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Young homeowners could face challenges with home equity lines of credit

Young homeowners could face challenges with home equity lines of credit

In Canada, there are over three million home equity lines of credit (HELOCs). Banks sell these products under different names, and often combine them with a regular mortgage. The average unpaid balance for HELOCs is around $65,000. According to the Financial Consumer Agency of Canada and Bank of Canada, HELOCs are the main contributor to […]

Shopping for a new boat? Top 5 tips

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Shopping for a new boat? Top 5 tips

Whether you’re looking forward to buying your very first boat or want to update the family cruiser, here are some important tips from Transport Canada: When buying a brand new boat. Ensure a declaration of conformity (DoC) is available from the seller. Sellers are required to file a DoC with Transport Canada for each model of […]

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Prolong the life of your car and increase its value before selling

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Prolong the life of your car and increase its value before selling

For many of us who are in the market for a new vehicle, it’s important to take resale value into consideration, particularly if you are prone to trading up every couple of years. “More often than not, people want a new ride that offers top-notch resale value,” says Michael Bettencourt, managing editor of Autotrader.ca, Canada’s most […]

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How investing in active women makes ‘cents’

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How investing in active women makes ‘cents’

When it comes to investing in Canada’s economic future, active women are a major investment opportunity. Here’s how: Financial choices. Women’s global purchasing power has reached over $30 trillion. Women are engaged in sport and are rapidly rising in influence and importance as consumers of athletic products and services. Despite the numerous hurdles, women’s sports […]

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Rich in bricks but strapped for cash? How to own a home without being house poor

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Rich in bricks but strapped for cash? How to own a home without being house poor

The term “house poor” is likely one we’re familiar with as Canadians. Given the ever-changing housing market, it’s something you may even have identified with. But what does it really mean? And how can we avoid it? “House poor” is a situation that describes a person who “over-extends” themselves and spends an unusually large proportion […]

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Tips on how to budget

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Tips on how to budget

Creating a budget is a great way to help keep track of your money. Budgeting helps you figure out what you can spend and how you can reach your financial goals. As a newcomer who is navigating personal finances in Canada, it is important to understand and evaluate spending habits so that you can set […]

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