The majority of Canadian investors own mutual funds (41%), followed by stocks (14%) and GICs (13%), according to a new poll for Edward Jones. Not sure how to invest your money? Whether you’ve got $1,000, $10,000 or $1 million, our Double Your Money Faster series can point you in the right direction.
The federal government has just appointed a task force to go after tax cheats in this country. The group will receive $30 million over five years to get started. It is estimated that Canada could be losing up to $7.8 billion annually in tax revenue.
The majority of baby boomer parents have financially supported their adult children in some capacity, a new TD poll has found. Forty-three per cent let them live at home rent free, 29% subsidized big purchases like a new car or computer, 23% contributed to monthly bills like groceries and rent, 20% helped pay off their credit card or other debt and 18% parents have helped their children with the down payment on their first home. “Today’s high youth unemployment, increasing post-secondary education costs and high property prices means many young people are more likely to rely financially on their parents well into adulthood,” said TD’s John Tracy in a press release Tuesday. “As a parent, it’s natural to want to help when children struggle with finances, but it’s important this support does not compromise your own financial stability and retirement savings goals.” Tracy suggests boomers pay themselves first using automatic transfers into an RSP or TFSA, then use their disposable income to help their kids within reason.
Stephen Poloz, the former head of Export Development Canada, has been chosen to succeed Mark Carney at the Bank of Canada starting June 1. Read more about the man and the job over at Canadian Business.
Some 80% of prospective homebuyers know whether a house is for them the moment they cross the threshold, according to a new Pollara survey for BMO. The poll also found Canadians spend on average five months house hunting and visit roughly 10 properties in the process. One-third of current homeowners said they felt rushed into a purchase and their biggest concern was that they’d find something seriously wrong with the house after ink dried. Forty-four per cent said they bought their home because they felt it was a good investment; 37% said they were motivated to buy because they felt the time was right to get into the market. Another 23% bought because they wanted to move to a new neighbourhood, and 18% bought because their family was expanding.
While it’s true that not all debt is created equal—mortgage debt for instance can be considered “good debt”—there is such a thing as too much debt, even the good kind. Here’s Young and Thrifty’s 7 ways to know you’ve got too much debt.
Is it time to sell your gold investments? Bryan Borzykowski has the answer.
Auto insurance premiums in Ontario could drop as much as 15% if new legislation is passed in the upcoming provincial budget.
