policy and common sense. Case in point; The 2015-Q4 announcement by the Federal Department of Finance that effective January 1, 2016 they would be reducing the annual contribution limit of the Tax-Free Savings Account (TFSA) from $10,000.00 to $5,500.00. The motion was included along with the provision to…

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Consumer Delinquencies Down (but don’t get too excited)

Credit monitoring agency TransUnion says Canadians appear to be getting better at handling consumer debt. Really? Is anyone that gullible? In a report just released this month TransUnion indicates that a shrinking percentage of debt payments are overdue by 90 days or more — even though the average balance owing continues to rise. There was…

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Demographics and Interest Rates

The Bank of Canada apparently surprised many earlier this month with a second cut to interest rates this year to a historic low of 0.50%. Many appear to believe/hope/predict that rates are now abnormally low and will soon return to more normal levels. Not so fast. As a collection agency with offices in Edmonton, Calgary…

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Social Media Ballers Beware

You’ve seen it a lot on social media I’m sure. Those ‘friends’ that continually bombard their pages with evidence of their lavish lifestyle; vacation pictures from exotic locations, location updates from fancy restaurants and clubs, new cars, new boats, new motorcycles, you name it. All in an attempt to make their on-line audience of ‘friends’…

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Personal bankruptcies falling in Canada; so what

The Office of the Superintendent of Bankruptcy (OSB) recently reported that nationally bankruptcies in April 2014 fell by 8.8% compared to a year earlier.  While Alberta filings fell by 20.9% New Brunswick realized an increase of 48.5%.  Although touted as good news by the OSB via mainstream media one must recognize that comparing a one…

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Do you have money you forgot about?

The Bank of Canada is currently holding over five hundred million dollars that have accumulated from dormant bank accounts from across the country over the years. More than 93 per cent of the unclaimed accounts total less than $1,000. And the oldest balance dates back to 1900. Here’s how it works. If no one claims…

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Paying down debt a top financial priority?

Contrary to TransUnion’s forecast discussed in our post of Dec 23, 2013 Record Consumer Debt Levels Expected for 2014 a recent poll conducted for CIBC by Harris/Decima found that 16% of respondents said lowering debt was their number one priority for 2014.  Although down one percentage point for the 17 percent in 2012 and 2013…

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Living paycheque to paycheque

A recent survey conducted for the Certified General Accountants Association of Canada indicates one-third of Canadian households over the past year never or almost never had enough money left over after paying essential expenses. As a collection agency with offices in Edmonton, Calgary and the GTA we recognize that the vast majority of consumers we…

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