Mortgage matters - MoneySense

Mortgage matters

The majority of Canadians say they can pay off their mortgage faster. So why aren’t they? This and more in Tuesday’s roundup.

  • Some 67% of Canadians polled for Scotiabank agree that they could pay off their mortgage faster without impacting their lifestyle. In fact, 59% of mortgage holders said they believe adding $20 per month to their mortgage payment would have no impact on their finances. “Sometimes when people think about speeding up their mortgage payments, they get into the mindset that their only option is to make a large lump sum payment in order to make a real dent,” said Scotiabank’s David Stafford said in a release. “While periodic lump sums and even switching to bi-weekly payments are great options, increasing your payments by small amounts, like $20 per month, can have an incredible impact over the years.” The upcoming June issue of MoneySense on newsstands May 13 will have more mortgage tips so stay tuned.
  • Taxes are taking a larger bite out of the family budget pie today than in 1961, according to a new Fraser Institute report. Canadians are spending more on taxes (42.7% of income) than on food, clothing, and shelter combined (36.9%) the think-tank said Tuesday. For tips on how to keep more of your hard-earned money, visit our Tax Centre.