Tag: personal-finance
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7 Tiny Lifestyle Changes That Could Save You $10,000 On Your Mortgage
Small financial tweaks and mortgage hacks that could save Canadian homeowners thousands. These 7 tiny changes can cut interest, shorten your amortization, and reduce monthly stress.
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Alberta Tax Savings to Start in July 2025 Under New Income Bracket Shift
Starting next month, around two million Albertans will begin to see the effects of a new personal income tax system that the Alberta government says will help families better manage rising living costs. The new tax structure includes the introduction of an 8% tax bracket on the first $60,000 of income, which will not only…
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Canadians Now Owe $1.85 for Every $1 They Earn
Feeling like your paycheck disappears the second it hits your account? You’re not alone. According to new data from Statistics Canada, Canadians now owe $1.85 in debt for every $1 of disposable income. That number reflects how fast household debt is rising across the country compared to how slowly incomes are growing. Debt Growth Is…
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85% of Canadians Now Living Paycheque to Paycheque, Says H&R Block Survey
Rising costs of living put increasing pressure on household finances across Canada A new survey from H&R Block Canada reveals a sobering financial reality for many Canadians: 85% of respondents say they are living paycheque to paycheque in 2025, a steep increase from 60% reported in a similar study conducted in 2024. The findings underscore…
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New report finds that the average Canadian family spends more money on taxes than basic necessities.
The latest edition of the Canadian Consumer Tax Index highlights a concerning trend: the tax burden on Canadian families has surged dramatically, with a staggering 2,705% increase in total taxes from 1961 to 2023. This rise is stark when compared to other essential expenditures such as shelter, food, and clothing, which have increased by 2,006%,…
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Canada now has one of the highest household debt levels in the world
Interest Payments Now Consume Nearly 20% of Income for Some Canadians Canada ranks third globally for household debt among advanced economies, trailing only Switzerland and Australia. This high debt burden impacts Canadians unevenly, with lower-income households bearing the brunt. Impact of Rising Interest Rates A recent study by Fédération des caisses Desjardins du Québec reveals…
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Canadians owe nearly $1.85 for every $1 of disposable income, according to a study by RBC.
In recent times, Canadian households have seen a notable increase in their debt-to-income ratios. As of the first quarter of 2023, this ratio reached an alarming 184.5%, indicating that Canadians owe nearly $1.85 for every dollar of disposable income. A study by RBC highlighted that individuals between the ages of 35 and 44 have an…
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47% of Canadians are living paycheque to paycheque, according to a recent poll.
The financial landscape for many Canadians is becoming increasingly challenging. Factors like inflation, escalating rent and home prices, rising interest rates, and hefty taxes are stretching personal finances thin. Recent studies indicate that nearly half of the working population in Canada is living paycheck to paycheck. Understanding the Pressure on Personal Finances For many Canadians,…
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