First-time buyers need help from family, friends to purchase homes

BMO report says over 10% of first-time buyers are looking for a financial gift of $100,000 or more

First-time buyers need help from family, friends to purchase homesA report released on Tuesday by BMO says first-time homebuyers across the country increasingly look for help from friends and family when purchasing a home due to household debt and higher interest rates. The report, conducted by Pollara Strategic Insights, found: Over one-quarter of Canadians are looking for a financial gift between $5,000 and $50,000.…

Canadian governments addicted to personal income tax

We need a retooled and simplified tax system that’s suited to a 21st-century economy being reshaped by technology

Canadian governments addicted to personal income taxThe latest federal budget, delivered in March, contains a wealth of information on the activities of the government, as well as the money it raises for its endlessly expanding array of expenditure, regulatory and income support programs. This year, the federal government expects to spend $356 billion in total. Roughly $330 billion is allocated to…

Replacing plastic packaging at the grocery store

Metro plans to let customers bring their own containers to stores in Quebec. You can bet other retailers will follow suit

Replacing plastic packaging at the grocery storeMetro announced recently that it would become the first major grocery store chain in the country to allow customers to bring their own reusable containers for packaging of individual products. It's a significant step forward for the industry, but it comes with risks. The policy, which only applies in Quebec, will take effect on April…

Is your time at the helm of your business running out?

We need to be prepared and to have considered our options in the event our lives change unexpectedly

Is your time at the helm of your business running out?What would happen if you had to sell your business this week due to illness? A man recently contacted me because his doctors told him that due to an illness, he had to stop working immediately. The problem was that he owned a business. How, he asked, could he comply with his doctors’ orders and…

Millennials have higher household incomes than Gen-Xers

Unfortunately, they also carry considerably more mortgage debt

Millennials have higher household incomes than Gen-XersDo you ever wonder why millennials are the demographic that everyone talks about today? It’s all about the money. Statistics Canada published some interesting data on Thursday showing that millennials had higher incomes and median wealth than young Gen-Xers at the same age, but also considerably more mortgage debt. “The study finds that millennials –…

Loblaws subsidy underscores Canada’s flawed climate plan

Rather than relying on carbon pricing to make things happen, the government is picking winners and losers

Loblaws subsidy underscores Canada’s flawed climate planBy Elmira Aliakbari and Ashley Stedman The Fraser Institute The federal government announced recently that it will provide up to $12 million in subsidies to Canadian supermarket giant Loblaws Inc. for new energy-efficient refrigerators. Unfortunately, the subsidy proves again that the nation’s climate plan is severely flawed. According to the government’s news release, the subsidy…

Cost of housing pushing millennials to the suburbs

TD survey says young Canadians would prefer to live in urban neighbourhoods

Cost of housing pushing millennials to the suburbsA new survey says 81 per cent of Canadian millennials want to own a home but financial realities such as rising prices mean they have to look at the suburbs for affordability. The survey, released on Wednesday by TD, said 33 per cent of millennials say that city living is their preference but 64 per…

Canadian trade deficit narrows slightly

Economists call the latest StatsCan numbers disappointing

Canadian trade deficit narrows slightlyCanada’s merchandise trade deficit with the world has narrowed slightly going from $3.1 billion in January to $2.9 billion in February, according to Statistics Canada. The federal agency reported on Wednesday that following two consecutive monthly increases, total imports declined 1.6 per cent to $50.9 billion in February. Imports were down in eight of 11…

Mortgage stress test takes a bite out of new mortgages

Accounted for an estimated 50 to 60 per cent, or between $13-$15 billion, of the overall decline

Mortgage stress test takes a bite out of new mortgagesThe mortgage stress test, B-20, accounted for an estimated 50 to 60 per cent, or between $13-$15 billion, of the overall decline in mortgage originations (the process by which a borrower applies for a new loan, and a lender processes that application) throughout 2018, according to a new report released Tuesday by CIBC Economics. The…

Small businesses hurting from not being paid on time

71 per cent of Canadian freelancers and micro-businesses struggle to get paid on time

Small businesses hurting from not being paid on timeIt’s an issue that many Canadian entrepreneurs face – getting paid in a timely fashion. Now, a new survey released Monday by Interac Corp., indicates just how big of an issue it has become. The survey said 71 per cent of Canadian side hustlers (freelance or piecework in nature, providing a supplemental income) and micro-businesses…
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