Skip to main content

Featured

Start Saving Now for September: Your RESP Checklist Before the School Year Hits

  Canadian Money Brief · Family Finance September feels a long way off on July 1. That's exactly why now is the right time to look at your child's RESP — not in late August when the school supply list arrives and the grant math gets rushed. If you have a Registered Education Savings Plan (or you've been meaning to open one), here's what to check right now, and why the calendar year — not the school year — is what actually matters. Why July, Not August The Canada Education Savings Grant (CESG) — the government's 20% match on RESP contributions — runs on the calendar year , not the school year. Grant room for 2026 resets on a January-to-December basis, and it doesn't carry any special "back to school" deadline. But summer is genuinely the best time to check your numbers, for three reasons: You still have six full months left in the year to top up if you're behind. Contributions made now have more time to grow before your child needs the money. You av...
Post a Comment
Read more

article

Labels

Latest Bank of Canada rate hike is starting to impact people's finances

 

Rising Borrowing Costs Pose Challenges for Homeowners

As the Latest Bank of Canada Rate Hike Takes Effect, homeowners across the nation are feeling the pinch as borrowing costs rise. The central bank's decision to raise interest rates, aimed at curbing inflation, has started to impact people's finances, particularly those with variable-rate mortgages. With each rate increase, mortgage holders are witnessing an uptick in their monthly payments, putting additional strain on household budgets. As the housing market braces for a potential slowdown, potential homebuyers are facing increased difficulty in qualifying for mortgages due to the higher affordability threshold. Moreover, existing homeowners are grappling with the prospect of rising debt burdens, creating a precarious financial situation for many Canadian families.


Savings Struggles Amidst Soaring Interest Rates

The effects of the Latest Bank of Canada Rate Hike are rippling beyond homeowners, as savers and investors face their own set of challenges. With interest rates on the rise, traditional savings accounts are yielding lower returns, making it harder for individuals to grow their savings. Many Canadians, particularly retirees relying on fixed-income investments, are finding it difficult to maintain their standard of living in the face of inflation and rising living costs. Additionally, the rate hike is impacting consumer spending, as people may become more cautious with their finances in the uncertainty of the changing economic landscape. As the financial strain extends to multiple aspects of people's lives, Canadians are adapting their spending and investment strategies to navigate the evolving financial landscape brought about by the rate increase.

Labels:

Comments

Post a Comment