Brakes on borrowing - MoneySense

Brakes on borrowing

Canadians are decelerating the pace at which they borrow, according to RBC.

  • The growth rate of both mortgage and non-mortgage credit slowed to 4.5% in February to its slowest pace in more than decade, according to a new RBC Economics report. In terms of real dollars, total consumer credit including lines of credit and credit cards stood at nearly $1.7 trillion, whereas mortgage debt stood at nearly $1.2 trillion.
  • The next time you’re considering spending $3.69 on a McDonald’s Egg McMuffin, remember you can make it healthier, tastier and for way less money. Squawkfox shows you how.
  • If Easter long weekend has come and gone without preparing your taxes, here’s a friendly reminder why it’s important to get moving (courtesy of the Blunt Bean Counter): the 20% penalty on income not reported. That’s right, if a Canadian fails to report income twice in a four-year time span, they are dinged with a hefty fee. Visit our Tax Centre for everything you need to know about filing correctly without paying a penny more than you have to.