The Globe and Mail is reporting that Canadians never look more financially irresponsible than they do in the most widely followed measure of national indebtedness.
In a survey conducted for the Chartered Professional Accountants of Canada (CPA Canada), 46% of the respondents said they will spend more money than they did last summer, although very few will go into debt to fund their vacations.
At 8:27 Friday morning, financial adviser Rona Birenbaum sent out a mass email to clients, telling them not to panic. She explains she wanted “to help them manage the inevitable emotional response to this kind of event.” The event is Brexit, the shocking vote by Britons to leave the European Union.
To say Canadians have been on a major spending bender would be an understatement. Our consumer debt-to-income ratio continues to hit record rates quarter after quarter, and we’re now outspending all the other G7 countries.
Traditionally when people think of a Trustee in Bankruptcy they think of Bankruptcy. The fact is that the main focus of Trustees in Bankruptcy has changed in recent years.
Canada has one of the highest rates of collections compliance in the world, and the Canada Revenue Agency’s (CRA’s) collection activities help fund public goods and services to support Canadians. individuals, businesses, and other organizations to meet their tax obligations and pay their outstanding debt.
Borrowing money these days is a fact of life. And so it is more important than ever that people understand how to best manage their liabilities. A recent survey of highly leveraged borrowers by B.C. credit counselors suggests many who get in over their heads are woefully uninformed about their best options for action.
Canada is among seven countries that are “most vulnerable to a debt crisis” within the next three years, Forbes magazine says in a new analysis.
Payday loan companies in Ontario can charge a maximum of $21 on every $100 borrowed. That may not sound like a lot, but if you take out that loan every two weeks, for a year, you will have paid $546, which is an annual interest rate of 546 per cent. That’s a lot higher than even the highest credit card interest rate.
Borrowing from Aesop’s fable of the ant and the grasshopper, I see Canada as a country dominated by ants (i.e. prudent, hard-working savers). Yet one would never know it judging from how certain high-profile statistics are bandied about.