Canada’s bet with debt.  Back in 2008, the world was knocked into one of the worst recessions we had seen in decades. Canada was by no means immune. Over-leveraged Canadians lost property and businesses, retirement investments tanked and consumer confidence plummeted. History tells us this kind of downward spiral is very dangerous.  To introduce some...Continue reading

This past July, after seven years of leaving its key interest rate steady at near-historic lows, the Bank of Canada increased its overnight rate by 0.25 percentage points to 0.75 percent. In September, the bank raised it another quarter-point to 1.0 percent amid strong economic growth. While we’re unlikely to see another increase this year, they left...Continue reading

At some time in our lives, most of us will need to borrow money. Whether to pursue higher education, purchase a home or a car, or start a business, there are times where you simply won’t have enough cash flow to fund a purchase without taking on debt.  When a loan helps you to better...Continue reading

  A married couple from Huntsville were referred to our office several months ago. They were on a fixed pension income and had gone to a mortgage broker to see if they could consolidate their $82,000 credit card debt into a new mortgage. Due to the loan to value rules, the mortgage broker was only...Continue reading

Beware of Debt Consolidation Mortgages Debt Consolidation is a term that usually describes the process of obtaining a new mortgage to pay off all of your unsecured debts, with a new payment being buried in a new mortgage. This solution works when an individual or family has accumulated equity in their home that is substantially...Continue reading

Debt Restructuring Myths vs Facts Recently I have met a number of people who have been hesitant to file a consumer proposal because they have done their own research and are scared of the process.  There is a plethora of information available on the internet however deciphering fact from fiction can be quite a significant...Continue reading

Must your credit rating be protected at ALL costs? We live in a society of credit. Don’t agree, try renting a car, checking into a hotel or making an on-line purchase without a credit card. Banks almost force us to use credit because they know a large percent of people will not pay the account in...Continue reading

This article is by Paul Murphy, our VP and financial literacy expert with 15+ years of investment and banking industry experience.   We often get asked, “I missed a mortgage payment. What happens now?” While missing a mortgage payment is serious, you do have options.  Here’s some advice about what to do next. If you don’t want...Continue reading